Commercial Real Estate Booming Across the Country – Does It Suggest an Uptick for Illinois?

 Posted on December 00, 0000 in Commercial Real Estate

The commercial real estate market is booming all throughout the country, but does that necessarily mean that Illinois is in for a boom of its own? Not in the least. In fact, even novice trend predictors will tell you that you cannot make buying decisions based on trends alone. Instead, a wide array of variables must be considered – and some of them may be unique to the state, county, or city in which you wish to buy or develop property. So, whether it is zoning laws, market trends, or population growth projections that are encouraging you to examine Illinois, consider the following tips for deciding if this area may be right for your next project. You shall also learn what an experienced real estate attorney can do to ensure your best interests are protected.

Taking a Closer Look Commercial Real Estate “Boom”

Although some states are experiencing a clear boom in their commercial real estate market, most are struggling to keep their malls and warehouses full and open. Offices and stores remain unrented, especially the ones located in a less-than-prime spot. Apartments, particularly in metropolitan areas, also seem to have a lower demand than most investors would like. All this has caused the CRE market to stall in many places – including Chicago.

The market is not falling, but there is more competition. It is becoming a renter's market – especially in the apartment sector – and that can, in some ways, be a good thing. It encourages fair prices for renters. It also creates a situation in which smart investors can set themselves up for long-term (and potentially even life-long) success.

Using the CRE Market Trends to Your Advantage

While, broadly speaking, the CRE market in America is decelerating rather than contracting, there are some smart investments that one can make for the future. For example, one could invest in suburban areas. These areas, which have seen a significant uptick in the state of Illinois – especially around major cities like Chicago – are more affordable for the working family population. Many of them drive in and out of the city to work, but their day-to-day lives are lived in tiny community-like settings. Give them what they want within the community and you create jobs, homes, and opportunities, all while improving your portfolio.

Apartments and office spaces, though vacant in some areas, may be listed at a price that is more favorable for buyers in the upcoming years. Though there would be no way to predict when a return might come, one can almost count on there being an eventual uptick. After all, people will always need a home or a place to run their business.

In short, look for the areas where you can use the market trends to your advantage. Better yet, see what no one else sees – the one thing that could set you up for the rest of your life. While you are at it, ensure you have an experienced attorney on your side, negotiating the best terms and ensuring that your due diligence has been done efficiently, effectively, and with your best interests in mind.

Contact Our Naperville Commercial Real Estate Lawyers

At Lindell & Tessitore, P.C., we understand what is at stake during an investment and we work hard to ensure your rights and best interests are protected throughout the entire transaction process. We can also assist with zoning issues, landlord-tenant disputes, and much more. Get the dedicated assistance that you deserve before starting your next project. Call 630-778-3818 and schedule a consultation with our Naperville commercial real estate lawyers today.

Sources:

http://www.postandcourier.com/business/charleston-s-commercial-real-estate-market-is-on-fire-and/article_e0a98a0e-a454-11e7-9f12-2767b6bd72c5.html

http://www.nhbr.com/October-27-2017/Continued-moderate-growth-seen-for-commercial-real-estate-market/

https://www.constructiondive.com/news/report-us-commercial-real-estate-to-grow-through-2019/507131/

http://www.chicagobusiness.com/article/20171103/ISSUE01/171109928/is-chicagos-real-estate-bull-market-running-out-of-steam