30 JUNE 28, 2021 • CRAIN’S CHICAGO BUSINESS
CLASSIFIEDS
Advertising Section
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AUCTION
CAREER OPPORTUNITIES
AUG. 11 • REAL ESTATE
INTERESTED CANDIDATES SEND RESUME TO: GOOGLE LLC, PO Box 26184 San Francisco, CA 94126 Attn: V. Cheng. Please reference job # below: Account Manager (Chicago, IL) Perform market research & technical analysis in connection with growing Google products & services. #1615.38908 Exp Inc: web research, technology markets, & online advertising; databases, data warehousing, or SQL; technical program or product presentations to non-technical audiences; account mgmt; information gathering, information retrieval, or data mining; sales planning, market analysis, & technical sales support; product marketing strategy, product mgmt, or program mgmt for technology based products; & quantitative analysis, qualitative analysis, statistical analysis, or statistical modeling.
96,000 SF INDUSTRIAL BLDG
2635 S. WABASH AVE., CHICAGO, IL Just Minutes from Downtown at I-90-94-55 & Lake Shore Dr.
MIN. BID: $2,950,000 • 40-car parking • 4 -story warehouse building • 1 dock /4 drive-in doors • Loft offices for multiple tenants • 1 passenger & 1 freight elevator • Zoning: M-3 (Industrial)
INSPECTIONS: 10:00 AM JUNE 29, JULY 12, 20 & 28
IN COOPERATION WITH:
312.278.0600 FineAndCompany.com
CAREER OPPORTUNITIES Interested candidates send resume to: GOOGLE LLC, PO BOX 26184 SAN FRANCISCO, CA 94126 Attn: V. Cheng. Please reference job # below: SALES SOLUTION SPECIALIST (Chicago, IL) Develop & execute data-driven assessments & measurement plans to provide insights for internal & external stakeholders. #1615.439811 Exp Inc: Linear, Logistic, & Time Series regression modeling techniques; Marketing-Mix models (MMM); A/B testing methodologies; databases, data visualization tools, or data warehousing; R or SQL; presentation of tech business analytics insights to non-tech audiences; & web research, tech markets, & digital media advertising.
Fine & Company LLC - IL Broker #481.011386
CAREER OPPORTUNITIES BUSINESS FOR SALE BUSINESS FOR SALE Successful Full Service Restaurant Established in 1995 In Michigan City, IN CALL 219-873-7101
CAREER OPPORTUNITIES ANTHEM, INC. seeks PRINCIPAL DATA SCIENTIST in Chicago, IL to lead the development and implementation of machine learning algorithms and techniques to solve business problems and optimize member experiences. Apply at www.jobpostingtoday.com, REF# 81892.
CAREER OPPORTUNITIES BRAVIANT, LLC seeks a SENIOR SOFTWARE ENGINEER in Chicago, IL to design, develop, and test high performant code. Apply @ jobpostingtoday.com REF #35899
CAREER OPPORTUNITIES CUMMING MANAGEMENT GROUP, INC. seeks SENIOR COST MANAGER in Chicago, IL to prepare accurate and detailed construction and project cost estimates. Requires up to 3% domestic travel to client sites or other company offices, as needed. Apply at www.jobpostingtoday.com REF #77560
GRUBHUB HOLDINGS, INC. seeks Sr. Site Reliability Engineer in Chicago, IL to help evaluate & choose emerging technologies, new service protocols & architectures, self-healing capabilities, globally distributed caching, & performance & code quality tooling. Applicants may apply: https://www.jobpostingtoday.com/Ref # 75875.
CAREER OPPORTUNITIES QUANTITATIVE RESEARCHER (Citadel Securities Americas LLC – Chicago, IL) Mult. Pos. avail.: Analyze & solve cmplx mkt probs thru use of tech, math & stat modl’g, & comp syst. F/T. Reqs Ph.D. (or frgn equiv) in Stat, Econ, Finance, CS, Eng, Math, Physics or rel quant fld. In lieu of Ph.D. in stated fld, will accpt Mstr’s deg in stated fld plus 3 yrs prfssnl or grad-lvl quant rsrch exp or Bach’s deg in stated fld plus 5 yrs prfssnl or grad-lvl quant rsrch exp. Prfssnl or grad-lvl rsrch exp must incl: utiliz’g time-sers or crss-sctnl anlysis; slv’g cmplx data intnsv probs utilz’g adv mathmtcl & stat modl’g technqs incl Robust Regression, Statistical Machine Learning, Natural Language Processing, or smlr; C++ or OOD prgrm’g; hi-lvl intrprtd langgs incl R, Matlab, Python or smlr; &, anlyz’g gigbyt or trbyt sz’d lrg datasets. Resumes: Citadel Securities Americas LLC, Attn: ER/LE, 131 S Dearborn St, 32nd Fl, Chicago, IL 60603. JOB ID: 5763069.
