News

Office Attendance Hits Pandemic High, Intel and Workday Join Firms Planning Layoffs, Worker Pay Grow

Office Attendance Hits Pandemic High Large-city office attendance reached a pandemic high, with the average of 10 regions tracked by Kastle Systems topping 50% of pre-pandemic levels for the first time in the week ended Jan. 25. “Workers in cities across the nation have returned to the office in greater numbers than ever before,” researchers at the security technology firm said in a statement. Kastle Systems reported its weekly “Back to Work Barometer,” based on anonymous keycard data from office property

Bed Bath & Beyond Releases List of Latest Store Closings

Bed Bath & Beyond has identified the nearly 90 of its namesake stores, along with all its 49 Harmon locations, that it's closing in a second wave of downsizing as it tries to cut costs in advance of a possible bankruptcy filing. The Union, New Jersey-based home-goods retailer issued the latest closing list this week after on Friday confirming it was shuttering its entire beauty goods chain, Harmon. The company also said it had initiated the closure of an additional 87 Bed Bath & Beyond and five Buy Buy

Fox Valley Orthopedics Welcomes New Podiatrist

Fox Valley Orthopedics has announced that Dr. Gary M. Kazmer, DPM, has joined their team of physicians. Dr. Kazmer is a board-certified foot and ankle specialist who treats adults and children, and is currently accepting new patients at Fox Valley Orthopedics’ Elgin and Barrington locations.Dr. Kazmer provides comprehensive treatment that offers solutions and comfort for an active lifestyle. He specializes in reconstructive foot and ankle surgery, sports injuries, and cosmetic procedures, in addition to

Computer Chip Glut Could Curb Development, Norfolk Southern Rail Partners on Industrial Projects

Computer Chip Glut Could Curb Development Analysts are watching for possible impacts on large planned computer chip manufacturing facilities nationwide, as memory chip makers deal with falling consumer and client demand. Media outlets including Bloomberg and the Wall Street Journal this week reported that some memory chip makers are already reducing jobs and facility investments as their clients reduce orders in the face of declining sales of personal computers and mobile devices. Citing analyst

Suburban Chicago Office Tower Strengthens Comeback After Selling at Steep Discount

A logistics company has signed one of the largest office leases in the Chicago suburbs in the past year. The lease comes about a year after an investor scooped up the 25-story tower at a steep discount to the property’s previous sale price. AIT Worldwide Logistics leased 56,808 square feet for its future global headquarters space in the Two Pierce Place tower in Itasca, Illinois, west of O’Hare International Airport, according to a statement from Newmark. The brokerage represented property owner

Conductor Lee Mills challenges how orchestral music is defined on March 4th and 5th

ESO’s March concerts feature ‘full spectrum’ of orchestra musicGuest conductor Lee Mills challenges how orchestral music is defined  (January 30, 2023, Elgin, Ill.) – Conductor Lee Mills wants to challenge the way people think about orchestral music. Mills will conduct the Elgin Symphony Orchestra on March 4 and 5 in performances of Charles Ives’ “The Unanswered Question,” Juan David Osorio’s “El Paraiso según María,” Arturo Márquez’s “Danzón No. 2,” and Dvořák’s “Cello Concerto.” The pieces, all by

Superintendent Tony Sanders to leave School District U-46; named new State Superintendent of Education

ELGIN - After more than eight years as the Superintendent of School District U-46, Dr. Tony Sanders has been named to serve as the next State Superintendent of Education, effective late February. Dr. Sanders joined U-46 in 2007, serving as the District’s chief of communications officer and then chief of staff before being, appointed to lead the District in 2014. A message from U-46 Board of Education Board President Sue Kerr: “The U-46 School Board is sad to see Superintendent Sanders leave, but knows that

Northeast Region Weekly Update January 30, 2023

Northeast Region Weekly Update January 30, 2023DCEO Grants & ProgramsRoute 66 Grant Program – Round 2 – due January 31 DCEO is pleased to release a Notice of Funding Opportunity (NOFO) for round 2 of the Route 66 Grant Program. This NOFO will award grants to certified convention and visitors bureaus for the development of tourism, education, preservation, and promotion of the 100th anniversary of Route 66 in 2026. Since 1926, Route 66 defined a remarkable era in our nation’s history and it lives today in

TBK BANK SCHOLARS PROGRAM 2022

TBK BANK SCHOLARS PROGRAM 2022 At TBK Bank, we know the value of education. We also know the value in helping train future leaders in the communities we serve. That’s why we’ve created the TBK Scholars Program: a $1,000 scholarship for fifteen hardworking students who qualify as low to moderate income, in keeping with standards set forth by the Community Reinvestment Act. We encourage any student living in a community served by TBK Bank and demonstrating financial need to apply. PROGRAM OVERVIEW Eligible

Consumers Send Mixed Signals, Mortgage Rates Drop, Construction Employment Rises

Consumers Send Mixed Signals Analysts are closely watching consumers for signs of whether the U.S. is indeed heading for a much-predicted recession in 2023, and January’s signals have been decidedly mixed. The latest Commerce Department numbers showed consumer spending fell 0.2% from the prior month in December, while January’s final consumer sentiment numbers from the University of Michigan showed confidence this month, posting a significant boost from December tallies. There is still caution created by

After a Record-Breaking 2021, US Multifamily Performance Had a Disenchanting Year in 2022

After hitting record demand in 2021 with 700,000 multifamily units rented, the market witnessed a significant pullback in 2022. Nationally there were just 171,000 units of net absorption in 2022 or the difference between move-ins versus move-outs. However, demand looked even more lackluster than that as most of that leasing was front-loaded in the first two quarters of the year. The third quarter recorded just 27,000 units of demand and the fourth quarter barely stayed positive at 9,000 units leased.

