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Monthly Archives: April 2011
CLIFTON GUNDERSON MOVES INTO CHICAGO OFFICE AT 311 SOUTH WACKER DRIVE
Chicago, IL – April 27, 2011 – Clifton Gunderson has signed a short term sublease for 3,397 rentable square feet at 311 South Wacker Drive on the 9th floor to accommodate their newly formed litigation practice
“Formerly office space for Sellers Capital, the space has highly upgraded millwork and beautifully built out offices that provided Clifton Gunderson with a turnkey office solution allowing this business line within the organization to get up and running quickly,” says Rhea Campbell of Bella Terra Partners, who represented them. Clifton Gunderson announced in a separate message that “moving to this location further demonstrates Clifton Gunderson’s commitment to the ever-growing needs of the Chicago community.”
Clifton Gunderson is ranked as one of the nation’s largest certified public accounting and consulting firms. The firm provides a wide range of assurance, tax and consulting services to clients in a variety of industries. Founded in 1960, Clifton Gunderson has a staff of more than 1,900 professionals serving clients from 46 offices across the country.
JOBLESS CLAIMS – EXPECTATION 380K PRINT AT 412K
In the week ending April 9, the advance figure for seasonally adjusted initial claims was 412,000, an increase of 27,000 from the previous week’s revised figure of 385,000. The 4-week moving average was 395,750, an increase of 5,500 from the previous week’s revised average of 390,250.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending April 2, a decrease of 0.1 percentage point from the prior week’s unrevised rate of 3.0 percent. The advance number for seasonally adjusted insured unemployment during the week ending April 2 was 3,680,000, a decrease of 58,000 from the preceding week’s revised level of 3,738,000. The 4-week moving average was 3,728,750, a decrease of 20,750 from the preceding week’s revised average of 3,749,500. The advance number of actual initial claims under state programs, unadjusted, totaled 443,503 in the week ending April 9, an increase of 89,686 from the previous week. There were 514,136 initial claims in the comparable week in 2010.
Jobs drive office space absorption….
A MISS ON RETAIL SALES
“The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $389.3 billion, an increase of 0.4 percent (±0.5%)* from the previous month, and 7.1 percent (±0.7%) above March 2010. Total sales for the January through March 2011 period were up 8.1 percent (±0.5%) from the same period a year ago. The January to February 2011 percent change was revised from +1.0 percent (±0.5%) to +1.1 percent (±0.2%).”
“Gasoline stations sales were up 16.7 percent (±1.7%) from March 2010.”
This confirms that the economy in Q1 slowed down materially toward the end, and was certainly not as had been predicted early in 2011.
US GOVERNMENT REPORTS FINANCING FRAUD IN COMMERCIAL REAL ESTATE
A recent report released from The Financial Crimes Enforcement Network, a part of the US Department of Treasury, outlines the rising amount of suspicious activities in the Commercial Real Estate Industry. Between 2007 and 2010, the amount of Suspicious Activity Reports (SARs) regarding Commercial Real Estate financing fraud nearly tripled. The top 4 categories for these frauds were: false documents, misappropriation of funds, collusion-bank insider, and false statements. And, the top 5 locations of the reported subjects were: Georgia, Illinois, Florida, New York and California. In the last few years, commercial rents and occupancy rates have fallen and commercial loan defaults have risen. An estimated $1.4 trillion in Commercial Real Estate loans will reach the end of their terms by 2014. As financial institutions fear more loan defaults, they will be keeping a keen eye out for these kinds of suspicious activities.
