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CHICAGO-A Cushman & Wakefield report finds that, in spite of vacancy increases, asking rates for space remain constant. No new construction was completed in Chicago's CBD while 1.5 million sf of space was added in the suburbs.
LONDON-Banks are becoming more cautious about property lending, according to a new survey from Jones Lang LaSalle and Investment Property Databank. Speculative development finance accounts for no more than one per cent of all new loans.
SEATTLE-In an effort to improve energy efficiency in commercial buildings, local officials will host three public hearings to discuss proposed changes to the city's energy code. The first meeting begins on Wednesday evening.
KATY, TX-Katy Mills Residual has sold 7 1/2 acres at Katy Mills, an outlet mall and entertainment center west of Houston. The Archer family purchase will be developed into dealerships and other business ventures.
FRESNO, CA-The University plans to construct a 60,000 SF medical education and facility center in Downtown Fresno that will house all residents, medical faculty and staff. Construction is scheduled to begin in May 2002 and be complete by January 2004.
LAKE FOREST, CA-The 15,439-sf facility will be occupied by an Irvine-based marketing company. Activity in Lake Forest's industrial sector has begun to heat up in recent weeks.
NEW YORK CITY-A Fitch study finds that just over 1% of CMBS loans defaulted and the losses they produced were low. Loss percentages are expected to rise over time, however, as the real estate markets continue weakening and recent defaults are worked out.
WARREN, MI-The Warren Tank Plant building, with more than 1.1 million sf, has been demolished on the inside to accommodate new industrial uses; about 600,000-sf still available.
PRIOR LAKE, MN-In addition to a new 355,000-sf school, the money will pay for renovations to four elementary schools and an existing senior high school.
LONDON-The economic slowdown is having a marked impact on the central London office market according to new research from Knight Frank. Supply is increasing as space is returned to the market but, so far, take-up is resilient.