Illinois rated as one of top states to raise a family

Illinois is one of the top states in the country to raise a family, beating out  Texas, California, Florida, Ohio, and Indiana based on factors including jobs, affordability, education, recreation, and more, according to a study released this week. In its 2023 “Best & Worst States to Raise a Family” report, personal finance website WalletHub ranked Illinois 3rd in median family income, 4th for family fun, and 11th for affordability. The state ranked 13th overall based on calculations involving 51 metrics.

Discounter Aldi Opened the Most Grocery Stores Last Year, But Not the Most Space

Discounter Aldi led the industry in the most grocery store openings across the United States last year, but rivals H-E-B and Publix Super Markets bested the German chain in terms of the amount of new space occupied as part of the expansion of that type of property, according to a report by real estate firm JLL. Aldi, a small-format grocer with its U.S. headquarters in Batavia, Illinois, was the leader of new store debuts, with 49 coming online in 2022, according to the annual JLL U.S. Grocery Tracker

Uncertainty Poses Real Estate Risks, GDP Growth Slows, Creditors Cut Off Bed Bath & Beyond

Uncertainty Poses Real Estate Risks High interest rates and other headwinds of late 2022 are expected to create challenges for North American real estate investors well through the first half of 2023, with analysts at S&P Global predicting pullbacks in acquisition and development as lenders reset yield expectations due to rising costs of capital. “The tide has turned for the real estate sector after a prolonged period of low interest rates,” S&P’s credit-rating analysts said in a Thursday report. “The

ESO presents The Music of Star Wars

Tickets now on sale for Elgin Symphony Orchestra’s “The Music of Star Wars”  concert on March 31Audience encouraged to dress as their favorite Star Wars character   (January 26, 2023 – Elgin, Illinois) It will be an otherworldly musical experience when the Elgin Symphony Orchestra presents “The Music of Star Wars” at 7:30 p.m. on Friday, March 31, at the Hemmens Cultural Center in Elgin, Ill.  Audience members are encouraged to come dressed as their favorite Star Wars character for this one-night-only

YWCA Elgin seeks 2023 Leader Luncheon Award nominees

YWCA Elgin seeks 2023 Leader Luncheon Award nominees  The YWCA Elgin will host its 39th  Annual Leader Luncheon supported by Title sponsor, The Schrieber Group of Elgin, on Thursday, May 11, 2023 at The Seville in Streamwood. Individuals, clubs, and organizations are invited to nominate deserving women and non-binary individuals for this prestigious award! Individuals who have been nominated in past years may be re-nominated.   Recipients will be awarded at the luncheon with Julie Mann, Public

Northern Illinois Families and Businesses Experienced Record Electric Reliability in 2022

Northern Illinois Families and Businesses Experienced Record Electric Reliability in 2022ComEd investments are preparing the grid for climate change impacts and the clean energy transition  CHICAGO (Jan. 26, 2023) – Investments in the power grid continued to pay reliability dividends for ComEd customers as the electric company delivered record reliability in 2022. Since grid improvements began in 2011, overall reliability has improved more than 80 percent. In that time, ComEd has avoided more than 19

Biden Administration Takes Steps Toward National Renters Bill of Rights

he Biden administration set in motion plans to create a national renters bill of rights, tapping into a growing trend among states and cities around the country to address rental housing affordability. In what it calls a "blueprint for a renters bill of rights," the administration is seeking to ensure that tenants can organize, without harassment from landlords, to put more conditions on how evictions can proceed and to create leases that are clearer and fairer. In making the case, the White House

Freight Carrier Prospects Improve, Mortgage Applications Rise, Jobless Rates Drop in Most States

Freight Carrier Prospects Improve Freight transport companies see global supply chains improving in the early weeks of 2023, a potential sign of rising demand ahead for logistics-related real estate even as industry profits are expected to be limited in coming months. The latest quarterly surveys of cargo handlers by industry news site FreightWaves found generally positive sentiment regarding first-quarter 2023 supply chain prospects. But survey researcher Joe Antoshak noted on the site this week that

3M Joins Companies Laying Off Staff, Builders Oppose EPA Water Rules, Office Attendance Rises

3M Joins Companies Laying Off Staff Industrial giant 3M, best known for products including Scotch tape and Post-it Notes, plans to lay off 2,500 workers, the latest in a string of large job cuts over the past few weeks primarily involving big tech companies like Microsoft and Google. The planned cuts to Saint Paul, Minnesota-based 3M’s global manufacturing workforce come amid expectations for what CEO Mike Roman described in a quarterly earnings report as “macroeconomic challenges to persist in 2023.” A

Hotel Executives Declare 2023 Year of Acceleration

LOS ANGELES — Unlike in years past when optimism among hotel executives was conservative, the first day of the Americas Lodging Investment Summit proved that leaders are all-out bullish on the health of the industry. Hoteliers haven't been shy about their positive expectations for a high volume of deals, growth in revenues despite an economic recession and overall strength of travel demand. In terms of price tags on hotels that could trade in 2023, past transactions indicate distressed pricing still

