Posted on March 12th, 2009 by Olivia
New Development in the Last Five Years in Schaumburg:
The Village of Schaumburg has approved over 128 development and redevelopment projects in the last five years. Of these new developments since 2003, Schaumburg has approved:
- 138 Single Family Homes and 321 Multiple Family Homes (8 developments)
- 171,124 sq. ft. of Office (6 developments)
- 716,739 sq. ft. of Industrial (16 developments)
- 834,027 sq. ft. of Commercial (35 developments)
- 595,800 sq. ft. of Hotels (4 developments)
- 238,745 sq. ft. of Restaurants (47 developments)
- 108,561 sq. ft. of Public Facilities/Institutional (12 developments)This information is from the Village of Schaumburg website. To view additional and more detailed information, please visit http://www.villageofschaumburg.com/vos.nsf/schaumburg/newdevelopment#d |
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Posted on March 12th, 2009 by Olivia
A glimpse and what’s happening with rental rates:
No doubt that most, if not all of us are feeling the repercussions of a falling economy. Residential real estate was the first to feel the effect…and now commercial real estate.
While sales are slow and auctions are on the rise for high-debt and foreclosed properties, there is a light at the end of the tunnel…especially if you are a tenant or a buyer.
Rental rates are reaching a slump, and as businesses are closing or downsizing, we are seeing an increase in availability. This is causing owners to pay more and more out of pocket expenses because although no one may be using the space, owners have to pay for taxes and operating expenses on all their vacancies. What does this mean to tenants? Lower rents! Owners are willing to accept lower base rents in order to get users into their vacancies just so they don’t have to pay for those costs. They may not make much of a profit, and at least it won’t cost them. It is a perfect time to negotiate a low rental rate and lock in for a few years so that you don’t feel the increase in price when the market shifts to an equilibrium at a higher market rental rate.
Rent is one of your largest business expenses. If you’re looking to cut costs, now is the time to act. If your lease is expiring within a year, you can opt to relocate to a new office or renegotiate your current lease to lock in on the current low rental rates. If you are looking to open an office, the possibilities for a perfect location at a perfect price are endless at this time!
Need help with your office search? Consider being represented by an agent. It’s in your favor because it saves you the time and hassle of searching on your own and it’s free to you! A tenant/buyer representative researches the market for you, produces all availabilities within your needs, arranges tours, helps you build tremendous leverage and negotiates a lease/sales contract on your behalf. For more information, call or email Olivia Czyzynski at 312.676.1862 or olivia@svn112.com. She is a Commercial Leasing and Investment Specialist in the Chicagoland area and will help answer all your questions.
Filed under: Leasing, Tenant Representation | 1 Comment »
Posted on March 8th, 2009 by Olivia
A few things to keep in mind about your lease:
Do you know your current office space rental rate vs. the current market?
-In other words, are you sure you’re not paying too much in rent?
Do you know when your lease expires or the date of your option notification deadline?
-It may be sooner than you think!
Do you plan on moving, and if so do you know how long it takes or what it costs?
-Searching for office space or property to purchase, negotiating a lease or purchase contract, and doing a renovation and a host of other tasks is complicated and can take many, many months. The sooner you start planning with a professional, the easier it will be…not to mention a huge cost savings.
Do you like your property management?
-Property management controls maintenance costs and real estate taxes that you pay for. Have they done their best to keep your costs down? Are they quick to react to complaints that you might have?
Do you know that working with a real estate specialist, such as myself, can help your business immensely, even if your goal is to stay in your current location?
-Office specialists know the marketplace and are educated in commercial real estate. They have much greater skills in finding appropriate space/property, as well as providing you with leverage when approaching a new landlord or your current landlord to renew your present lease. Why? Because they have expertise, skill and experience, and best of all it’s at no cost to you.
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Posted on February 20th, 2009 by Olivia
Do you know what part of the Chicagoland area is best for your company location?
In business and real estate, it’s all about location, location, location. Your location is the basis of your company and impacts your business in every way from income to clientele.
Where you are located will determine the accessibility and visibility of your company as well as what class and genre of a building you will be in. Your accessibility and visibility will vary depending on whether you have/need heavy clientele traffic or if only you and your employees will be there. Heavy clientele traffic will require you to be either in a retail or office campus located near major roads, whereas the need for less accessibility will allow you to be a little off the beaten path. All of these conditions impact the price you will be paying for rent, so it is important to identify what is the most necessary for you. There is no need to pay high rent for a beautiful building located on Main Street when it’s only you and your employees. You can be located in just as beautiful a building with a much lower rent just down the street. On the other hand, if you did need a premier location, you want to make sure that you are paying fair market price and not an inflated rental rate.
Your proximity within Chicago and its surrounding suburbs is another vital factor in your location decision. Do you need to be right downtown, or can you be in the suburbs? If you need to be in a high commercial area but not necessarily downtown, do you know which suburbs would best suffice those conditions? Have you thought about traffic and the time it will take you and your employees to commute to the office? Having a good knowledge of Chicago and its surrounding suburbs will help you make the best and most affordable decision.
For a complete guide to the Chicagoland area, follow this link: http://www.wildonions.org/Chicagoland-Map.htm
Need help with your office search? Consider being represented by an agent It’s in your favor because it saves you the time and hassle of searching on your own and it’s free to you! A tenant/buyer representative researches the market for you, produces all availabilities within your needs, arranges tours, helps you build tremendous leverage and negotiates a lease/sales contract on your behalf. For more information, call or email Olivia Czyzynski 312.676.1862 or olivia@svn112.com. She is a Commercial Leasing and Investment Specialist in the Chicagoland area and will help answer all your questions.
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