Monthly Archives: July 2026

Bradford Allen Closes On Nearly 25,000 Square Feet of Leases with Illinois Retina

Published July 17, 2026

CHICAGO (July 16, 2026) – Bradford Allen, a national full-service commercial real estate development and advisory firm, today announced it has executed two recent leases with Illinois Retina in the Chicago market. The medical services provider signed a 16,228-square foot lease in north suburban Skokie, Ill., as well as an 8,728-square-foot lease in Munster, Ind., 30 miles southeast of Chicago.

Craig Nadborne, executive managing director, brokerage services at Bradford Allen, negotiated the leases on behalf of Illinois Retina. Nadborne has completed more than a dozen lease renewals, relocations, expansions and renegotiations on behalf of Illinois Retina over the course of 20 years.

“For more than two decades, Illinois Retina has trusted us to help align its real estate with the needs of its physicians, staff and patients,” said Nadborne. “Relationships of that duration are built over time, and these latest transactions reflect the group’s growth and continued commitment to accessible, well-located care in the Chicago-area market.”

The Skokie office is located at Concourse Office Plaza, 4709-4711 Golf Road. The long-term transaction represented a renewal and expansion from approximately 3,000 square feet. The property, which is comprised of two 12-story medical office buildings, is located 1 mile from the Edens Expressway. Nearby amenities include Westfield Old Orchard mall, Endeavor Health Skokie Hospital and the North Shore Center for the Performing Arts.

Illinois Retina’s Munster location relocated from a smaller facility to 9200 Calumet Ave. as part of a long-term lease. The single-story medical office complex is located less than 2 miles from the Borman Expressway.

Suburban Chicago recorded its strongest first-half office net absorption since 2018, according to Bradford Allen’s Mid-Year 2026 Office Market Report: Suburban Chicago. Both vacancy and leasing activity improved modestly in the first half of 2026 compared to the end of last year, with over 2 million square feet of office space leased in the suburbs. New leasing drove the majority of activity in the first half of 2026, accounting for more than 80% of deals over 10,000 square feet.

About Bradford Allen

Bradford Allen is a national commercial real estate services and investment firm headquartered in downtown Chicago. Founded in 2003 by Jeffrey Bernstein and Laurence Elbaum, the company’s vertically integrated platform services entrepreneurial, corporate and not-for-profit clients in every sector. Bradford Allen offers end-to-end solutions to owners, occupiers and investors through brokerage and advisory services, building operations and management, program management and consulting, and real estate investments and development. For more information, visit bradfordallen.com.

Editors:

For more information, please contact Matt Baker, [email protected], (312) 267-4512 or Traci Failla, [email protected], (312) 267-4516.

Mid-Year 2026 Suburban Market Report

Published July 14, 2026

The first half of the year in the suburban office market:

With more than half a million square feet of net positive absorption year-to-date, direct vacancy improved slightly to 25.5% from 26.1% at year-end. This net positive absorption in H1/26 is the highest first-half absorption since 2018, a further sign of improvement in the Chicago suburbs. Total vacancy improved slightly to 26.1% from 26.3% at the end of 2024, suggesting the market may be nearing an inflection point.

Move-in-ready suites accounted for more than half of all leasing activity in H1/26, with more than 1 million square feet leased. This segment has grown dramatically over the past decade, increasing from just 8% of leasing activity in 2016 to a majority in 2026.

Total investment volume remained relatively steady, with $112 million traded during the first half of the year, roughly half of last year’s full-year total. However, property values remain well below historical levels. Medical office sales led investment activity year-to-date as healthcare providers continued seeking greater control over their real estate.

There are additional signs the suburban market is stabilizing, including positive absorption, declining vacancy, larger average new lease sizes, and rental rates that have remained stable between $24 and $26 per square foot since peaking at the end of 2024.

Tenants continue to value the operational advantages and cost efficiencies of well-located suburban assets, driving leasing activity in high-quality buildings and move-in-ready suites.

Q2/26 Downtown Chicago Office Market Report

Published July 14, 2026

This quarter in Chicago’s downtown office market:

Leasing activity remained steady, though lower, with approximately 1.2 million square feet of direct deals completed in the second quarter, compared with 1.9 million square feet in the first quarter.

Direct vacancy fell four-tenths of a percentage point to 24.4%, while net absorption totaled approximately 585,000 square feet.

The market may also be on track for its first office tower groundbreaking in several years after Sidley Austin signed a lease for more than half of a proposed 45-story, 968,000-square-foot tower at 725 W. Randolph St. in the West Loop. This potential new construction marks a significant shift in market sentiment.

Speed to occupancy remains a priority for many tenants, with move-in-ready suites accounting for 36.7% of all leasing activity year-to-date. This segment has grown steadily in recent years as tenants seek alternatives to costly and time-consuming buildouts, increasing from 20.6% of leasing activity in 2023 to nearly 40% in 2025 and 2026.

Indianapolis Hospitality Trends: A Market View

Published July 1, 2026

Aghfar Arun, executive director, hospitality at Bradford Allen, authored an article in Heartland Real Estate Business analyzing Indianapolis’ recent lodging performance and development momentum. The piece examines demand growth, the current construction pipeline, and how both downtown and suburban submarkets are contributing to the city’s continued strength relative to national trends. Drawing on data and recent investment activity, Arun provides a market-level view of what is driving performance today.

“Indianapolis demonstrates how a rare downtown-suburban synergy can deliver year-round hotel stability that few U.S. markets match. The event core downtown handles peak demand from conventions and tournaments, while suburban areas provide reliable fill from healthcare, logistics, corporate offices, and sports travel. This balance across multiple demand generators lowers overall risk and supports consistent performance.”

Read the full article here: https://editions.mydigitalpublication.com/publication/?i=861442&p=14&view=issueViewer

Permanent Mission of Papua New Guinea to the United Nations Signs 10-Year Lease at 805 Third Avenue

Published July 1, 2026

NEW YORK — Bradford Allen, a national full-service commercial real estate firm, has announced that the Permanent Mission of Papua New Guinea to the United Nations has signed a 10-year lease at 805 Third Avenue in Midtown East, becoming the latest diplomatic organization to establish a presence at the building.

Bradford Allen’s Gordon Ogden, executive managing director, and Ava Beganovic, senior associate, represented the Mission in the transaction. Ownership, Cohen Brothers Realty, was represented by Marc Horowitz, national director of leasing, along with Bradford Allen’s Glenn Isaacson, executive vice president, and Tony Builder, senior associate.

“Diplomatic missions have highly specific requirements when evaluating office space, from location and accessibility to long-term stability,” said Ogden. “805 Third Avenue provided the Permanent Mission of Papua New Guinea with an opportunity to remain close to the United Nations while securing a space that supports its operational needs for years to come.”

The lease follows another diplomatic transaction completed at the property in late 2025, when the South African Consulate signed a long-term lease at 805 Third Avenue. The two transactions underscore the property’s appeal to diplomatic organizations seeking a Midtown East location near the United Nations.

“Transactions like this are most successful when all parties work together toward a common goal,” said Horowitz. “The collaboration between ownership, our leasing team and the Mission helped create a solution that works well for everyone involved, and we’re pleased to welcome Papua New Guinea to 805 Third Avenue.”

Located in Midtown East, 805 Third Avenue is a 31-story office tower owned and operated by Cohen Brothers Realty. The property offers convenient access to Grand Central Terminal, the United Nations headquarters and a wide range of neighborhood amenities.

About Bradford Allen