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How to start a career in commercial real estate.

Starting a Career in Commercial Real Estate

It’s been said before, and it’s true. Timing is everything! With your office lease, as with everything else, you have to be in the right place at the right time. But research and planning can help.

Timing Your Office Lease

Your commercial office lease should contain a section which describes in detail the premises conveyed in your leasehold interest.

Commercial Office Lease Review: Demised Premises

When negotiating the lease for an office space, the same issues frequently arise. This article is the first in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.

Office Lease Checklist (Part 1)

When negotiating the lease for an office space, the same issues frequently arise. This article is the second in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.

Office Lease Checklist (Part 2)

When negotiating the lease for an office space, the same issues frequently arise. This article is the third in a series of three articles that provide office lease checklists for office tenants to use to review their office lease.

Office Lease Checklist (Part 3)

Golden Group Real Estate Sponsors Governor Bruce Rauner & Congressman Peter Roskam Town Hall

Golden Group Real Estate Sponsors Governor Bruce Rauner & Congressman Peter Roskam Town Hall

The Chicago office space market is showing positive movement with decreasing vacancy rates, several large lease signings and continuing strong, but lessening new construction as we move through the year.

Q2 ’16 Chicago Office Space Market Summary: Part 1

This second article installment reviews Q2 ’16 large office lease signings, office sales activity, and new office construction in the Chicagoland office market.

Q2 ’16 Chicago Office Space Market Summary: Part 2

Sale leasebacks occur when a business sells a building it both owns and occupies while entering into a long-term lease agreement with the purchaser of the building.

What are the Pros and Cons of a Sale Leaseback?

One of the most important issues in a lease negotiation is the financing of tenant improvements by the landlord. Tenant improvement financing is usually provided in one of two ways.

Tenant Improvement Allowance vs. Turnkey Buildout

It’s no secret that a lot goes into the creation of a thriving creative workspace. Up-to-date technology, ample open space for employee collaboration, and proximity to amenities are often considered critical for any business...

Things to Consider Before Leasing Creative or Loft Office Space

Do you hear private conversations in the office next door, even if you shut your door? For some companies, this is merely a nuisance and productivity drain.

Soundproofing Your Office Space

If you are leasing office space, your lease should include an option to extend the term of the office lease. In tight markets favoring landlords, a well-negotiated office lease extension option can serve as a ceiling on rent for the new lease term.

Checklist for Negotiating Your Office Lease Extension Option

Linkedin is an excellent tool to connect with top commercial real estate professionals. Below is a brief list of quality professionals to connect with on linkedin.

Ten Commercial Real Estate Profiles to Connect With on Linkedin

No one likes to think of negative outcomes for their business, but the fact is they happen. So why not reduce your possible costs ahead of time by using this checklist for negotiating an office lease termination option.

Six Point Checklist for Negotiating an Office Lease Termination Option

Twitter is one of the best social media platforms to connect with top commercial real estate leaders all over the world. Below is a list of ten commercial real estate leaders to follow on Twitter:

Top Commercial Real Estate Twitter Profiles

Often referred to as ROFR, the Right of First Refusal is a powerful tool for office tenants. A right of first refusal gives the office tenant the right to lease additional specified office space should an outside party express interest in that office space.

A Simple Checklist for Negotiating a Right of First Refusal

Parking options are an important consideration when searching for office space and negotiating the office lease.

Consider Your Parking Options When Choosing Commercial Office Space

You have found that wonderful new office space. It’s easy to reach for both employees and clients, plus there’s plenty of parking on site. Now it’s time to move. What could go wrong?

Office Move Checklist: Preparing to Move Your Office After the New Lease is Signed

Watch our tutorial on relationship sales

Watch My Tutorial on Relationship Sales

The Western suburban office market remains a tenant’s market, but office rents are increasing in Class A properties.

RENTS CLIMB IN LOCAL CLASS A OFFICE IN Q2 2015

When planning an office space move, a tenant should have his have tenant representation commercial real estate broker perform a financial analysis of alternative locations.

Perform a Financial Analysis Before You Rent Office Space

Lease contracts last many years, and over the years it’s easy to forget contractual obligations which effect the timing and cost of relocation.

First Steps in an Office Relocation

Most office leases include a relocation clause which allows the landlord to relocate the tenant to another suite in the building or office park.

Tenants Beware the Relocation Clause

When the market is changing constantly, it’s important to stay current by reading quality real estate blogs.

10 Awesome Commercial Real Estate Bloggers

A successful medical practice requires a great medical office space & location. Your location must be accessible to patients, allow you to establish and expand your services, meet your budget, and satisfy you personally.

