CBRE

We explore Chicago's vibrant real estate scene with CIBC’s Karen Case and CBRE’s Lisa Konieczka. They discuss market dynamics, Fulton Market's emergence and transformation, and ongoing capital markets challenges and opportunities. Share these insights about Chicago real estate:&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Big Split: Chicago's office market is bifurcated: creditworthy occupiers looking for high-quality space will have limited options while much of the rest of the market languishes amid a glut of space.&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important Amenities: Advanced technology, workout facilities and unique features in the best buildings will help &nbsp;attract tenants and draw people back to the office.&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets Challenges: High costs and limited access to capital have slowed new development significantly, exacerbating the shortage of premium-quality space.&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Networks: Chicago's excellent transportation infrastructure supports its diverse economy and enhances its appeal as a business hub.&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transformation: Fulton Market has evolved into a vibrant live-work-play area, attracting major tenants and showcasing successful urban redevelopment.

Karen is recognized for her leadership and success building a commercial real estate business that ranks among the top commercial banks. From 2007 to 2023, Karen served as President, U.S. Commercial Real Estate—first with The PrivateBank and then with CIBC (NYSE: CM) after it acquired The PrivateBank in 2017—with P&L responsibility for a $500 million revenue business. During that period, she built a $25-billion loan portfolio and a team of 150 professionals in 12 offices across the United States, consistently exceeding plan for revenue, operating profit and asset quality.


Karen Case

Vice Chair, CIBC U.S.

Lisa Konieczka focuses on the delivery of transaction based real estate services to corporate clients across the globe. She employs a strategic planning approach towards real estate service delivery. This philosophy drives real estate activities to support corporate business goals and operating strategy, with a focus on KPI’s, occupancy strategies and flexibility challenges associated with growth and change. Lisa specializes in advising her corporate clients on real estate strategies for large corporate facilities integrating key occupancy needs, while evaluating financial ramifications to understand the overall impact of each real estate strategy to her clients’ financial goals. In addition to her many nonprofit board positions, Lisa founded CBRE’s Women’s Network 25 years ago.


Lisa Konieczka

Executive Vice President, CBRE

River of Dreams: The story behind Chicago’s real estate resilience

What matters most right now in Commercial Real Estate. Business leaders join economic, industry and subject matter experts to share their distinct views and latest thinking. The Weekly Take is hosted by Spencer Levy, CBRE’s Senior Economic Advisor and Global Client Strategist. More at cbre.com/TheWeeklyTake