The Difference Between Commercial Building Class Types


When searching for the most suitable office for your company, it’s important to consider the building class type. While the class type is often overlooked by tenants, it is actually an important factor to determine and compare one building’s price to another.

Office buildings are classified into three categories (A, B and C). The class can be determined by age, amenities, technology capabilities, quality of HVAC systems, landscaping and how well the building has been maintained.

Class A

These buildings are considered the highest quality available and state of the art. This is due to their modern architecture, sound infrastructure, well functioning HVAC system, professional management, tighter security and altogether well manicured appearance. Generally, these buildings will be under 10 years old. Thus, a Class A building or office space will be the most expensive.

Class B

These buildings are still high quality, but may be a little out-dated. The average age will be between 10 and 20 years. Even in this case many tenants and/or landlords find these buildings to be a good investment. The technology capabilities may not be best in class, but typically will suffice. Security may or may not be on staff and typically it is not required to check in, in order to reach the space. While the amenities of Class B spaces rank average, with some facade work, a bit of interior redesign, along with an upgrade in management these buildings and spaces have the potential to be converted to a Class A status.

Class C

This class varies depending upon location (city, suburb, town, etc). These buildings are generally 20 years old at minimum. Some may be well kept, however, normally these buildings will lack many modern amenities. Technology will be lower quality and the HVAC system may not function well. In addition, this could include old elevators and mechanical systems, moderately run-down parking lots, and out-of-date furnishings. These buildings will not have security staff or food available on the premises.

As you’re shopping around for a new space, make sure to factor class type into your search. The more you know about a building, its age and amenities, the more equipped you’ll be to make an informed decision before signing a lease.

Loop Sublease – 30 N LaSalle


 

Newly built-out spec suite available for sublease

30 N LaSalle, Suite 2630
3,915 SF
Asking $34/SF
Lease expiration 12/30/23
Available 30 days from sublease execution

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Yacht Networking With TAG


We just wanted to take a moment to thank everyone who was able to attend our yacht outing! The weather held up and a great time was had by all.

As mentioned when we first got on board, the purpose of these events is for the best people in my network to meet one another and explore how they can serve as a resource for each other. A rising tide lifts all boats so hopefully many wonderful connections were made. If any were missed, please don’t hesitate to ask and I will put you together.

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An Update on the Southwest Loop


An upwards view of Residential South Loop Chicago Skyscrapers

We’ve had our eyes on the Southwest Loop for quite some time. We already mentioned this booming corner of the loop in our Up-And-Coming Chicago Neighborhood Guide, but with the extent of recent activity, we decided this part of the loop deserved its own dedicated post. Here’s what you can expect to see in the Southwest Loop soon.

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When It’s Time To Consider Leasing An Office Space


When you first begin to develop your business, there are a few key milestones to take into consideration such as hiring more employees and expanding your service offerings. One additional milestone to consider is obtaining your own space. However, determining when it’s time to make the big move can be a difficult decision. We have compiled a list of a few signs that indicate it may be time for your business to consider leasing an office space:

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Executive Networking with Tenant Advisory Group


Every month, Tenant Advisory Group hosts 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 June’s Executives Luncheon, attendees were prompted with one question: “What employee-management issues have you struggled with in the past year and how did you overcome it?” Here are a few of the lessons shared in response:

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How to Navigate Leasing in a New Development


How to Navigate Leasing in a New Development

When leasing a new office space, it’s easy to look at properties that already exist, but there is an entire market of new or partially built developments that have potential to be amazing office space, if you plan accordingly. In order to navigate leasing in a new development, follow our steps for success.

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A Beginner’s Guide to Investing in Commercial Real Estate


Beginner's Guide to Investing in Commercial Real Estate-min

Investing in commercial real estate is a great way to diversify your portfolio as well as make some extra money. Unlike stocks and bonds, commercial real estate is a hard asset that provides income via rent collection and, in most long term cases, an appreciation of value. The best way to begin investing in commercial real estate is to thoroughly research your options – we’ve compiled a few tips to help you get started.

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Why You Need a Real Estate Attorney During Lease Negotiations


Tall infrastructures

When negotiating a new lease or lease renewal for commercial office space, many business owners and operators believe they can use a trusted family lawyer, IP, tax, corporate or other non-real estate attorney to help mediate terms. While it may be tempting to choose a lawyer you’re familiar with over an expert in real estate, it’s critical to find legal counsel that specializes in real estate law to ensure the best outcome. Together with a skilled broker, a commercial real estate attorney will save clients money and mitigate the risks inherent in any transaction. Here are a few of the most common scenarios during lease negotiation that demonstrate the importance of going with a real estate lawyer.

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Bill Himmelstein Named to Crain’s Chicago Business CRE Ranking


Crain’s Chicago Business released its inaugural edition of The Most Influential Commercial Real Estate Brokers in Chicago, and our own Bill Himmelstein has been included in this list!

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