ComEd Offering $500,000 in Grant Funding for Community-Oriented Projects Across Northern Illinois

  Annual Powering Communities Grants Program provides grants of up to $10,000 each to improve infrastructure and quality of life in Illinois communities CHICAGO (Jan. 25, 2023) – ComEd today announced that municipal and community organizations in northern Illinois can now apply for the 2023 Powering Communities Grants Program, which advances environmental initiatives, enhances public safety and increases access to arts programs in communities ComEd serves. Organizations are encouraged to apply for one of

Indicators Point to Deepening Slowdown, Spotify Adds to Tech Layoffs, CEO Departures Decline

Indicators Point to Further Slowdown The U.S. slipped closer to a recession or some type of pullback in the final month of 2022 based on manufacturing, housing construction and other data compiled by a prominent economic research organization. The Conference Board said Monday its Leading Economic Index, a composite of several metrics, declined 1% in December following a 1.1% pullback in November. The index contracted 4.2% in the second half of 2022, much steeper than the 1.9% decline in the first

As More Employees Return to the Office, Companies Increase Lease Size Across Chicago

There is a truism in commercial real estate that states nothing kills a deal like uncertainty. When times are bad, companies downsize and look to sell or sublease their spaces. When times are good, they expand and acquire more space. Yet when a Black Swan event such as a global pandemic paralyzes the market with indecision, businesses sign short-term leases or opt to “kick the can” and postpone long-term real estate decisions for a later time. Or, they do nothing, and allow their leases to expire, leaving

Middleby Acquires Flavor Burst Innovation for Beverage and Soft Serve

 The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Flavor Burst, an innovative technology used in a variety flavored beverage and soft serve products. The company is based in Danville, Ind. and has annual revenues of $5 million. “Flavor Burst provides flavoring systems to enhance customer offerings for soft serve, shakes, slush, smoothies, frozen carbonated beverages, frozen coffees, and frozen cocktails. This technology complements and extends the existing product offerings from

These Two Days Are Favorites for Workers Returning to the Office

Visitor Traffic Shows Middle of the Week Preferred as Hybrid Work Remains Entrenched At a time when some major U.S. cities have yet to return to half their pre-pandemic office attendance, Tuesday is the new Monday as far as workers are concerned. Traffic analytics firm Placer.ai found that day leads all others in the work week for those coming back to the office some of the time. Tuesday accounted for 24.3% of all U.S. office visits in the fourth quarter of 2022. It was followed by Wednesday at 23%, then

Tech Job Cuts Put Spotlight on Perks, Truck Trailer Sales Signal Supply Chain Recovery, Home Sales D

Tech Job Losses Draw Spotlight to Perks The growing list of major technology companies announcing planned job cuts, joined by Google parent Alphabet’s move to lay off 12,000, has some in the industry wondering what will become of the high-end perks and services once offered as these companies looked to recruit talented workers. Office space demand has already taken a hit as some firms like Facebook parent Meta have exited leases to reduce overhead as economic conditions cut into profit, dealing a blow to

Industrial Construction Costs Ease, Housing Starts Fall, Jobless Claims Drop

Industrial Construction Costs Ease Pricing pressures are easing, but industrial development projects remain historically expensive largely because of inflated costs for materials, brokerage Cushman & Wakefield reported. Supply bottlenecks of the early pandemic months have been less pronounced over the past year, though high demand for ecommerce and other logistics space across North America are keeping projects pricey and challenging developers to complete them on schedule. “While industrial construction

Rentals to Account for Growing Share of Single-Family Housing Starts

Institutional Investors Attracted to Rent Growth of Build-To-Rent Sector In keeping with trends from past recessions, the share of single-family rental starts will increase in 2023 as mortgage rates reach multi-decade highs. During most recessions since 1980, the share of single-family starts built to rent has increased relative to other types of single-family residences. Developers delivering into a weak home-buying market will seek alternatives for their product, as purchase demand

Pritzker Administration Relaunches ''Opening Doors'' Homebuyer Assistance Program With Additional $8 M

Pritzker Administration Relaunches “Opening Doors” Homebuyer Assistance Program With Additional $8 MillionDown Payment Assistance Program Helping Break Down Key Barriers to HomeownershipCHICAGO – Governor JB Pritzker today announced the reopening of a homeownership program designed to help working-class families and underrepresented communities of color throughout the state of Illinois. Offered through the Illinois Housing Development Authority (IHDA), the Opening Doors or Abriendo Puertas program is

Homebuilder Confidence Rises, Court Clears Way for Albertsons Dividend, Office Attendance Heads Back

Homebuilder Confidence Rises Homebuilder sentiment rose this month for the first time in a year, even as the industry grapples with historically high construction costs and curbed consumer demand. The National Association of Home Builders, a Washington, D.C.-based trade group, reported Wednesday that its January sentiment index, compiled with Wells Fargo researchers based on national surveys, registered at 35, up four points from December’s number. While any number below 50 indicates most builders view

US Holiday Retail Sales Growth Falls Short of Projections

The holiday shopping season didn't turn out to be quite as jolly and robust as some forecasters predicted. But in a positive sign for retailers and their landlords, two of nine store categories still registered gains and mall foot traffic rose, according to the National Retail Federation and analytics firm Placer.ai. The trade group reported on Wednesday that retail sales during November and December rose just 5.3% over 2021 to $936.3 billion, falling shy of its projections amid continuing inflation and

These CEOs Stuck To Stores in Digital Era. They Say the Strategy Pays Unexpected Dividends.

