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The City of Chicago's newly released The newly released Energy Benchmarking Report revealed a 25% reduction in carbon emissions by properties greater than 50,000 square feet

Downtown Chicago the Leading Sales Market Outside NYC

The leading market for single-asset commercial property sales since 1995 should come as no surprise. It’s Manhattan, where the 25 highest-priced deals during that time period each exceeded $1 billion in value. Outside of Manhattan, though, the leader is Downtown Chicago, where nine of the 25 biggest deals in other markets took place.

Chicago’s CBD is also the home of the top-performing investment asset outside New York, according to Yardi’s CommercialCafe. The Willis Tower changed hands thrice in 20 years, and topped the $1-billion mark at its last sale date in 2015. Aside from the Parkmerced apartment complex in San Francisco, which traded in 2014 for slightly more than the Willis Tower did in its most recent sale, the iconic Chicago tower is the only non-Manhattan property since 1995 to fetch more than $1 billion.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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