Chicago Real Estate Blog

When the retail giant Amazon announced its search for a location for its second massive headquarters, cities from all over the country began wooing the giant retailer. Chicago threw its hat into the ring, hoping to win the headquarters and all the benefits that come with it. Among those perks include the potential for revitalizing struggling areas, repurposing vacant commercial real estate and, best of all, bringing up to 50,000 employment opportunities to the chosen city.

Jeff Bezos, CEO of Amazon, is in search of a city that fits certain criteria. His headquarters will require some eight million square feet, and he prefers his new offices to be located in a metropolitan area with a million or more residents. There must be an airport nearby, mass transportation and room to grow. Bezos is willing to consider vacant land or land with existing buildings.

While tenants may complain that landlords treat them unfairly, landlords also have their share of issues with tenants. Fortunately for many in Illinois, rental contracts and leases provide an excellent guide for the rights and responsibilities of those involved in renting property. Nevertheless, eviction is sometimes a necessary step. Because of the complex nature of property management, some managers rely on professional assistance for landlord services and evictions.

Landlords cannot indiscriminately evict their tenants. In fact, the laws protecting tenants allow a landlord to begin the eviction process only for specific reasons. For example, if a tenant is using a unit for an illegal purpose, such as running a business when the property is zoned residential, a landlord may have cause to remove the renter. Of course, any illegal business, such as selling or manufacturing drugs, is certainly a breach of a leasing agreement and may result in an eviction.

For many developers and owners of office buildings in Illinois, a big question is whether to focus on real estate spaces in urban or suburban areas. Some have chosen to take advantage of both areas by tapping into the new urb-suburban vibe in commercial real estate. This concept is a way of describing the placement of suburban office properties in pedestrian-friendly settings that offer easy access to urban amenities.

The urban amenities that can easily be accessed from suburban office locations include housing, transit, retail and restaurants. According to industry experts, a suburban office submarket that has urban characteristics is in an ideal position to take advantage of occupier demand. Investors also benefit from the opportunity to buy properties at more affordable prices in locations that could see growth in the future.

Chicago has not been immune from the trickle-down effect of recent retail struggles. As large retailers close or downsize the brick-and-mortar sides of their corporations, commercial real estate owners across the country are left with vacancies. However, savvy investors are finding success by planning the right ventures in the best locations.

Property owners in areas with lower population are not succeeding like those in more densely populated areas. Likewise, those shopping centers that lease to retail establishments like clothing stores and electronics may struggle more than those with grocery stores or restaurants, which continue to thrive. Those with property to lease downtown or on the North Side may find themselves with fewer vacancies than those in the west suburbs.