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Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 51

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Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 51 Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 51 1 a report from the Elgin Development Group? 2 A I did. 3 Q And you know the Elgin Development Group is 4 a group within the Elgin area Chamber of Commerce 5 that works on development activities? 6 A I've worked with them every week. 7 Q And in their report, they ran a CoStar 8 report, and they report on the results of the 9 report. 10 Did you see that when you read the report 11 partially? 12 A I did, but let me say that they didn't run a 13 report. They called CB Commercial and asked CB 14 Commercial to run a report. They're not members of 15 CoStar. They couldn't run a CoStar report. 16 Q Well, maybe you're not aware that the City 17 has a license for CoStar. 18 A Okay. 19 Q We provide them a license for it, so they 20 can run reports themselves directly. 21 A All right. 22 Q You weren't aware of that? 23 A No. 24 Q So they did run a report; right? PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 52 1 A Yeah. 2 Q And you see that there aren't 69 office 3 buildings in Elgin; there's actually 206; isn't that 4 right? 5 A I'm sorry. I don't know. 6 Q You don't know. 7 A No. 8 Q You don't know how many office buildings are 9 in Elgin? 10 A No. 11 Q Do you think there are 69? 12 A You know, I don't know. 13 Q Well, let me go through the 18-sheet report 14 because it includes in that an actual list of all of 15 those buildings. There are 206 of them listed by 16 address and some of their names. 206 office 17 properties in Elgin 4,553,654 square feet. That's 18 in the EDG report. 19 Do you have that available for you to 20 look at? 21 A I do. 22 Q Go to page -- there are several exhibits 23 after numbered page 10. So it starts at page 13 24 with building address 620 Wing Street. PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 53 1 A I'm on page 10. There's a page 16. 2 Q Go to page -- go to the exhibit starting 3 after the number page 10. There is a colored 4 page showing CoStar search results, and then there's 5 a list of 2016 through 2008 of various data, and 6 then we start a long list of building addresses 7 starting with 620 Wing Street. 8 Do you see that now? 9 A I'm sorry. I'm not finding it. I'm just 10 finding the tabulation of information here. I'm not 11 finding any of that. Is it after the Suburban 12 Office Market? 13 Q It's right here. That's what I'm talking 14 about. 15 A Okay. 16 Q Okay. That is a printout of the 206 office 17 properties reported by CoStar in Elgin. 18 Do you see that now? 19 A Yes, I do. 20 Q 206 office properties? 21 A I do. 22 Q So there are not 69 properties; there are 23 actually 206; is that right? 24 A Apparently so. PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 54 1 Q So when you first came to us to try to 2 convince us of this project and told us it was 3 38 percent and 34 percent, that was based on partial 4 numbers from part of the office market in Elgin; 5 isn't that right? 6 A It was based on -- it was based in the same 7 way that I get all my market information from CB 8 Richard Ellis. As I told you at this time, as I 9 said in my report -- 10 Q So my question was is it based on all of the 11 data or some of the data? 12 A It was based on all of the data that I 13 received from CB Richard Ellis. 14 Q And those are your brokers? 15 A Yes. 16 Q So in EDG's report that they restate from 17 CoStar, they report on all of the Elgin market a 18 vacancy rate of 21.2 percent. 19 Do you see that on page 2 of the report? 20 A I saw that, yes. 21 Q They also -- I note in your e-mail that's in 22 City Exhibit 1, you were telling us back in May that 23 Elgin's rate is roughly twice the reported vacancy 24 rate for the Chicago suburbs, and this should be PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 55 1 alarming to anyone concerned about maintaining the 2 quality of the Elgin office center. So you're 3 telling us that Elgin's vacancy rate is twice the 4 suburbs. 5 I point you back to the EDG reporting on the 6 CoStar results for the entire Elgin office market, 7 and you'll see that Elgin is reported in 2017 year 8 to date at 21.2 percent is what we previously 9 discussed and the far northwest is at 19.9 percent. 10 Do you see that? 11 A Yes. 12 Q So that Elgin rate is not double that 13 particular suburban rate, is it? 14 A I believe it is. 15 Q Okay. Well -- 16 A I believe it is. 17 Q All right. I'll let everyone else do the 18 math themselves. 19 Let's go to another aspect of this report, 20 and it is at page 12, the numbered pages end at 10, 21 and then there's -- it's the second exhibit, and 22 it's a table. And this is from CoStar as well in 23 the EDG report. 24 Do you have that table in front of you, PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 56 1 Mr. Panichi? 2 A Is this the table that says "Suburban Office 3 Market"? 4 Q No. 5 A Okay. 6 Q This building was built in 2008? The one 7 we're talking about? 8 A Its lease is up in 2017. It was a 10-year 9 lease. It was completed in 2007 and probably 10 started in 2006. 11 Q We have a chart here going back to 2008 12 right after that building was completed and 13 occupied. 14 We have a vacancy rate from the CoStar 15 report in the EDG report of 23.2 percent for the 16 Elgin market back in 2008. 17 Do you see that? 18 A Yes. 19 Q And do you see the vacancy rate here to date 20 for 2017 -- 21 A Yes. 22 Q -- at 21.2 percent? Do you see that? 23 A Yes. 24 Q So according to CoStar, which you've PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 57 1 acknowledged is generally accepted as accurate in 2 the real estate industry, the vacancy percent total 3 right now under this report is lower than it was 4 back in 2008. 5 A Respectfully -- 6 Q Let me just ask you what the report says. 7 A -- I don't -- I don't believe that's true. 8 Q I didn't ask you whether you believed it's 9 true. I'm asking -- 10 A I think CoStar is still showing 33 percent. 11 Q So -- 12 A I don't know why your CoStar report is 13 different from CBRE. 14 Q Well, let me tell you why. 15 A I prefer CBRE's. 16 Q Because your broker cherry picked data. 17 They took 69 buildings -- 18 AUDIENCE MEMBER: I take exception with 19 that, sir. 20 Q They took 69 buildings, and they came up 21 with a vacancy rate of 34 percent; and when you do 22 the whole market, you get 21.2 percent, which is 23 lower than it was 10 years ago. That's what the 24 report says. PLANET DEPOS 888.433.3767 | WWW.PLANETDEPOS.COM Transcript of Hearing, Petition No. 12-17, 2155 Point Boulevard Conducted on July 10, 2017 58 1 A So are you asking me a question? 2 Q Is that what the report says; yes or no? 3 A The report says that, yes. 4 Q Now, it also shows, doesn't it, for 2017 5 year to date a net absorption of 33,883 square feet; 6 is that correct? 7 A Yes. 8 Q Now, in this development -- there was a new 9 building built in this development last year; isn't 10 that right? 11 A That's true. 12 Q And that was immediately to the east of the 13 subject property; is that right? 14 A That's right.
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