CHICAGO—To many people, the holidays and the end of the year mean parties to attend and gifts to buy. And for those involved in commercial real estate, it also means evaluating the deals completed in the last 12 months and what to expect in the coming year. In the past few holiday seasons, the look ahead was typically hopeful but not without worries that the developing recovery could still derail. This year, however, on the heels of solid jobs reports and other good economic news, confidence has increased. Brian Tader, who is the current president of Lee & Associates of Illinois, took some time with GlobeSt.com to answer a few questions about commercial real estate in the Chicago area and where it might be heading in the New Year. His office is part of Lee's Midwest network that includes Indiana, Kansas, Michigan, Missouri, Ohio and Wisconsin.

-Coming to the end of 2014, how do you see CRE in the Chicago area shaking out?

I think it has been a really good year for just about everyone involved in commercial real estate. We are seeing sustained rental rate growth through just about every submarket, which is making the owners happy. The lease and sales transaction volume has been at levels the last few years that are reminiscent of 2006 or 2007, so the brokers are happy. The demand side of the equation, especially in the industrial sector, is very strong allowing the developers to build again at pre-recession levels. The capital markets are extremely active allowing landlords to sell at some near record numbers. In attending all of the events around town during the holiday season, you saw a lot of smiles. You did not see that a few years ago.