There are never enough hours in the day when you’re a small business owner. Try adding relocating your business to your list, and you’ll really have your head spinning. While important, finding a new office is a daunting task and can soak up drastic amounts of time. Thankfully, there are Chicago Commercial Real Estate professionals who want to help you.
Find a Space
With a sea of options available, how do you narrow it down to the handful of spaces that are perfect for your business? A large part of a broker’s job is to understand the market and what’s available for potential tenants. A commercial real estate professional will be able to identify what your business needs, and find the right space much more efficiently than you could, saving you time and frustration.
Schedule Walkthroughs and Meetings
Scheduling meetings with landlords and space walkthroughs take much more time than you’d think, taking away from the day-to-day of running your business. Commercial brokers will simplify the process by prescreening the space to ensure it’s worth your time to visit. From there, they will work with your schedule to find the best time to tour the space. The added benefit of having a broker on your side during a meeting is their knowledge of the market and fair lease terms, which can provide additional negotiating leverage
Negotiation and Paperwork
Negotiating a commercial real estate lease requires skill and knowledge of what can and can’t be conceded. While an attorney’s role in the lease negotiation process serves to minimize risk, a commercial broker’s role is to minimize cost. Only a season professional, who is keenly aware of the market, will know what to ask for with regard to items such as tenant improvement dollars and rent abatement. Your broker’s intimate knowledge of commercial leases will help ensure you are getting the best possible terms.
Chicago real estate is all about local market knowledge. Working with a professional who is an expert in their discipline can save you an immense amount of time, money and frustration.
The South Loop real estate market has been exploding in the last couple years, but what is the next neighborhood to experience a boom? Perhaps the answer isn’t just one, but several. As businesses keep shifting their focus to downtown, neighborhoods surrounding the popular Loop, will boom: River West, River North, Goose Island, New City, Near West Side and Near South Side.
Get it Before it’s Gone
Large corporations – McDonald’s, Wilson Sporting Goods, Mars – have made the jump to the city, shrinking the amount of available space in the West Loop and other downtown areas. The surrounding neighborhoods mentioned above are at the early stages of popularity, and once they begin to trend, you’ll be glad you secured your spot. As with residential real estate, when you find a space you like you should move on it before someone else does.
The Trending Areas
One of the early signs that Goose Island is entering the early stages of popularity is the announcement Amazon will build its 51,900-square-foot Chicago warehouse there. The Clybourn Corridor is also undergoing a large transformation from its previous life as a booming industrial area. The area’s old Finkl Steel Mill site has plans for redevelopment, pushing the transformation of the Clybourn Corridor into the next phase. Warren Baker, a Chicago developer, already has plans to convert an old warehouse into a new, trendy loft office building, which will create an additional 65,000-square-feet of office space.
With Chicago being such an attractive option for corporations, the large amount of incoming developments will act as an additional lure to more businesses that are looking to move their headquarters closer to their employees.
With new buildings coming online in the coming years across Chicago, the profiles of many neighborhoods are going to change. Goose Island is reaching the beginning of its post-industrial life with a vibrant future planned. Developers have a vision for the man-made island, and they want to turn it into Chicago’s next top tech neighborhood. Properties are being purchased with plans to renovate the old industrial buildings into brand new, hip office spaces. Multiple large developments are already underway, however these large projects will take a few years to complete and fill-up with tenants. With the predicted facelift that Goose Island is slated to receive, there should be no shortage of tenants.
The downtown area is booming, and the effects of its popularity surge are beginning to spread outward. The fluid nature of neighborhoods will continue to cause shifts in popularity, making the coming year an exciting one to watch.