Fit Frame to Content (Text)

The single-most used feature in InDesign is the convenient Fit Frame to Content option. There are so many times I am writing text in Illustrator and I want to reduce the size of the text frame to fit the content. I rely on this for quick spacing of elements (image and text frames; text frames and text frames) all the time. Please bring this feature to Illustrator so I am not frustrated every time I think I’m in InDesign but am instead in Illustrator. Besides, I use Illustrator a lot more than InDesign for small print pieces where I am already creating the vector art.