Like any industry, property management can be spooky at times. 

For our team, that can mean different things, but one highlight is the scary surprise of entering a "vacant" apartment post-move-out, only to find the unit is occupied…with a whole lot of stuff.

It gives "make-ready" a whole new meaning! 

And to clarify, we're not referring to units that were left in this condition due to an emergency or extenuating circumstance; we're referring to situations where the necessities were taken, but everything else was left behind.

It's spooky to see, and even spookier to clean up!

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Every lease that doesn't renew means vacancy days, make-ready costs, marketing spend, and lost rent. It can all add up really fast. A strong renewal rate isn't just a "nice to have" stat. It's a clear signal of resident satisfaction and NOI health.

At 1250 LaSalle, we've seen it firsthand. Alongside Briana Rizzo, we've managed this building for several years, and it's always a standout – the location, unit layouts, amenities, and on-site team ensure residents get the best of Old Town while having something great to come home to each night.

For our clients, strong returns, smooth operations, and satisfied residents aren't separate goals, they're the same goal. Retention is the through-line.

For our residents, understanding what makes them stay (or decide to leave) is crucial to how we run our operations and where we improve. It makes the experience better for our residents, better returns for our clients, and a happier team for Peak.

We've loved managing this building, and we're excited to keep managing it – and its awesome residents – for years to come.

The post Renewals matter because turnover is expensive appeared first on Peak Properties, LLC. Blog.

It's National Customer Service Week!

When you're in the property management business, you're in the business of customer service. We're lucky to have such a customer-centric team, particularly Joan Guardalabene.

If you know Peak, you know Joan. She's our Customer Support Coordinator and a fierce advocate for all-things-customer.

She spearheads our monthly move-in days for residents, runs our renter's insurance initiatives, synthesizes customer feedback and recommends ways we can further improve, and even takes trips to Costco when we're running low on the most coveted component of our move-in bags — the snacks!

This Customer Service Week, we want to say thank you, Joan, for nearly six years of showing up for our residents and our team.

We, and our residents, are so lucky to have you!

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Wicker, Hyde, Humboldt, Lincoln, Garfield… Chicago is full of neighborhoods ending in "Park." 

Can you guess which one is home to our newest management assignment?

Whichever Park it is, we're thrilled to welcome multiple commercial and residential units to our portfolio.

The post If the neighborhood ends in “park” — we’re there appeared first on Peak Properties, LLC. Blog.

The daily grind of property management isn't easy, but comments and feedback like this make it all worth it. 

Serving Chicago, our residents, and their communities is a highlight of our day, every day. Check out what our residents have to say about Peak living on our Instagram.

The post 800 residents tell us why they love Peak appeared first on Peak Properties, LLC. Blog.

It's National Property Managers' Day!

The title says it all. Property Managers are resilient, hard-working, and able to pivot quickly to find a solution to nearly every problem at almost any time of day.

Today, we recognize and thank them for their hard work, dedication, and expertise when it comes to… pretty much everything.

Peak wouldn't be Peak without so many property managers — past, present, and future. We're grateful to have you, and we can't thank you enough.

Not pictured below: many, many other awesome property managers on our team across Chicago, Denver, Cleveland, and beyond.

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We just can't stay away from Avondale. 

Not only is it home to our main office; it's also home to one of our newest management assignments.

We're looking forward to welcoming more Avondale residents home to Peak Properties!

The post Peak adds Spanish Revival building to its management portfolio appeared first on Peak Properties, LLC. Blog.

Meet Amy, the Project Manager who makes sure nothing falls through the cracks — even when there are multiple offices involved.

Amy splits her time between Peak and Cross Street, helping ensure we're moving projects, new assignments, and important initiatives along; she's kind of like a human sync button.

When deadlines shift, or we need to make a pivot quickly, Amy is always there (three steps ahead) making sure our teams are speaking the same language and pulling in the same direction.

Her superpower? Making "aligned" look easy. Next time a project comes together without a hitch, think of Amy and all the hard work she's doing behind the scenes to make it happen.

Thank you for being a part of the Peak and Cross Street team, Amy! Your hard work does not go unnoticed.

The post September’s Employee Spotlight: Amy Caffarelli appeared first on Peak Properties, LLC. Blog.

Courtney didn't have to go far for her latest travels — the EmpowHER Multifamily Conference was hosted right here in Chicago this year. 

EmpowHer is an annual leadership and networking event designed to elevate, connect, and inspire women working in the multifamily industry. Attendees dove into key presentations, business workshops, and sessions covering industry trends, communications, AI, digital marketing, and technology. 

We're big believers in ongoing education and industry engagement — and we especially love supporting events that foster education, community, and collaboration for women in our field. 

The sunset cruise, coordinated pink dress code, and social events? Well, that was just the cherry on top.

The post Peak represents at EmpowHER Conference here in Chicago appeared first on Peak Properties, LLC. Blog.

Is Gen Z Misunderstood?

Despite its reputation as the "work from anywhere" generation, Gallup data shows Gen Z is actually the least likely of any generation to want to work remotely full-time. Only 23% of remote-capable Gen Z employees say they'd prefer a fully remote setup, compared to 35% of every older generation.