Eight Considerations for Your Medical Office Space Search

Poor office design means a poor experience for your patients. The medical office space design tips below will improve your patient customer satisfaction.

5 Medical Office Design Ideas to Improve the Patient’s Experience

If you are feeling the pinch of rising office space rent, and want 3 ways to reduce overhead costs at your law office,

How to Reduce Your Law Firm’s Office Space Costs

One of the most important factors when it comes to determining a business’s success is its location, and that’s especially true for medical practitioners who are setting up an office space.

Doctor’s Guide to Finding Medical Office Space For Rent

In the autumn of 1973, Elia Kazan, director of such classic films as Gentleman’s Agreement, A Streetcar Named Desire and On the Waterfront, was honored by a two week retrospective of his films at Wesleyan University.

THE QUALITIES OF A GREAT COMMERCIAL REAL ESTATE BROKER, INSPIRED BY ELIA KAZAN

Real estate is usually the second or third largest expense item for companies. Logically, then, many businesses choose a floor plan that minimizes costs by limiting build out costs and rentable square feet.

BUILD-OUT COSTS AND RENTABLE SQUARE FEET ARE NOT THE ONLY FACTORS TO CONSIDER IN YOUR OFFICE FLOOR PLAN

Accurate data are the foundation of effective marketing, and it is particularly important (and challenging) to maintain accurate contact information.

HANDY TRICKS FOR FINDING CONTACT INFORMATION

Like every industry, commercial real estate has a language of its own. Let’s run through some of the key terminology you must know and understand when plotting your real estate strategy.

COMMERCIAL REAL ESTATE TERMINOLOGY

A few of my handy “Rules of Thumb” can help office space tenants estimate the square feet they need for their office location.

HOW MUCH OFFICE SPACE DO I NEED?

When businesses retain a tenant representation commercial real estate broker, they are buying that professional’s time, knowledge, and commitment

HOW TO CHOOSE THE RIGHT COMMERCIAL REAL ESTATE BROKER FOR YOUR OFFICE RELOCATION

Office tenants searching for office space for lease or considering a lease renewal should tour competitive properties to research the market and enhance their negotiation position.

TOURING OFFICE SPACE FOR LEASE

Business owners should research their prospective landlord before they sign an office lease. Before entering a long term contract, office tenants should learn about the financial health of the landlord and his property.

RESEARCH THE LANDLORD BEFORE YOU SIGN YOUR OFFICE LEASE

Some businesses have special office requirements that can make or break a real estate deal.

MAKE SURE YOUR NEW OFFICE MEETS THE SPECIAL REQUIREMENTS OF YOUR BUSINESS

In the western suburbs of Chicago, office tenants still call the shots. However, there are signs that these good times are coming to an end.

STILL A TENANT’S MARKET, BUT OFFICE RENTS ARE INCREASING

Office tenants face an inherent disadvantage in the lease renewal negotiation, and they usually lose money when renewing their office lease unless the tenant retains a qualified, experienced tenant representation broker.

TEN TIPS FOR OFFICE TENANTS IN A LEASE RENEWAL NEGOTIATION

I started a networking group about two and a half years ago, Greater Oak Brook Business Leaders. The group started small, but over time it has grown into 1,000 members.

GROW YOUR BUSINESS BY STARTING A NETWORKING GROUP

The best way to ensure that your office relocation is well planned and well executed is to designate a moving coordinator to supervise your office relocation.

DESIGNATE A MOVING COORDINATOR TO SUPERVISE YOUR OFFICE RELOCATION

Real estate is usually the second or third largest expense item for companies. Logically, then, many businesses focus on economics when looking for office for lease.

Office for Lease Search Tips

Every business is unique, with unique commercial office space needs. Likewise, every site selection proceeds according to the distinct characteristics of the business and market in question.

HOW TO FIND COMMERCIAL OFFICE SPACE

Too often, businesses hire a moving company that is not qualified to help with their office relocation. Commercial office moves are a specialized service.

5 RULES WHEN FOR CHOOSING A MOVING COMPANY FOR YOUR OFFICE RELOCATION

To effectively reach and persuade a prospective client, it is necessary (but not sufficient) to first determine several facts:

ROBUST & ACCURATE DATA ARE ESSENTIAL FOR EFFECTIVE MARKETING

Although we are still in a ‘tenant’s market’, the local commercial real estate recovery has advanced significantly since the peak of the recession. Since the end of 2010, the Western suburbs absorbed over 1.7 million square feet of vacant space.

COMMERCIAL REAL ESTATE RECOVERY CONTINUES IN THE WESTERN SUBURBS

Email marketing is part art, part science. I acquired my education on email marketing throughout my career as a commercial real estate broker.