New to the job, Petco’s CEO recalls he was advised to close the pet supplier’s stores at a time when predictions were common about the impending death of brick-and-mortar-retail. Ron Coughlin was making the transition from serving as an executive at computer maker HP to the head of San Diego-based Petco. “I was running the PC division at HP,” Coughlin said during a keynote session at the National Retail Federation’s conference in New York that ran Sunday through Tuesday. “Then I had come into Petco, and

Commercial Loan Delinquencies Rise, China’s Growth in Population and GDP Drop

Commercial Loan Delinquencies Rise Delinquency rates for mortgages backed by commercial and multifamily properties rose slightly from the prior quarter in the final quarter of 2022, the Mortgage Bankers Association reported Tuesday. “Delinquency rates increased by small amounts for most property types even while the overall rate of delinquency remains low,” Jamie Woodwell, the trade group’s head of commercial real estate research, said in a statement. The bankers group said 98% of outstanding loan

We Are Growing - Donlan Goldman & Roth, PC Joins PKF Mueller

PKF Mueller, a Chicago area-based Certified Public Accounting and Business Advisory firm, has announced that they have acquired Donlan Goldman & Roth, PC (DG&R), a Des Plaines-based Certified Public Accounting firm, effective January 1, 2023. DG&R staff will operate under the PKF Mueller brand and continue serving clients from their existing location.     For over 23 years, DG&R has provided quality, personalized financial guidance to local individuals and privately-owned businesses. Their expertise

Fitness Chains Lead Retail Foot Traffic Gains, Consumer Confidence Improves, Seasonal Retail Hiring

Fitness Chains Lead Retail Traffic Gains Consumers looking to shape up and leave the pandemic behind them made fitness chains among the top gainers for retail foot traffic during the past year, according to a new report from analytics firm Placer.ai. Crunch Fitness, Planet Fitness and their multiple rivals collectively boosted their fourth-quarter customer visits nearly 17% from a year earlier when some pandemic restrictions were still in place and almost 12% from the pre-pandemic fourth quarter of 2019.

The Office Picture Is Clearing Up, but Major Challenges Lie Ahead

After the shock of pandemic-induced remote work, clarity is returning to the U.S. office sector, which is facing several major challenges in adjusting to new conditions. Nearly three years after initial closings sent millions of office workers home, a remote-work equilibrium has emerged in the form of the hybrid workplace model. Some form of hybrid—under which employees split their time between remote and in-office locations—has become the predominant work arrangement at many organizations, especially in

Narrowing of Bid-Ask Spread To Result in Record Hotel Sales, Plus Six Other Predictions for 2023

After being decimated by the plunge in business and group travel in 2020 and 2021, the hospitality industry has demonstrated a strong recovery and record profitability as it recovers from the pandemic. While there are significant capital market challenges in the backdrop of a slowing macroeconomic environment, hotels are expected to continue to offer attractive risk-adjusted returns for investors in the year ahead. Here are some additional predictions for hospitality real estate in 2023: 1.  Short-term

Inflation Rate Drops, Subway Explores Possible Sale, Starbucks Tightens Office Return Policy

Inflation Rate Drops Annual consumer price inflation dropped for the sixth consecutive month in December, to 6.5%, leaving markets and analysts to ponder the Federal Reserve’s next move as it looks to tame inflation through interest rate hikes. The Labor Department said consumer prices declined 0.1% on a monthly basis, and the annual inflation rate for all items was down from November’s 7.1%. Gasoline prices fell slightly from the prior month in December, but other utility, food and shelter costs remained

Don’t Be Fooled — The Labor Market Is Softening

Economists rely on many data points for insight into how the economy is faring, as each on its own can at times offer confusing signals, especially at turning points. For example, for many months, most data have pointed to a labor market that remains remarkably robust. At the same time, however, the overall economy is cooling as higher interest rates have weighed on equity and bond prices, inflation-adjusted consumer spending has flatlined, and construction and manufacturing activity is slowing. How can

Construction Work Backlog the Longest Since 2019, but Higher Interest Rates Could Slow New Projects

The work backlog at construction and engineering firms in the United States was the longest in about 3 1/2 years in December, a sign that contractors could remain in demand even in the event of a recession in 2023. The national construction backlog remained at 9.2 months in December, the same level as the previous month and one month higher than in December 2021, according to Washington, D.C.-based trade group Associated Builders and Contractors. It’s the longest average wait time for the start of

Smaller Offices Will Dominate Leasing

Office demand growth remains well below its pre-pandemic pace, and we expect the trend toward smaller leases will continue in 2023. Economic uncertainty is impacting decisions around space needs, and leasing activity has been increasingly dominated by smaller space commitments since the pandemic. About 60% of leases signed in 2022 were for less than 15,000 square feet, a share that has increased from 49% prior to the pandemic. On the other end of the size spectrum, the share of commitments in large

Middleby Worldwide extends market footprint in Europe

Middleby Worldwide’s plans to expand in Europe have received a boost following news that it will make a significant investment in Germany. The regional expansion is being led by UK-based group president Chris Jones, who has appointed Jacqueline Bauch to lead the local operation. She has more than 25 years’ experience in the industry and will oversee sales in Germany, Austria and Switzerland. Middleby brands such as Lincat, TurboChef, FriFri and Firex are already available in Germany, but the investment in

