As rental rates continue to rise for commercial space in the near west side, companies moving to LaSalle Street and the Loop are reaping the benefits. The Loop has been experiencing a strong push in building upgrades, amenities and renovations thanks to the success of River North and River West. The end result is a healthy inventory of updated vacant space with tremendous amenities in traditionally high-demand neighborhoods. Here are a few things to consider when selecting your next office:
Supply & Demand
Areas like LaSalle Street and the Central Loop, which historically have been seen as high-demand and high-priced, are actually offering more for the money than neighborhoods like River West, Fulton Market and West Town.
Proximity vs. Practicality
While the allure of being close to Google and McDonalds is enough for people to pay higher rents for lower quality and little to no amenities, savvy business owners are taking advantage of lower rental rates and getting centrally located spaces in great buildings.
Real estate will always be about location. When finding the right office, consider where it’s located in proximity to employees, current clients, potential clients and vendors. Remember that if the space is out of the way, it will make it difficult for prospective clients to find the business.
Every month, Tenant Advisory Group hosts an Executives Breakfast and an Executives Luncheon to provide an opportunity for Chicago business leaders to build new, meaningful connections and discuss topics relevant to running a business.
During the Executives Luncheon, attendees were prompted with the question, “What are some of your best practices for finding new clients?” Here are a few of the lessons shared in response:
Pete Horvath – Word of mouth is the biggest growth. Meeting with property managers, realtors, and real estate owners.
Dan Porcaro – Build a culture of selling. Encourage all team members to network, sell and get in front of others. Everyone does it.
Jonathan Rothstein – When you serve as a trusted advisor, you can help your clients with great service providers. Always do good work and keep clients’ best interests at heart.
Ruth Minnick – Networking is extremely important. It’s a lifestyle. Connect on a personal level. Follow the money. Follows hiring patterns. M&A. Funding.
Jennifer Nemec – How to be of service. All work comes from referrals and website lead gen. Doesn’t do any marketing.
Marie Hale – Teach sales as a culture. Sales is simply being the best service to the person sitting across from you.
Jeff Asperger – Following up and following through.
Luca Lanzetta – It’s about the service you provide. Become a client of who you want to do business with.
Tim Schumm – Follow up is so important. Have systems and processes in place to make sure you stay on top of the follow-up. Much business comes on 5th or 7th touch.
Anne Gehring – Using Hubspot which is free as a CRM. Helps with follow up.
Barbara Best – Develop strong personal relationships with clients and understand how to help them be successful in their careers. Focus on paying it forward. Publishing.
Dan Golden – Was all referrals for the first 6 years. Would get work from large agencies who couldn’t do what they did. Use Hubspot as it supports keeping in touch with people. Leverage tools to stay top of mind. Referrals still drive a majority of their deals. Started a referral program. Not being afraid for asking for the referral. I also us a platform called Gaggle.
Eric Wasson- Sales is the most important thing. As far as channel partners it’s the best way to sell. Biggest mistake was saying no to Salesforce partnership in 2004. A Salesperson is hardest to hire and hardest to fire.
Thank you to all who attended!
If you’re a business owner with 20+ employees who is interested in attending future TAG events, please email Bill Himmelstein at Bill@TagCommercialBroker.com.
TAG Executives Luncheon Guest List
Dan Porcaro, Managing Partner & Co-Founder, Porcaro Stolarek Mete Partner, LLC
Jonathan Rothstein, Senior Vice President, MB Financial Bank
Ruth Minnick, Global Business Development Manager, Client Executive, Unispace
Jeff Asperger, Partner, Meltzer Purtill & Stelle LLC
Tim Schumm, Founder & President, Lucas James Talent Partners
Pete Horvath, Leprechaun, Move-tastic
Mason Awtry, CEO, Rightsize Facility
Marie Hale, Co-Founder & CEO, Revenue
Jim Lencioni, President, ARIA Group Architects
Rasheed Hammouda, Co-Founder, Bridge Financial Technology
Anne Gehring, Founding Partner, Stanton Blackwell
Luca Lanzetta, Founder & CEO, Luca Lanzetta LLC
Pete Horvath, President, Move-Tastic
Dan Golden, Co-Founder, BeFoundOnline
Eric Wasowicz, Investor/Advisor, Greenbrier Group
Jennifer Nemec, Founder & Chief Creative Office, Ideation Studios
Barbara Best, Founding Partner & Principal, Capital Strategies Investment Group
Eric Wasson, Director, Customer Logistics, Ryder Supply Chain Solutions