5 GOLDEN RULES FOR EFFECTIVE EMAIL MARKETING

There are inherent advantages and disadvantages to an office sublease. When considering relocation, office tenants should carefully compare the sublease option with a direct lease.

Subleasing Cheap Office Space from Another Tenant

Though it is hard to escape the contractual obligations of a commercial lease, there are ways to mitigate the cost of unused office space.

EVALUATE YOUR OFFICE SPACE COSTS TO IMPROVE THE BOTTOM LINE

Using the “blend and extend” strategy, tenants trade an early renewal and extended lease length for more favorable lease terms (e.g., lower rent rate, additional capital improvements, fewer rentable square feet).

WHAT IS A “BLEND AND EXTEND”?

Illinois offers several economic development incentives to businesses. Businesses should consult with their commercial real estate broker to see if they may qualify for any of these programs.

ECONOMIC DEVELOPMENT INCENTIVES IN ILLINOIS

Nobody knows your business better than you. However, selecting space and negotiating the office rental lease are complex, time-consuming tasks, filled with potential pitfalls.

WHY SHOULD I RETAIN A BROKER TO NEGOTIATE MY OFFICE RENTAL?

The purpose of the due diligence process is to discover the potential problems with a property, reveal any hidden profit potential, and to verify all information you have obtained.

REVIEW ALL EXISTING SERVICE CONTRACTS WHEN PURCHASING COMMERCIAL REAL ESTATE

The first step in the negotiation process is setting objectives. Never enter into negotiations without a clear sense of your organization’s goals. Prioritize the goals, and start negotiating from the top of the list.

Real Estate Negotiation Tips Part I

In a commercial real estate negotiation (or any other negotiation), both parties have a hidden agenda. The hidden agenda consists of a party’s needs and break-even points.

Real Estate Negotiation Tips Part II

Tenants should research the local market before choosing office space for rent. This step will do more to help you determine the priority of your bargaining points than you can imagine, yet it is often overlooked.

Research the Market Before Choosing Your Office Space for Rent

If you rent office space, then real estate related costs are probably your second or third largest expense. Lowering office space costs will significantly impact a firm’s profitability.

Rent office space? Cost Saving Tips When Leasing Office Space

Businesses must protect themselves from risks that can bring operations to a halt. Inoperable or faulty building equipment may terminate essential building services.

MINIMIZE YOUR RISK: KNOW YOUR BUSINESS INTERRUPTION CRE LEASE CLAUSE

Leasing office space is a complex process, involving a significant financial commitment. Tenants should retain a trusted real estate adviser when searching for office space for lease to ensure that they avoid some common mistakes.

Looking for Office Space for Lease? Avoid these Common Mistakes.

Many medical office tenants have special use requirements. If the business uses hazardous materials or generates biomedical waste or radiation, then the tenant must document these uses in the lease to ensure compliance.

HOW TO LEASE MEDICAL OFFICE SPACE

Tenants should always negotiate a lease renewal option into their commercial lease. The option to renew is a benefit to the tenant, allowing the tenant to extend the lease beyond the initial term and to limit the costs of renewal.

NEGOTIATING THE LEASE RENEWAL OPTION

A “tenant improvement allowance” is money provided directly or indirectly by the landlord to build-out the office space so that it meets the needs of the tenant.

HOW DO I NEGOTIATE THE TENANT IMPROVEMENT ALLOWANCE?

Commercial office rents are based on rentable square feet, not useable square feet, so it is important for tenants to know the difference.

RENTABLE SQUARE FEET VS. USEABLE SQUARE FEET

Office buildings are generally classified into one of three categories: Class A, Class B, or Class C. Standards vary by market, and each category is defined in relation to its counterparts.

WHAT’S THE DIFFERENCE BETWEEN CLASS A, CLASS B, AND CLASS C OFFICE SPACE?

Tenants should press for a Subordination and Non-Disturbance Agreement (SNDA) when negotiating their commercial lease, especially in today’s economic climate where foreclosures are more common.

SNDA’S IN COMMERCIAL LEASES

A thorough financial analysis of direct and indirect costs is necessary to make an informed real estate decision. Reliable financial analysis requires both technical ability and years of experience.

FINANCIAL ANALYSIS INFORMS REAL ESTATE DECISIONS

Use every resource to make the right business decisions for you AND your company!

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To schedule a free consultation at our offices in Lombard call us at (630) 805-2463 or email us at troy@goldengroupcre.com to schedule a time to to talk about your real estate needs.

Our tenant and buyer representation real estate services are 100% free to our clients.  We are active commercial real estate brokers and work with all Oak Brook, Naperville, Downers Grove, Lisle, and Dupage County office buildings.  Golden Group Real Estate will show you both listed and unlisted investment properties.

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