UGBA 180 Group 2 Team members: Andrew Legault, Emil Oezeke, Graham Sawyer, Melissa Wongso, Richard Bai, Samantha Lewin Case Study: Busse Place 1) How would you assess the current situation at Busse Place? What are the property’s relative strengths and...
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UGBA 180 Group 2 Team members: Andrew Legault, Emil Oezeke, Graham Sawyer, Melissa Wongso, Richard Bai, Samantha Lewin Case Study: Busse Place 1) How would you assess the current situation at Busse Place? What are the property’s relative strengths and weaknesses given current market conditions? (10 points) Market for office space in Northwest Suburban Chicago is declining as the overall economy experienced a terrible recession in 2009. We learn in class that value of real estate is related to the health of economy of its surrounding areas. Because of that, it is not surprising to see demand for office spaces like Busse Place to decline during the recession despite its quality. Unemployment rate in Chicago have risen from 5.8% to over 9%. And as increasing number of office space becomes available in the market, Busse Place’s building owners and agents are losing bargaining power to potential renters. Busse Place is at a crossing point. The property was “only 38% filled after a large sub
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