Greetings!
Thru mid-summer it has been sizzling hot with record 90 and 100 degree temperatures as well as a major drought locally. Sellers and landlords are still looking for their properties to be equally hot. So buyers and tenants if you have been putting off that move, there are still many opportunities to dip into the summer pool of great deals! This letter will offer a brief market summary, tips for making real estate decisions and we will discuss partnership groups currently forming to buy property. |
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Tips for Making Sound Real Estate Decisions | |
Don't get emotional about Real Estate:
Real Estate transactions can take many twists and turns from start to finish especially if they span lengthy timeframes and involve a lot of people. Both parties are looking out for their own best interests in trying to accomplish their investment goals, so understanding each parties' motivations is important. The key word is understanding.....Full Article
Stick to the facts, not opinions as much as possible
Try to understand the local market - Real estate is different from other types of investment assets like common stocks, corporate bonds...Full Article
Make it a priority, if it is important
Whether you are a buyer, tenant, seller or landlord it is important to make the potential transaction a priority. Small business owners are the "glue" that drives their businesses success. They wear multiple hats and accomplish countless tasks... Full Article
Understand Advantages and Disadvantages of buying or leasing:
Its not always a straight forward answer when it comes to the question of buying vs. leasing. Each situation is unique depending on your circumstances. Here are some of the questions to consider when evaluating which option is right for you...Full Article
Have an exclusive with a broker
This is a topic I could spend days speaking about. You wouldn't take your sick pet to a pediatrician, so why would you list your space or seek space thru an unqualified broker? Make a determination as to what you want from your broker (information, comps, marketing costs,etc) and find out if the project is something he/she has had experience accomplishing. Ask questions, understand their niche, knowledge, personal and company focus and make sure you set up your expectations. They need to be fully engaged and understanding your role in the relationship and your personalities have to meld. Lastly if you want your broker to perform all your expected tasks and vise versa have a contract (called and exclusive agency agreement) in writing detailing the roles assigned, as it does not make sense for brokers to be competing with their clients.
Listen to his advise-you hired him for a reason
Full Article and Printable Version |
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MARKET OUTLOOK |
When I last wrote, I stated 2012 should be "a year of transition" as commercial markets are approaching the new year with cautious optimism. I cannot say my stance has changed much. According to the Bureau of Labor Statistics the jobless rate has improved only slightly year over year, not enough for consumers and business to turn bullish. Worker productivity continues to improve as employers are asking employees to do more, taking advantage of technology gains without having to make new hires. The NCREIF (National Council of Real Estate Investment Fiduciaries) which is an index made up of class A properties in the 4 major sectors (Office, Retail, Industrial and Apartment) reported a drop in index returns in both the 4th quarter 2011 (2.96%) and the first quarter 2012 (2.59%) from 3.33% which was reported in the third quarter 2011.
At the local level, activity has been mixed and sales growth is still weak. I am representing more buyers and tenants in the market today than one year ago as the number of buyer/tenant rep showings doubled. However, the number of inquiries and showings of space for TDCRE listings declined, even though the company has more listings than 2011. Banks are the biggest sellers right now as pricing and volume has declined significantly from 2007 levels. Buyers and tenants of office space still have the greatest opportunity (office vacancy in Aurora and St Charles is still 32% and 30% respectively) followed by retail and then industrial. The industrial market was not overbuilt and has tightened the last 12 months. Still rental rates are very affordable and aggressive landlords are still offering nice incentives for quality long-term tenants.
Overall my outlook is still mixed, however I am starting to see and hear of some very nice deals being struck by buyers of investment or speculative real estate. |
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Consider Adding Commercial Real Estate as an Investment | |
I'm serious; I have not lost my mind, so yes I am starting to beat the drum as a "buyer" of commercial real estate after sitting back and watching for the last 9 years. For 20 years I have been an investor in property and still believe commercial real estate is an excellent hedge against inflation, compliments the drops in the stock markets, provides a nice source of stable income and has income tax advantages.
Investment dollars can be pooled together to limit exposure, and partnership distributions can be paid out in agreed upon intervals. I am currently seeking investors interested in exploring this possibility. Attached is an investment package you can review. I would like the opportunity to meet with you to discuss your personal situation.
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Third Day Commercial Real Estate
Members of:
Some Clients I have Served:
- Union Health Services, Inc.
