Chicago Real Estate Council

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About The Chicago Real Estate Council

The Chicago Real Estate Council, is a networking organization comprised of a diverse group of professionals in Chicago's commercial real estate industry. We operate for educational and social purposes with the mission of promoting the development, establishment and expansion of the real estate industry.

The Council is one of the oldest real estate professional networking groups and dates back to 1949. Originally called the “Junior Real Estate Board,” the Chicago Real Estate Council (or CREC as it is also known today) was literally founded by the sons of Draper & Kramer and Baird & Warner and today has over 250 members.

Since 1949, CREC has hosted a series of monthly luncheon events covering topics affecting the commercial real estate industry in Chicago. CREC events are excellent opportunities to network with other professionals and to gain industry insight into the news and trends affecting our industry. Membership in CREC continues to be an excellent value and investment in your career, providing attendance to all of our regular events throughout the year for one low annual membership fee.

President's Address

Thank you for visiting Chicago Real Estate Council’s new website! I am excited to share this new communication tool with our members, guests and the general public. Over the coming year I will use this column to provide updates on the status of CREC, as well as my two cents on what will be a roller coaster year for commercial real estate.

In the first two weeks of January nearly 50 new applicants have requested membership, nearly four times the number of new members for the same period last year. The Board of Directors and Officers are very excited to see such strong interest in our organization, and are dedicated to providing you with a quality event every month. CREC remains one of the most cost effective trade organizations in Chicago, where a one time membership due of $295 covers admission to each of our monthly luncheon and networking events.

We all know this is quickly becoming one of the biggest real estate corrections of all time. After sitting on cloud nine for the past five years there is some turbulence ahead. It’s no longer just a sub prime or even a residential problem for that matter. The cracks in the pavement on retail are beginning to show (Starbucks, Wal-Mart, Target all have issues). With new supply soon to come online, the hospitality sector is likely to encounter its own issues. While investors and debt originators lick their wounds from the residential mess, it’s inevitable that cap rates will return to more historic norms. While this summary of our current market is a little scary, there is hope and opportunity!

It is a great time to get involved with CREC. Our expert panelist luncheons, networking opportunities, and social events will help give you the tools to navigate through some rough waters ahead. If you are already a member, I challenge you to join one of our committees; if you are a recurring guest, I invite you to explore the opportunity of membership, and if you are visiting our site for the first time, I hope to see you at our next event! May each of you have a prosperous new year!

H. Paul Sori

2008 President

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