Close the Deal Before Someone Else Does
Chicago’s commercial real estate market favors sellers, presenting high demand and low supply in the downtown area. This means the window to moving into your dream office may be closing faster than you think. If you find that perfect property for your business, be prepared to act fast and close the deal with the property owner before someone else does.
Be Prepared to Negotiate
The near-record low vacancy rates have made spaces in Chicago harder to come by and more valuable. Lack of available offices combined with increased demand means property landlords are receiving multiple offers more often. This is where a skilled negotiator comes in to make sure your offer is competitive yet beneficial to you and your business. Don’t back down from the challenge!
Jump on an Open Space
As with anything, being prepared will speed up the process. Make sure you have any documents filled out and ready to go at a moment’s notice. Persistence is another essential element to jumping on a space you want. Keep in constant contact with the landlord, and any other involved parties, to make sure the process does not get unexpectedly halted in any area. There are a lot of moving parts to a transaction, and the best way to make sure the process goes as smoothly as possible is to have a professional on hand.
Work With a Professional
Moving your office is an important decision and a complex process. Hiring an outside commercial broker who can easily navigate the ins and outs of the industry is a great way to ensure you find the best space for the best price. Professional brokers have access to a wide range of connections to help smooth the process of moving. They also have the expertise to negotiate and close a deal faster than you would be able to on your own. This is especially critical in today’s fast-paced real estate market. A seasoned professional will help you avoid falling into any commercial real estate pitfalls that arise from rushing into a lease.
In a low vacancy market, spaces are highly contested. Speed and efficiency are the keys to landing the office of your dreams. Knowing how to negotiate contracts, expedite the process and having the right connections can all help guarantee a smooth closing. Hiring a professional commercial broker can keep you from missing out on a great opportunity.