Vacancy Gap Between Newer and Older Offices Will Widen

Older Buildings Lacking Modern Amenities and Safety Features Face Obsolescence Risk  The newest and highest-quality office properties are expected to perform the best in 2023 amid slower growth in demand, increasing remote and hybrid work and a weakening economy. As businesses rethink their space needs and possibly shrink their footprints, they're more likely to consolidate into their most strategic locations, which tend to be high-quality and centrally located buildings. Indeed, newer stabilized

Positive US Employment Report Flashes Higher Risk of Recession

The federal government’s jobs report on Friday was quite a bit stronger than expected, with nonfarm payrolls expanding by 223,000 and the unemployment rate ticking down to 3.5%. Employment growth is perhaps the single-most important macroeconomic force guarding against recession, so it was definitely surprising when my recession-forecasting model showed an increase in the probability of a recession sometime in the next 12 months. Among the industries reporting the strongest employment growth were

US Industrial Development Starts Plunge by 40% in Fourth Quarter

Inflation and the higher interest rates accompanying it have finally begun to curtail the largest commercial real estate construction boom by square footage recorded for any property type in the U.S. since the 1980s. About 134 million square feet of U.S. industrial property development began construction during the final three months of 2022. This marked a steep drop of almost 40% from the quarterly tally averaged during the preceding 12 months, and was the lowest quarterly construction-starts total

Disney Orders Workers Back to Offices, Restaurants Delay Expansion, Consumer Inflation Expectations

Disney Orders Workers Back to Offices Media and theme park giant Disney has joined prominent technology and finance companies calling on employees to come back to offices for at least part of the week as concerns about the pandemic subside. But it also comes as planned layoffs and hiring freezes are on the rise, with Goldman Sachs joining the list with reported plans to cut 3,200 workers this week. Disney CEO Bob Iger told workers who are currently on hybrid home-office schedules that they must return to

IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

WASHINGTON — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022. 22 cents per mile driven for medical or

Willingness to Take Risks Is Part of a Winning Strategy, Hotel Revenue Managers Say

An uneven recovery across the U.S. in 2022 has prompted hotel revenue strategists to take risks and tap into their ability to be resilient, resourceful and creative in order to make better business decisions. Scott Neslage, director of lodging operations at Indigo Road Hospitality, which owns, manages and operates restaurants and boutique hotels, said while it wasn't much of a surprise to his team, a challenge in 2022 was that budgets came with more significant uncertainty than the historical

Apartment Unit Sizes Will Stay Below Pre-Pandemic Averages

  Recent demographic trends led to stronger performance by apartments in Sun Belt markets as renters move out of dense cities in the U.S. Northeast and Midwest into the South and West with larger living spaces and lower rents. Developers have followed the demand, and new supply from the first quarter of 2020 through the third quarter of 2022 averaged 70,272 net new units in southern and western markets per quarter, a 30% increase from the quarterly average of 54,040 between 2015 and 2019. However, supply

Emergency Update: Illinois Department of Revenue

In recent alerts from the Illinois CPA Society, it has come to our attention that the United States Post Office (USPO) has refused to pick up or deliver IDOR 1040-ES (Estimated Individual Payments) to the address specified on the IDOR tax forms (Illinois Department of Revenue--Springfield IL 62736-0001).  REMEDY: When mailing items to the Illinois Department of Revenue (IDOR) using the USPO address, include IDOR’s street address to ensure delivery. The correct address is:   ILLINOIS DEPARTMENT OF

Chicago Takes Center Stage in Loan Maturities, Single-Family Rent Growth Slows

Chicago Takes Center Stage in Loan Maturities: The U.S. commercial mortgage-backed securities market closed out 2022 with deteriorating performance, according to an analysis by Kroll Bond Rating Agency. The trend, if it continues, could be particularly ominous for Chicago’s office market, where large loans are set to mature this year. The loan payment delinquency rate among KBRA-rated CMBS deals rose 0.08% in December to 2.97%, up from 2.89% in November. The rate has now increased for three consecutive

Private Payrolls Climb, Jobless Claims Decline, US Trade Deficit Drops

Payroll Employment Climbs Private-sector employment rose by 235,000 jobs from the prior month in December as annual pay climbed on average by 7.3% from year-earlier levels, according to the latest monthly tracking by payroll services provider ADP and Stanford University’s Digital Economy Lab. “The labor market is strong but fragmented, with hiring varying sharply by industry and establishment size,” ADP Chief Economist Nela Richardson said in a statement Thursday. “Business segments that hired

News Release | 2023 Historic Architectural Rehabilitation Grant Applications Available

2023 Historic Architectural Rehabilitation Grant Applications Available   Deadline for submission of applications and supporting documentation is Friday, March 31.Elgin, IL - Applications for the 2023 Historic Architectural Rehabilitation Grant Program are now available to be downloaded from the City’s website at cityofelgin.org/historicgrants. The deadline for submission of applications and supporting documentation is Friday, March 31.   The Historic Architectural Rehabilitation Grant Program

Job Openings Hold Steady, Office Attendance Sees Holiday Drop, Mortgage Applications Hit 26-Year Low