MULTI-FAMILY REAL ESTATE LOANS $500,000 to $5,000,000 Great Rates and Efficient Closing Times DEVON BANK CALL 773-423-2527 MEMBER FDIC. EQUAL HOUSING LENDER.
REAL ESTATE
P030_CCB_20210628.indd 30
Fubo Gaming COO Sam Rattner, right, says it was a far better deal for the company to sign a sublease for their new office space at 1 N. Dearborn St.
Downtown office sublease listings plateau SUBLEASE from Page 3 vacancy rate on record after 15 months of paltry pandemic-era demand. Any new commitment to real estate shows that companies see the value of returning to offices in a post-COVID world, but swaths of move-in ready space available for sublease is proving to undercut the deals landlords can offer. “There used to be a pretty strict bifurcation between the sublease and direct space market, but that’s certainly not the case today,” says Cushman & Wakefield Vice Chairman Chris Wood, who represents tenants downtown. “I’ve definitely noticed the trend of companies who maybe previously wouldn’t have considered a sublease now being interested and wanting to evaluate them alongside direct space options.” Companies across the city last year rushed to put some or all of their downtown offices up for sublease as they learned to function with remote workers, much of it high-end space that was built out so recently that furnishings and amenities are like new. But new listings on the secondary market have recently plateaued as some companies have started inking sublease deals and others have reconsidered plans to unload space now that they are calling workers back to the office. After sublease inventory downtown jumped by almost 2.4 million square feet over the last nine months of 2020—a 75 percent increase—the number has only increased by 250,000 square feet since the beginning of this year, according to data from brokerage CBRE.
SWELL IN DEMAND
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Now the key question for the market is whether the available sublease space has peaked. Another wave could be on the horizon once workers return to offices in greater numbers and companies can more accurately assess how much workspace they need, and it’s unclear whether demand will keep pace with the new supply, says CBRE Senior Vice President and tenant rep Mark Cassata. “We still have a lot of road to run here. We’re not going to see (sublease inventory) go down as quick-
ly as it went up,” he says. Brokers say companies are gravitating to sublease offerings today because of the quality of the inventory after several years in which tenants poured loads of cash into building out cool offices to attract and retain talent. Tech companies, which account for more than a third of downtown sublease offerings, led that trend.
BARGAIN PRICES
Asking rental rates for downtown subleases are also 25 percent lower on average than asking rents for direct leases, according to CBRE, and many sublease offerings have plenty of lease term left, meaning a subtenant could lock in a long-term bargain. Almost half of the available aftermarket space over 10,000 square feet has at least five years left on their lease, CBRE data shows. “We just finished a decade where everybody built out magnificent space to attract the labor force, and now buildings that have raw direct space are being forced to compete in an environment where people don’t want to do long-term deals,” says Andy Davidson, who leads the tenant advisory group at Chicago-based brokerage MBRE. “It’s like a funnel going to the sublease market.” Landlords cannot compete with the economics of a sublease deal but have plenty of other levers to pull to tailor lease terms or offset tenants’ upfront costs in ways that sublandords can’t or won’t, says Adam Pines, a former suburban tenant rep at brokerage Jones Lang LaSalle who now represents landlords at Chicago leasing brokerage Madison Rose. One recent example: In the face of formidable sublease competition and construction materials costs recently soaring, River North office developer North Wells Capital committed to fund all office buildout costs to help finalize a deal this month with freight logistics company U.S. Xpress for a 40,000-square-foot office at 306 W. Erie St. “What many landlords have had to do in order to stay in the game over the last year is offer flexibility they wouldn’t have before,” Pines says.
SURGE SLOWING The amount of downtown office space available for sublease jumped by 75 percent in 2020 but has flattened in recent months as deals have been made and companies have started calling workers back to offices. AVAILABLE SUBLEASE SPACE DOWNTOWN 6 million 5 4 3 2 1
5.9 million
0
Q1 Q1 Q1 Q1 Q1 Q1 2016 2017 2018 2019 2020 2021
Note: Q2 2021 data is quarter-to-date Source: CBRE
Other landlords have adjusted to the sublease competition by putting up money to build out move-in ready space, or spec suites, to lure tenants. Chicago leasing brokerage Telos Group, which represents landlords at 23 buildings in the central business district, is marketing more than half a million square feet of spec suites ranging from a few thousand to more than 30,000 square feet in size. Telos Senior Vice President Nikki Kern says she’s encouraged by the recent surge of tenants back in the market hunting for space after many put off leasing decisions over the past year, but that smart landlords are investing in spec suites to be able to compete with compelling secondary marketing offerings. “There’s basically two years of demand that has been pent up and ready to do something, and you have to be able to have a product for every type of user that’s out there,” Kern says. “Plenty of users are looking for something that’s immediate, so you have to have ready-to-go space to meet that demand or they’ve got subleases or co-working space to go to.”
6/25/21 4:14 PM
