Pre-Listed New Retail Space Available in Skokie (Off Market)


E&M Strategic Development Skokie Property

 

Description: Here is an opportunity to lease in the base of the new Homewood Suites Hotel in Skokie on the prominent corner of Oakton & Niles. The space is divisible to possibly 2 – ~5,000sf restaurants and a 2,130 retail use. It’s adjacent to a new residential development site with plans to build 92 loft style dwellings.

Expected delivery date: Summer/Fall 2020

Size: 12,150sf

Demographics

2018 total Population:

1 mile – 25,796

3 mile – 159,591

5 mile – 640,941

Median HH income:

1 mile – $63k

3 mile – $78k

5 mile – $69k

Average age:

1 mile – 41

3 mile – 42

5 mile – 39

Traffic: between 9,000 – 16,000 cars a day

Location: Oakton & Niles Avenue, Skokie, IL 60077

 

 

Retail Space Available in River North – 33 W. Grand/515 N. Dearborn


Office Space Downtown

 

Description: Prime Corner retail space in the heart of River North. This is a great opportunity for a restaurant, bar, coffee shop, etc. with lots of natural light and a ton of foot traffic. It is also less than 2 blocks from the blue, brown, green, pink and orange line trains.

Size:
2,700sf

 

Demographics:
Population: 136,118
Households: 83,751
Average Age: 37.80
Median HH Income: $98,991
Daytime Employees: 535,558
Population Growth ’19-’24: 6.5%
Household Growth ’19-’24: 6.2%

 

Location:33 West Grand Avenue, Chicago, IL/ 515 North Dearborn Street, Chicago, IL

Chicago’s Next Top Neighborhood


The South Loop, River West and West Loop each have taken their turn as being Chicago’s “it” neighborhood. Now it’s time to turn our eyes towards the Clybourn Corridor, the thin strip of land on the western edge of Lincoln Park between Clybourn Ave. and the Chicago River. This area already serves as a main shopping destination for Northsiders, and the recent addition of Newcity is part of a continuing trend in this area. There are many developments currently in progress with many more slated to come online for the near- and long-term future.

High Demand

The Clybourn Corridor is currently exploding with new developments planned and in progress. Despite the rising vacancy rates from the influx of new buildings, retail rent has remained steady and even reached higher levels in recent years. This stretch of well-located land is continuing to attract businesses, both large and small, and they are not shying away from the increasing rents. With retail, professional and residential buildings on the dockets, the Clybourn Corridor has the attention of the city.

Room to Grow

In the last five years, over two million square feet of commercial real estate space has come online with over 1,000 new residential units. Even with the high amount of proposals, there is plenty of room for development and redevelopment in the Clybourn Corridor. Most famously, the Finkl & Sons steel plant is one of the headlining redevelopment projects. Sterling Bay has recently unveiled their vision for the redeveloped Finkl & Sons steel plant which includes a mixture of office, retail and residential buildings to be built on over 30 acres of riverfront property.

A Fresh Start

One driving factor behind the surging demand to reshape the Clybourn Corridor is its ability to act as a blank canvas. Large developers are purchasing old properties with dated buildings and redeveloping these sprawling sites into efficient retail, office and residential buildings. Its extreme demand is also fueled by the dense nearby population and affluent neighborhoods near the Clybourn Corridor, which attracts shoppers and businesses. Additionally, Metra plans to update their Clybourn train station to match the rapid updates the area is receiving. The proposals to revamp the community expects to draw a large, new employment base and add thousands of residents, all creating a positive influence on Chicago’s economy.

Chicago’s real estate industry continues to grow as a plethora of new buildings come online each year. The city’s lively entertainment scene, attractive amenities and its role as a booming international business hub make it a highly sought after location for corporations, and the employees who work for them. It will be exciting to watch the plans for the Clybourn Corridor unfold into a redeveloped, bustling stretch of Chicago.

Chicago’s Next Neighborhood to Watch


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.

New Developments

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.

Infographic: Chicago’s Downtown Residential Market Remains Strong in 2017


Vacancy Rates will Ease in 2017


The Chicago commercial real estate market is enjoying a 15-year low in its downtown vacancy rates, hitting 11.7 percent during the second quarter of 2016. This is the lowest Chicago has seen since 11.6 percent in 2001. The surge of businesses moving downtown has been a driving factor in reducing the vacancy rates and contributing to a healthy Chicago market.

Downtown Chicago is Trending

Chicago’s historic architecture, lively nightlife, accessible public transportation, renowned restaurant scene and robust housing options make it a highly sought after location for companies to call home. Chicago is a great city – that is no secret. Businesses realize this as well as that tremendous amounts of young talent live in the heart of this bustling city. As businesses move towards a more employee-centric focus, it becomes a logical decision for them to be in the core of sweet home Chicago.

The Landlord Advantage

Low vacancy rates are the prelude to a tight rental market. Tenants aren’t going anywhere, which means when a space becomes available, it won’t remain on the market for long. In economic terms, there is a high demand for spaces in downtown Chicago with a limited supply. Those who already have their spot reserved in these coveted spaces are holding on to them with a strong grip causing a lower turnover. The low vacancy rates and high desire for downtown locations give landlords the advantage of raising their rents while enjoying a boom in tenants.

New Developments to Come Online in 2017

The city of Chicago is expecting a significant number of new developments to open in 2017. This new increase in office inventory will throw some slack into the tight commercial real estate market. Chicago will see a rise in office vacancy rates, but to a more normal, sustainable level over the course of the coming year.