Loneliness is a major driver of that shift. Gen Z workers are nearly twice as likely as Gen X, and almost three times as likely as Baby Boomers, to say they felt lonely "a lot" the previous day. Career advancement plays a role too. Younger employees, still building their professional relationships and reputations, feel that risk more acutely than colleagues who already have established networks.

At Peak, it's no secret that we prefer being together in the office. Much of our team works a hybrid schedule, balancing in-person collaboration with at-home work. The data suggested that balance is exactly what's resonating with the workforce coming up now. Hybrid is emerging as the clear preferred model going forward.

But Peak Properties is a property management company, what does this have to do with real estate? Everything.

The Space Behind the Shift

The pandemic changed how people work almost overnight. With millions of employees suddenly working from home, companies' commercial leasing needs changed right along with them. They simply didn't need sprawling offices built for thousands of employees who weren't coming in.

The numbers tell that story clearly: Chicago's central business district (CBD) office vacancy rate sat at just 13.8% when the pandemic began in early 2020. From there, it climbed almost without interruption, hitting record high after record high for 15 consecutive quarters, according to CBRE data reported by Crain's Chicago Business, and reaching 28.2% at the end of 2025 before setting yet another record of 28.6% in the first quarter of 2026.

The encouraging news: that streak may finally be breaking. In the second quarter of 2026, Crain's reported that downtown vacancy dipped for the first time since 2022. It's a meaningful reversal after four straight years of climbing. It's early, and one quarter doesn't undo half a decade of trend, but it's a signal that Chicago's office market may finally be turning a corner.

It's Not Just Whether People Come Back — It's Where

The recovery isn't uniform. Class A and A+ "trophy" buildings are seeing demand, and even rent growth in some cases. Meanwhile, older Class B and C stock continues to struggle with above-average vacancy rates.

Companies are consolidating into smaller, more premium footprints with better amenities and more modern environments, rather than renewing into the same square footage they had in 2019.

It's the same story showing up in the Gallup data, just from a different angle. The question: are workers rejecting the office, or are they rejecting the office of yesteryear?

Chicago Is Actively Shrinking the Glut

At the same time demand is bifurcating by quality, the City of Chicago is working to shrink the oversupply at the root, largely through the LaSalle Corridor Revitalization initiative. Six office-to-residential conversion projects along the LaSalle corridor now represent more than $900 million in total investment, 2 million square feet of converted space, and nearly two thousand apartments.

As of January 2026, the City had approved more than $315 million in Tax Increment Financing (TIF) to support those projects. Beyond those six, an additional 14 conversion projects are moving forward in the Loop without any City financial subsidy at all. It's a sign that adaptive reuse is starting to pencil out on its own economics.

Every square foot of obsolete office space that gets converted to housing is a square foot that comes out of the office vacancy calculation for good. As working expectations have changed for both employers and employees, it's a structural improvement to Chicago's CBD.

The Consensus

Across generations, workers largely agree: hybrid, not fully remote, is the preferred model going forward. But they don't want to just go to any office. They want premium space, real amenities, and an environment that reflects how they want to show up to work.

For owners and operators, that leaves two questions worth asking about every asset in the portfolio:

1. Is the office comeback happening? The data increasingly says yes — cautiously, unevenly, but yes.
2. Is this specific building part of the shrinking pool of space people actually want — or part of what might get converted next?

Class B and C assets that can't compete for tenant demand aren't necessarily dead weight. For adaptive reuse investors and developers, they may be exactly the opportunity LaSalle Corridor Revitalization was built for.

To talk about your real estate needs, discuss the market, or learn what this might mean for your property, contact Peak Properties here.

Peak Properties has been serving Chicago and the Chicagoland area for nearly three decades. With a dynamic team, centuries of combined real estate experience, and a culture of trust, teamwork, and accountability, we are dedicated to ensuring the best experience for our residents and clients.

Visit our website to learn more or get in touch with our management team today.

www.peakproperties.biz | 773-281-5252 | @peak_properties

Sources

• Gallup, "Fully Remote Work Least Popular With Gen Z", August 2025
• Axios, "Why Gen Z wants more office work", February 28, 2026
• CNBC, "Gen Z employees aren't in favor of fully remote work, Gallup report says", August 5, 2025
• Crain's Chicago Business, "Downtown Chicago office vacancy ended 2023 at record high", January 10, 2024
• The Real Deal, "Downtown Chicago Office Vacancy Continues Descent", January 15, 2025
• The Center Square, "Chicago office vacancy rates worsen, card swipe numbers offer hope", April 7, 2026 (citing CBRE data via Crain's Chicago Business)
• Crain's Chicago Business, "Downtown office vacancy dips for first time since 2022", July 8, 2026
• City of Chicago, Department of Planning and Development, "Landmark Designation, Tax Incentive Approved for 30 North LaSalle", May 2026
• City of Chicago, "LaSalle Invitation for Proposals (IFP)"

Note: Office vacancy figures vary somewhat by data provider due to differences in methodology and building sets tracked. This piece uses CBRE data as reported by Crain's Chicago Business throughout for consistency.

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