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.
Relocating your company to a new office space is an exciting time, full of endless possibilities. Such a large undertaking will of course create stress, but proper planning in advance will save you and your business time, money and hassle.
Tenant Advisory Group has helped hundreds of companies grow their business in a new space. See below for key tips we provide our valued clients.
Build Your Team
A company relocation has too many moving parts for one person to handle. It’s important to have a solid team in place to keep track of every detail. Here are a few of your key players:
- Involve your moving company in the planning process as early as possible to get the best estimate on your relocation timeline. Contact your furniture vendor and/or partner with an interior designer to plan the look and layout of your new space.
- Have an in-house or on-hand technical expert who can spearhead setting up and migrating your phone and data systems.
- Designate at least one employee as the Move Captain. This person will communicate clearly with staff regarding packing procedures, as well as what to expect in the new location.
Take or Toss
Starting fresh in a new office presents the opportunity to shed items you may not have use for anymore.
- Before making any decisions, prepare a complete inventory of everything in your office — from the conference tables to paperclips.
- Comb through sensitive items such as bank statements, contracts, invoices, client information, etc. Either pack items in secure filing boxes or arrange for a shredding service to take them away.
- Get rid of unwanted electronics, computer equipment and furniture by either recycling or donation. Make sure to gather the necessary paperwork for potential tax write-offs.
Spread the Word
Let your entire network (clients, vendors, professional organizations, etc.) know that your company has a new space and address.
- Make a list of your current clients and vendors, and notify everyone of your change of address to avoid any hiccups in business or productivity.
- Prepare and order new stationery, business cards and envelopes to reflect your new location.
- Contact the post office to have all mail forwarded to your new address.
For questions about how Tenant Advisory Group can make your Chicago relocation as seamless as possible, contact us today.