Job Openings Hold Steady Despite a wave of layoffs and corporate space cutbacks hitting industries including technology and media, the nation overall has job openings still going unfilled, according to the latest Labor Department numbers. Openings at the end of November were little changed from the prior month and totaled 10.5 million, the government reported Wednesday. November’s total of 6.1 million hires and 5.9 million separations, including layoffs and resignations, were also essentially unchanged

Hoteliers Can Look Past Storm Clouds to Sunny Days Ahead

STR Vice President of Analytics Isaac Collazo knows "there are some storm clouds on the horizon" heading into 2023, but he expects most news to be good news for the hotel industry even as the broader economy heads to a recession. "It's just going to be different," he said. "It's just going to be a little slower growth than what we've seen over the last 12 to 18 months, but again, it's growth." Jan Freitag, CoStar's national director of hospitality, echoed that sentiment, saying that while he doesn't

$2,391,407 Earmark for Gail Borden Library's South Elgin Branch Expansion - Thank you Congressman Kr

The Gail Borden Public Library South Elgin Branch will almost triple in space to serve the growing South Elgin community thanks to the advocacy of United States Representative Raja Krishnamoorthi. His support led to the Gail Borden expansion receiving $2,391,407 in Community Project Funding in the federal omnibus package signed by President Biden on December 29.   In 2015, Gail Borden Public Library District purchased a 12,466-square-foot building and opened its South Elgin Branch in 2016 to meet

ESO February 4, 5 concerts: Beethoven's ''Emperor'' Concerto

Elgin Symphony Orchestra presents Beethoven’s “Emperor” Concerto Feb. 4, 5 featuring pianist Albert Cano Smit  (January 4, 2023 – Elgin, Illinois) Acclaimed New York-based conductor Kyle Ritenauer will direct the award-winning Elgin Symphony Orchestra in concerts at the Hemmens Cultural Center in Elgin, Illinois, on Saturday, Feb. 4, 2023, at 7:30 p.m., and Sunday, Feb. 5, 2023, at 2:30 p.m. A pre-concert discussion for ticket holders will take place one hour prior to the performances. The concerts will

Manufacturing Sharply Declines, Construction Spending Up, Small Business Wage Growth Slows

Manufacturing Conditions Decline Demand indicators for manufacturing ended 2022 with their sharpest monthly decline since the early months of the pandemic, with analysts at S&P Global reporting significant December drops in production and new orders. The financial data firm’s monthly national survey of purchasing managers showed demand among domestic and foreign customers contracting at rates not seen since May 2020. That created a slowdown in manufacturing-related hiring as pressure on capacity waned and

As More People Return to the Office, Here’s How the 2023 Workplace May Get a New Look

As employers shift away from remote work and bring employees back to the office, the next phase of pandemic-related workplace design is expected to kick into gear as employers reimagine how and where they bring employees back. A new formula for space is emerging as companies shrink their total square footage, swap private desks for collaboration areas and incorporate perks aimed at enticing employees back to physical spaces. And while a crowd of companies was quick to try to offload as much unused office

Violinist Geneva Lewis to perform with the Elgin Symphony Orchestra this weekend

(January 4, 2023 – Elgin, Illinois) Violinist Geneva Lewis, recipient of a 2022 Borletti-Buitoni Trust Award, will perform Brahm’s Violin Concerto with the Elgin Symphony Orchestra on Jan. 7 and 8, 2023. Lewis replaces Stella Chen, who was not able to travel due to a foot injury. The concerts, at 7:30 p.m. Saturday, Jan. 7, and 2:30 p.m. Sunday, Jan. 8, at the Hemmens Cultural Center, will also  include Beethoven’s Symphony No. 8 and Canadian composer Jocelyn Morlock’s Oiseaux bleus et sauvages. A

Mortgage Rates Rise, Markets End Year on Dour Note

Mortgage Rates Rise Homebuyers hoping long-term mortgage rates would keep falling didn’t catch a break in the final week of the year. The 30-year fixed rate bounced up after declining through November, rising to 6.42% from 6.27% from the previous week, according to Freddie Mac’s latest mortgage market survey. A year ago, the rate was at 3.11%. The 15-year fixed rate mortgage edged lower to 5.68%, a .01 percentage point drop. That rate was 2.33% a year ago. “The housing market remains in the doldrums

Jobless Claims Edge Higher, GDP Growth Projected, Rent Inflation Declines

Unemployment Claims Edge Higher  New jobless claims ticked up in the week before Christmas but remain historically low, while the number of those still using unemployment insurance rose to the highest since February. The Labor Department reported Thursday that initial claims increased 9,000 to a seasonally adjusted 225,000 in the week ending Dec. 24. That's 3,250 higher than the comparable week last year. The four-week moving average decreased 250 to 221,250. Initial claims have yet to see a significant

Funds Available for Smoke Free Workplaces

Smoke Free Workplaces Project Request for Applications Reducing smoking and vaping among staff and promoting a smoke free workplace helps protect the entire workforce from the harms of tobacco smoke and improves health, morale and team performance. A workplace can create a smoke free environment with clear policies, signage and resources to help employees quit. The Kane County Tobacco Control and Prevention program aims to collaborate with area businesses and nonprofit organizations to promote quitting

Act now to reduce your business’s 2022 tax bill

Act now to reduce your business’s 2022 tax bill  It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration.  Time your income and expenses   When it comes to year-end tax reduction strategies, the granddaddy of them all — for businesses

Governor Pritzker Releases Five-Year Forecast Showing Projected Long-term Budgetary Deficits Nearly

