The red hot downtown Chicago commercial real estate market remains a popular destination in 2017 with more top corporations seeking spaces in the city. With a shift in how companies structure themselves internally, the growth of importance on office culture is a driving force behind the downtown exodus. The momentous surge of incoming corporations will continue to roll into the new year.
Evidence of a Hot 2017 Market
The momentum of the downtown craze is rolling into 2017 as Cars.com expands their headquarters in downtown Chicago. They plan to move to the city in mid-July, eating up 140,000 square feet of space. Wilson Sporting Goods will also join the club as a new corporation soaking up additional square footage. With these two corporations already publicly planning to move to Chicago, the writing on the wall says the hot market will stay warm in 2017 — perhaps they’ll even hold down the already low vacancy rates.
New Age Company Culture
Companies such as Google, Zappos and Apple have experienced much fame around their culture of encouraging and nurturing ideas within their company. They promote the entrepreneurial spirit allowing the free expression and pursuit of ideas. They also understand that happy employees work harder. This shift in company culture has changed the way businesses operate, adding a focus onto the care about the lifestyles of their employees. Moving downtown – closer to where their employees want to live – allows corporations to provide a greater range of amenities and a better quality of life for their work force.
Attractive New Properties
Chicago is a bustling commercial real estate market, and there are a slew of attractive new properties coming to market in 2017 and beyond. The repurposing of Coyne college campus will convert it into a trendy office space granting the city an additional 76,000 square feet and another 400,000 feet of space after their plans for a new nine-story building when completed. The new properties will add significant square footage to the Chicago market and help balance out rent and vacancy rates.
With new companies joining the already impressive list of corporations that are moving into downtown Chicago, the commercial real estate market does not have a plan to cool down anytime soon. Add the exciting new properties planned for the upcoming years and the focus on company culture, and the market in Chicago is poised to be an attractive destination for a while.
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.