It will be interesting to follow the natural ebb and flow of Chicago’s commercial real estate market in 2017. With vacancy rates nearing a record low and a plethora of new projects looming in the near future, there should be some natural fluctuations throughout the market with it eventually settling into a vacancy rate more favorable for tenants. The high-level forecast previews a healthy 2017 for the Chicago commercial real estate market.

The South Loop Continues to be Chicago’s Neighborhood to Watch


The Chicago real estate development industry has been buzzing this summer with dozens of innovative new projects aiming to break ground in the next year in the booming South Loop neighborhood. Tenant Advisory Group predicted at the end of 2014 that the South Loop will continue to be a red-hot neighborhood, and it looks like this momentum will last through 2017 and into 2018.

The recovering economy has brought a resurgence of demand for the neighborhood’s urbanized lifestyle. Construction began last month on Prairie Court Townhomes, a luxury development at 18th and Prairie Ave. that consists of nine buildings offering 55 four-story townhomes for interested buyers. Those looking to rent in the South Loop should keep their eye on some of the high-profile towers coming to the area, including an all-glass, multi-tube designed rental apartment tower and retail center proposed for 1326 S. Michigan Ave.

Commercial and medical spaces are popping up as well. Rush University Medical Center announced it will bring an outpatient center to a new development replacing the former National Letter Carriers Association building at 1411 S. Michigan Ave. The building itself – a mixed-used residential development – will break ground this year, and the medical facility will open in 2018. Additionally, the Essex Inn expansion and the Riverline mega-development will bring more business to the South Loop.

There are plenty more proposals in the works that could drastically change the area, including a 62-acre site of former railroad land southwest of Clark Street and Roosevelt Road that could become its own neighborhood. Tenant Advisory Group continues to predict the South Loop is the future River North.

Landlords Can’t Afford to Ignore Traditional Tenants over Tech Companies


It’s an exciting time in the Chicago tech scene, with new startups changing the entire face of our commercial real estate market. This infusion of creativity and drive is fantastic for our city, but is it really driving our overall economy forward? Reports say it’s not.

According to the Bureau of Labor Statistics, the Leisure & Hospitality, Construction and Professional Services industries led the market in job growth in May 2016. Tried-and-true professions – e.g. lawyers, accountants, architects, etc. – are the real drivers in keeping Chicago diversified and thriving. These facts, however, are not receiving the same attention as tech to keep the commercial real estate industry fully informed.

Landlords across Chicago are investing in these tech companies, providing incentives such as tenant improvement dollars, rent abatement and leasing commissions, in the hopes they will turn into long-term commitments. Like banks, though, landlords can’t lend on ideas over a tenant’s actual ability to pay. We need to continue to support our tech scene while remembering which leasees prove to be the smartest investments.

10 Tips to More Effective Negotiation


10 TIPS TO MORE EFFECTIVE NEGOTIATION - Tag - Blog Header

Effective negotiation is key in all aspects of business. Whether it be getting the raise you deserve, landing a deal, or with a lease getting the most “bang for your buck”, if you will.

Earlier this week, Bill Himmelstein presented 10 Tips to More Effective Negotiation. Here is a recapitulation:

  1. Information– information is the key to any successful negotiation. The more you have, the better position you will be in to achieve your goals.
  2. Leverage-gaining leverage allows you easier access to achieve your goals in the negotiation. Often times, leverage can be found by gathering more information.
  3. Fairness– you never want to take every penny off the table. Leave a little something for your opposition in a good faith showing of being fair. You may end up crossing paths again and you want to be able to pick up where you left off, which is successfully completing a negotiation.
  4. Maintain calm demeanor– it is very important to never raise your voice. The purpose of yelling and screaming is to get someone to listen more closely, but it actually has the opposite effect. If you raise your voice, people will stop listening and progress will be halted.
  5. Understand your adversary’ motivations– by understanding what your opponent’ goals are makes the accomplishing of your goals that much easier. Often times, the two sides might have varying definitions of success, making attainment a far greater possibility.
  6. Understand your motivations– it is important to not lose sight of what you set out to accomplish. Many factors can play a role in working against you like ego, spite, saving face, or revenge. By remembering the purpose of the negotiation it can bring your focus back on what you are seeking to achieve and not wasting time and energy on things that distract you from your purpose.
  7. Never make a threat you are not willing to keep– you will lose tremendous credibility and leverage by not following through on your threats. If you need to make a threat, you have to be willing to act on it should your adversary not comply with your demands.
  8. Listen– this can be a tremendously effective negotiation tool. By asking questions and listening, you can gain great insight as to your challenger’ motivations, you can gain valuable information that will increase your leverage, or you may just learn something personal that you connect over. Either way, we have two ears and one mouth- use them in the same proportion.
  9. Know your BATNA– this is your Best Alternative to No Agreement. Just because you are in negations does not mean you have to accept something that does not make sense. Having an alternative that you can fall back on provides tremendous leverage and ensures you won’t do a deal just to get something done.
  10. Develop trust– everyone always prefers to work with people they can trust. This holds true with people you are negotiating against. It bodes well for future successes and better results in your negotiations.

 

 

One of the most important things to remember to use facts and leave emotion on the sidelines. Facts get results while emotions will just get you sidetracked.

 

What you should be considering besides the building and price when looking for a new space


right to renew

 

  • Company Environment
    • Collaborative space
    • Individual offices
    • Hierarchy of office space (bigger offices for partners or CEO’ and smaller for employees)
    • Call centers (ie. sound proof space)
    • Conference area (group meetings)
    • Touch down areas
    • Kitchen
    • Reception area for greeting customers
  • Amenities
    • Food options
    • Security (is this important for you?)
    • After hours accessibility to your office
    • Parking or public transportation
    • Reception area
  • Proximity
    • Being closer to partners, customers, suppliers, employees/talent, resources