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.
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.
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.
A city with old buildings like Chicago must take care to keep its residents safe. Building code violations warn owners to make repairs or improvements that will prevent tragic accidents, such as fires, from taking lives. Such violations often carry fines, and owners not only have to come up with funds to pay the penalty, but finance the repairs, which are often costly. Owners or landlords who undertake the repairs themselves may save money, but they also run the risk of further violations if the work is improperly done.
Chicago continues to draw foreign investors with its valuable properties and potential for development. Investors from across the world have spent billions of dollars on commercial real estate in the Windy City in the past few years, and while the numbers have dropped, sales and profits remain high. A recent exchange continues the trend of foreign investors banking on Illinois for their real estate success.
Becoming a landlord in Chicago can provide you with a steady income, but there are many considerations before you take the first step. One of the biggest may be the factors involved in buying the real estate. At Bradford Miller Law, P.C., we have helped many investors who wish to own rental properties purchase multifamily homes.
The right location for your Chicago business includes customer traffic, proper zoning and the right type and size of building. Even once you think you have identified the ideal place to open your doors, your evaluation process is not complete. The lease on the property could make or break your company just as quickly as any of the other issues. At Bradford Miller Law, P.C., our team helps many entrepreneurs to review leases and determine whether the terms are right.
If you own a rental property in Illinois, you may have heard about property management resources. For many landlords like yourself, hiring a company to oversee your property is not a simple decision. Rather, it requires time to find a reputable business that will maximize the value of your rental and generate revenue with consistent interest from renters.