Three stories making news across the Midwest today:
1. Changing face of office space. Sixty-six acres of land with 1 million square feet of office space located close to O’Hare Airport traditionally shouldn’t have trouble selling in Cook County, Illinois. The fact the former United Air Lines corporate site has lingered on the market for two years not only reflects a stalled real estate market, but the changing needs of corporate office environments. Our partner station WBEZ examines the changing corporate campus culture, as well as the move of several suburban headquarters toward downtown Chicago.
2. Ohio home sales rise. Home sales rose throughout Ohio in August, according to data from the Ohio Association of Realtors. Sales increased 22 percent year over year, and 10 percent from July. “Throughout the state, we experienced a significant uptick in activity in August for the second consecutive month,” the president of the association tells The Columbus Dispatch. In the Columbus area, sales were up more than 15 percent from the previous August.
3. Construction activity on upswing? Following four consecutive months of declines, the Architectural Billings Index surged upward in August. The ABI score rose to 51.4 in August after posting a 45.1 in July, a gain that caught some analysts by surprise. “It’s possible we’ve reached the bottom of the down cycle,” AIA chief economist Kermit Baker said. The ABI is an economic indicator of construction activity. The Midwest regional average was 49.0, highest of the four regions covered in the data.