Governor Pritzker Releases Five-Year Forecast Showing Projected Long-term Budgetary Deficits Nearly EliminatedIllinois in best fiscal shape in decades  SPRINGFIELD -- The Governor’s Office of Management and Budget (GOMB) released the annual Illinois Economic and Fiscal Policy Report showing under Governor Pritzker’s leadership Illinois is in its best fiscal shape in decades.   “Illinois’ bills are being paid on time, we have over $1 billion in our rainy-day fund, our credit ratings are up and we are

ComEd Toolkit Helps Customers Navigate Purchasing an Electric Vehicle and a brief introduction

ComEd Toolkit Helps Customers Navigate Purchasing an Electric VehicleResource is a one-stop-shop for navigating EV market options, available incentives, rate plans, and charging needs  CHICAGO (September 29, 2022) – Because navigating the emergent electric vehicle (EV) market can be intimidating, ComEd has created a one-stop-shop for those considering an EV purchase. The ComEd EV Toolkit provides information on savings, benefits and incentives for the purchase of EVs, along with an overview of EV brands

Smart Business Branding in 2022

You've just embarked on one of the most intimidating yet rewarding ventures imaginable — you've started your own small business. While challenging, owning a business can be lucrative and fulfilling. Now that the groundwork for your business has been laid, it's time to consider your company's brand. Creating a strong brand for your company is integral to your success, so where do you start?What Is Branding? Many people believe a logo is the majority of a company's brand. While logos are important,

Santas Village 2023 Season Pass ONLY $79.99

2023 Season Pass  $79.99Begin your new memories with a Season Pass! Purchase a season pass and receive admission for the remainder of 2022 as well as May - Sept 2023! Season pass holders receive a host of benefits and valuable discounts on dining, merchandise and more. Passes are valid for unlimited fun on all rides, shows, animal encounters and Santa Springs! Each pass is issued to a specific person and is non-transferable.BENEFITS: - Admission every operating day of the season to both the amusement and

OrthoIllinois Open New Clinic in Elgin

OrthoIllinois Opens New Clinic in Elgin  ELGIN, Ill. (Sept. 9, 2022) – OrthoIllinois, a leading bone and joint health care provider in northern Illinois, expanded access to orthopedic subspecialty services with the opening of its new, larger state-of-the-art, 49,000-square-foot, Elgin clinic at 1550 N. Randall Rd., conveniently located right off the I-90 exit.    Construction on the clinic started in July 2021 and the new location opened on Monday, August 15th. The enhanced facility replaces the former

Three U-46 Academies - at Streamwood, Larkin, and Bartlett High Schools - Receive National Certification

Three U-46 Academies Receive National Certification  ‘Magnet’ status given to academies at Streamwood, Larkin, Bartlett     ELGIN - Three of School District U-46’s specialized academies — at Streamwood, Larkin, and Bartlett high schools — have been recognized as nationally certified magnet schools for providing high-quality, innovative educational options to families and students that promote choice, diversity and academic excellence.    Of the two remaining academies in U-46, South Elgin High School’s

Clean Vehicle Credit comes with caveats

Clean Vehicle Credit comes with caveats  The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit.   While the expanded credit seems promising, questions have arisen about just how immediate its impact will be. Here’s what you need

IRS Offers Penalty Relief for 2019, 2020 Tax Years

IRS Offers Penalty Relief for 2019, 2020 Tax Years  While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 tax and information returns. The relief covers many of the most commonly filed

ESO news: musicians' contract agreement, new concerts, fiscal stability, enhanced community engagem

ESO, Musicians agree to two-year contract, helping secure fiscal sustainability while enhancing community engagement  (August 17, 2022 -- Elgin, Ill.) The Elgin Symphony Orchestra (ESO) and its musicians have agreed on a mutually beneficial two-year contract that lays the groundwork for sustainability and growth for the award-winning Symphony, now in its 73rd year. The agreement comes as the ESO enters its second season of new management, is actively auditioning music director candidates, and plans for

Gov. Pritzker Announces $34.6 Billion Investment in Transportation Over Six Years

Gov. Pritzker Announces $34.6 Billion Investment in Transportation Over Six YearsNew program creates economic opportunity and jobs, promotes quality of life, and improves safety on transportation systems throughout Illinois  SPRINGFIELD — Governor JB Pritzker joined the Illinois Department of Transportation (IDOT) today to announce a $34.6 billion program to improve roads, bridges, transit, rail, airports, and ports over the next six years. This funding represents a robust commitment to invest in people

Gov. Pritzker Announces Program of All-Inclusive Care for the Elderly to Expand Choices in Care for

Gov. Pritzker Announces Program of All-Inclusive Care for the Elderly to Expand Choices in Care for Illinois SeniorsServices for qualifying adults 55+ include holistic care planning, long term supports, therapies, medications, mental health care, and hospital care SPRINGFIELD — Governor JB Pritzker along with the Department of Healthcare and Family Services (HFS) today announced the launch of the Program of All-Inclusive Care for the Elderly (PACE) to better meet the needs of older adults across Illinois.

