Really Fast Estate


 

If you land on the right space for your business, you have to move fast. There are more buyers and tenants than sellers and spaces in today’s market.

“About nine months ago, you could sit on a property for a while when you found one,” says William Himmelstein, CEO of Tenant Advisory Group. “While real estate is typically a slow process, there comes a time when you have to make a swift decision. Especially with the market today if you have found the right space, don’t waste any time securing it.”

Himmelstein has advice for business owners before real estate shopping, to speed up the process.

1. Choose A Location

  • Deciding on a location for your business can undoubtedly be a tedious process. Take into account accessibility and transportation, surrounding entertainment and attractions, and most importantly, price.
  • Prices are increasing in the Loop and surrounding areas, meaning people are getting priced out and moving further away. Information such as this could play a crucial part in deciphering where the best location is for your budget. If you have researched the market, you will have an understanding of what areas are in your price range. If you have not yet done research, then it would be no more than a waste of time to search for a property that may never suit your budget.

2. Narrow Down The Options

  • Once you have between 3-5 good options for a space, examine each building’s past and current tenants as well as the landlord. If you know that the landlord has just lost a big tenant, negotiation can be much easier. The opposite is true of they just landed a large tenant. This will also give you insight into how aggressive the landlord is when it comes to the negotiation process.

3. Know What’s Included In Your Lease

  • Don’t waste time negotiating over a lease that won’t work for your business. Do your homework and find out which type of lease suits your company best and look at spaces that have the type of lease you need. (See our blog post, 5 Things to Examine in Your Lease Agreement.”)
  • If you plan for growth, ensure the building can accommodate your expansion in the future. Building amenities can be extremely important to your employees and clients. On site security can help your staff feel safe and protected.

Chicago Location Advisor


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Chicago is home to a variety of diverse neighborhoods. Finding the perfect location for your business can be difficult. Below are 4 of our favorite neighborhoods that range in everything from style to price.

South Loop

Price: $$$$

The South Loop can be on the pricy side, but the historic buildings and beautiful surroundings certainly make up for it.

Food & Entertainment:

A variety of restaurants, bars and theaters reside in the South Loop. Some of Chicago’ best Asian restaurants can be found in Chinatown, just next door. The neighborhood also borders famous Chicago landmarks, Grant Park and the Chicago Theatre on State Street.

Transportation & Accessibility:

This neighborhood is great for businesses with clients from all around the Chicago area, as there is an abundance of easily-accessible transportation. The South Loop is an ideal location for law and brokerage firms as it is home to the courthouse as well as the Chicago Board Options Exchange.

Buildings:

The South Loop has a mix between classic-style buildings and new and trendy buildings, great for accommodating many different types of businesses. Dearborn Station, just south of Printer’ Row, is the oldest train station in Chicago and it has been converted into offices and retail shops. Other old rail yards have also been converted into offices and town houses.

River North

Price: $$$$

River North is one of the pricier neighborhoods so businesses should make sure they are willing to spend big for such a fabulous location.

Food & Entertainment:

River North is home to some of Chicago’ best restaurants and bars. There are great options for upscale dining and nightlife. For daytime entertainment, the Magnificent Mile, Navy Pier and Merchandise Mart are right around the corner. The neighborhood is also home to the gallery district and local art can be found on every block.

Transportation & Accessibility:

River North is one of Chicago’ most accessible neighborhoods. It can be reached by several different CTA train lines, buses and metra trains. Parking can be difficult in this neighborhood, so public transportation or a taxi is best.

Buildings:

While this neighborhood is more upscale than others, the views are unparalleled and can be found anywhere you look. From the Chicago River to the beautiful downtown skyscrapers, If you’re seeking a creative and inspiring area with surroundings to awe clients, River North is just for you. Spaces in this neighborhood are trendy with many contemporary lofts.

Lincoln Park

Price: $$$

Lincoln Park is extremely close to downtown Chicago, without the expensive price tag. If you’re a business seeking to be near downtown without breaking the bank, Lincoln Park is perfect for you.

Food & Entertainment:

Lincoln Park is the perfect juxtaposition of suburban and city-life feel. With an array of greenery and beautiful parks, this area offers great views and space for the active individual. Along with this, the area offers a melting pot of ethnic restaurants and an abundance of cafes, bookstores and coffee shops. There are also lots of great music venues in the neighborhood like Park West, Lincoln Hall, Neo Nighclub and B.L.U.E.S. Other hotspots in Lincoln Park include the Lincoln Park Zoo, Chicago History Museum, Alfred Caldwell Lily Pool, North Avenue Beach and the Lincoln Park Conservatory.

Transportation & Accessibility:

There are many busses and CTA lines, such as the Purple, Brown and Red Line Trains. Parking is also very accessible as well.Lincoln park can be reached via car or taxi through the Kennedy Expressway or Lake Shore Drive.

Buildings & Surroundings:

Most of the spaces in this neighborhood are fresh and updated. There is a mix of older homes with a modern and contemporary look.

Wicker Park/Bucktown

Price: $$

The Wicker Park and Bucktown neighborhoods are great for smaller businesses at a cheap price. The area is very active with a variety of amenities, and entertainment.

Food & Entertainment:

Large streets such as Division, Milwaukee, North and Chicago offer an ordeal of entertainment, restaurants, bars and art. If your business likes to entertain clients, this area is perfect for you.

Transportation & Accessibility:

The neighborhood is accessible by several CTA buses or the Blue Line. It’s also near the Clybourn Station which is a stop on the Union Pacific North and Union Pacific Northwest Metra lines. The location is convenient for downtown commuters.

Buildings:

Many of the buildings’ exteriors in Wicker Park and Bucktown have a timeless look. Much of Wicker Park was designated as a Chicago Landmark District in 1991.


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