- Blackline Consulting, LLC
- Lighthouse Financial
- MedCom Group
- St. Charles Executive Center, LLC
- Dr. Michael Tierney, DDS
- Legacy Clinical Consultants, LLC
- Platinum Technology Resources, LLC
- Stumm Insurance, LLC
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At Third Day Commercial Real Estate our mission is to provide commercial real estate clients and prospective clients the highest quality professional service allowing clearer decision-making through sound, accurate market research and financial analysis. Specializing in tenant and landlord representation, and property disposition for individuals and entrepreneurial companies seeking expertise in office, medical and warehouse property. Third Day delivers honest thorough advise, timely communications and high morals. We serve the far west suburbs and are dedicated to building long term relationships.
If you or an associate is looking for professional advice in the field of commercial real estate and would like to speak to me about how I may be able to help, please call or e-mail me. I am looking forward to the opportunity to serve you.
Sincerely,
Nick Weis Managing Broker Third Day Commercial Real Estate 23 W. Merchants Drive Oswego, IL 60543 630-897-8345 |
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Featured Listings
200 Webster - Montgomery,IL
$18/PSF Annually
1,330 SF office / retail space in corner building 2 offices, conference room, reception area, kitchenette, restroom, storage and basement. Located in a 5,000 SF rustic building buit in 2001 in Montgomery's Mill District on a main corner next to Montgomery's new Village Hall. Near retail, restaurants, industrial and one block to Fox River. Between Routes 31 and 25, minutes to Orchard Road and I-88.
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651 Prairie Pointe - Yorkville, IL
$17/PSF Annually
1981 SF 1st floor suite in 3 story building. High parking ratio, monument signage, fully landscaped and well maintained interior and exterior common areas. Located between Routes 34 and 47 with great visibility. Minutes to downtown Yorkville and Orchard Road. Located in an area with abundant retail, office, restaurants and residential housing.
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TDCRE
Negotiates 3 New Transactions | |
Third Day Commercial Real Estate announces its recently Closed Transactions
The first is the negotiation of a lease for 900 square feet of space at the Butera Center located at 1268 E. Chicago Avenue, Naperville. Nick Weis, broker and owner of TDCRE, and Don Gill, of Inland Real Estate Corporation, represented both landlord, and new tenant, White Eagle Health and Wellness. White Eagle Health and Wellness is a chiropractic, physical therapy company newly formed. Dr. Pietrzyk has over 10 years experience practicing chiropractic medicine.
Third Day Commercial Real Estate also closed a lease for 1,225 square feet of space at 1646 N Farnsworth in Aurora.This is a short term renewal expansion for Satin Touch Hair and Nail salon. One month rent abatement was given.
Finally, TDCRE negotiated a sale for 2,500 square feet condo, located at 1231 Farmington Lakes Drive in Oswego. Ownership was represented by Steve Caton, of Caton Commercial, and Nick Weis represented the tenant, Dr. Kabil Chunprapaph, D.D.S. Dr. Kabil Chunprapaph will be practicing family dentistry and hopes to be open for business by August 2012. |
Current Requirements
We are still seeking space for the following buyers and tenants:
1) Internet Marketing Firm- Experienced and growing Oswego based firm is seeking 1000-1500 SF of office space in Oswego, Yorkville, Aurora or Montgomery. They need 2 offices, reception, conference room and bullpen area.
2) Experienced Contractor-
Seeking 5,000-10,000SF building to buy. Needs 14' OH door, 16' Ceiling Heights, outside storage and some office space. Aurora, Oswego, Plainfield, Naperville areas.
If you would like more informationon on Buyer Representation click here
or contact us if you believe you know of a property our clients might be interested in. | |
Voice of the Client:
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"If I buy or lease unfinished space, how long will it be before I can occupy?"
This has a number of variables involved but normally 3 to 4 months from closing / lease signing. Typically the time is 2 weeks for the architectural plans to be drawn, 2 to 4 weeks for municipal permits and 4 to 6 weeks for construction.
This can be reduced if your space planner already has drawings and the municipality is able to approve the permits quicker. Most contractors are very motivated, so getting work bid and completed in a timely manner is very possible.
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What commercial real estate information would help you make decisions in your business? Here are some examples of what clients would like to know:
- "Comparables on recent transactions and the economics of each deal."
- " Who are the new users and developments coming into the area (before they move in) like new data centers."
- "Available financing and who is providing it."
Tell me what you would like to know about commercial real estate that would help your business!
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