CHIPS Act poised to boost U.S. businesses

CHIPS Act poised to boost U.S. businesses  The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production

Governor Pritzker Issues Monkeypox Virus Public Health Emergency Declaration to Coordinate Statewide

Governor Pritzker Issues Monkeypox Virus Public Health Emergency Declaration to Coordinate Statewide ResponseCHICAGO—Governor Pritzker issued a proclamation today declaring the monkeypox virus a public health emergency and declaring the state of Illinois a disaster area regarding the disease. The declaration, which applies to the entire state, will allow the Illinois Department of Public Health (IDPH) to utilize resources for coordinating logistics across state agencies, quickly and efficiently aid in the

Businesses: Act Now to Make the Most out of Bonus Depreciation

Businesses: Act now to make the most out of bonus depreciation  The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.  Bonus depreciation in a nutshell   Bonus depreciation has been available in varying amounts for some time. Immediately prior to the passage of the

Gov. Pritzker Announces Record-Breaking $445 Million in FY 2022 Adult-Use Cannabis Tax Revenue

Gov. Pritzker Announces Record-Breaking $445 Million in FY 2022 Adult-Use Cannabis Tax Revenue50% Increase in Total Tax Reported from Adult-Use Cannabis as Sales Exceed $1.5 Billion CHICAGO – Governor JB Pritzker announced today that the State of Illinois has seen a 50% increase in total tax reported from adult-use cannabis, from $297.7 million in fiscal year 2021 to $445.3 million in fiscal year 2022. Total adult-use cannabis sales also rose 50%, increasing from $1 billion to $1.5 billion,

Illinois expands health care coverage for immigrant adults to include those aged 42 and up

Illinois expands health care coverage for immigrant adults to include those aged 42 and upSPRINGFIELD – The Illinois Department of Healthcare and Family Services is expanding the Health Benefits for Immigrant Adults program to now provide health care coverage to undocumented immigrant adults and certain legal permanent residents aged 42 and over.   Building on the first-in-the-nation Health Benefits for Immigrant Seniors program, Illinois in March launched the Health Benefits for Immigrant Adults program

Are You Eligible For Federal & State Fuel Tax Credits?

988 Suicide and Crisis Lifeline Coming to Illinois

Pritzker Administration Announces Opening of Electric Vehicle Rebate Program for Illinois Residents

Pritzker Administration Announces Opening of Electric Vehicle Rebate Program for Illinois ResidentsProgram offers $4,000 rebate for purchase of an electric passenger vehicle or $1,500 rebate for purchase of an electric motorcycle  SPRINGFIELD — Illinois Environmental Protection Agency (IEPA) Director John J. Kim today announced the opening of Illinois’ Electric Vehicle (EV) Rebate Program. The program was created under the Climate and Equitable Jobs Act (CEJA) passed by the General Assembly and signed by

Illinois Family Relief Plan to Begin July 1

Illinois Family Relief Plan to Begin July 1   Residents will save on gas, groceries, property taxes, and school supplies with tax holidays. Nearly $2 billion in relief was provided to residents through tax cuts and direct payments. Comptroller plans to roll out tax rebates in September CHICAGO — Beginning tomorrow, the Illinois Family Relief Plan will go into effect, making good on the promise by Governor Pritzker and the General Assembly to provide relief on the grocery tax, gas tax, and property

Gov. Pritzker Announces Nation-Leading Investments in Early Childhood

Gov. Pritzker Announces Nation-Leading Investments in Early ChildhoodOver $175 million in funding to support child care providers & families   CHICAGO — Governor JB Pritzker and the Illinois Department of Human Services (IDHS) today announced new investments that strengthen and grow Illinois’ early childhood education and care field. These investments continue advancing Illinois as a leading state in the nation for children, families, and the early childhood workforce that support them.   The changes

Governor Pritzker Signs Family Bereavement Leave Act Into Law

Governor Pritzker Signs Family Bereavement Leave Act Into LawSB3120 requires paid leave for pregnancy loss or other situations impacting fertility, adoption, or pregnancy Chicago—Governor JB Pritzker today signed the Family Bereavement Act, an amendment to the Child Bereavement Leave Act that expands leave time requirements to cover pregnancy loss, failed adoptions, unsuccessful reproductive procedures, and other diagnoses or events impacting pregnancy and fertility. SB3120 also mandates leave after the

Gov. Pritzker Signs Legislation to Expand Access to Higher Education

Gov. Pritzker Signs Legislation to Expand Access to Higher EducationBills aimed at increasing education equity across Illinois CHICAGO — Governor JB Pritzker today signed legislation designed to increase access to Illinois’ higher education system, close equity gaps, and improve student protections and operational effectiveness. The bills expand resources available to students and build on the administration’s efforts to expand equitable access to public universities and community colleges.  House Bill

City of Elgin to Participate in National ‘Arts & Economic Prosperity 6’ Study

  City of Elgin to participate in the national ‘Arts & Economic Prosperity 6’ study       Ishti is performing in the Going Dutch Festival presented by Side Street Studio Arts at the Elgin Art Showcase. Photo by Roberto Martinez, 2017.       Data collection for a most comprehensive study of the economic impact of nonprofit arts and culture industry underwayElgin, IL - The City of Elgin is pleased to announce its

Elgin Symphony Orchestra announces finalists in music director search

Elgin Symphony Orchestra announces finalists in music director search  (March 25, 2022 -- Elgin, Ill.) Eight notable music conductors have been named finalists in the music director search by the Elgin Symphony Orchestra. The two-year search process kicked off last year when Andrew Grams announced he would depart at the end of the 2020-21 season. The new music director will be announced at the conclusion of the 2022-23 season. One of the finalists was a guest conductor in the ESO’s 2021-22 season.