Ji Suk Yi hosts today’s edition of the Wintrust Business Lunch for Thursday, February 20th.
Segment 1: (At 0:00 ) Chicago Tribune’s Ryan Ori covers commercial real estate. His latest article highlights the unprecedented pace of construction in downtown Chicago— 10,000 plus new apartments are predicted for downtown Chicago by 2022. Ori explains why this surplus of apartments won’t necessarily translate into lower rent for apartment dwellers due to property tax hikes and construction costs. The appeal of downtown living is boosted by good job growth and companies relocating to Chicago.
Segment 2: (At 5:39) Tom Gimbel, Founder & CEO of the LaSalle Network, discussed the findings of the American Psychological Association’s 13th Annual Stress in America report. Among the stressors that the survey tracks each year, work (64%) and money (60%) continue to be the most commonly mentioned. However, stress over the economy was less in 2019 than it was at its height in 2008 (46% in 2019 vs. 69% in 2008). Gimbel suggests managers can help employees manage stress by encouraging fun in the office and setting an example of the authenticity of self. The study included 3,617 U.S. adults and was conducted between Aug. 1 and Sept. 3, 2019.
Segment 3: (At 14:25) CEO Paul Pagnato is a four-time ranked Forbes Top Wealth Advisor with a unique journey— started out as a microbiologist with NASA. Founder at PagnatoKarp which oversees 4.8 billion in assets, he considers their value proposition based on complete transparency key to their success! In his upcoming book (March 2020) Pagnato outlines his 6 tenants of exponential transparency that businesses can take to create trust and brand recognition that will set them apart from their competitors.
Segment 4: (At 19:49) Co-founder and Editor-In-Chief of Block Club Chicago, Shamus Toomey, rounds out some important real estate news for the week. In the Fulton Market neighborhood, 900 new apartments will be added collectively from two proposed developments. In Uptown, Double Door’s proposed new site gets updated plans including 110 apartments next door, and the five year anniversary of the Pullman National Monument designation and multimillion-dollar restoration sparks high hopes for neighborhood rebirth.