commercial real estate

Office Market Conditions In Chicago

Chicago is the third largest city in the nation and the twenty-sixth most populated city in the world. Chicago is also known as “The Windy City” and “Chicagoland.” The economy of Chicago is very diverse; there are over 100,000 different businesses licensed in the city, with everything from retail or grocery stores to huge manufacturing and industrial plants.

Chicago has the third largest gross metropolitan product in the United States. The city has been rated as having the Most Balanced Economy in the United States, due to its high level of diversification. Chicago was also named the fourth Most Important Business Center in the world in the MasterCard Worldwide Centers of Commerce Index, making Chicago office space very desirable. The city and its surrounding metropolitan area are home to the second largest labor pool in the United States with approximately 4.25 million workers.

Big business is done in Chicago, office space in Chicago is a homestead to over 250 corporate headquarters, (29 Fortune 500 companies), the city’s varied economy supports innovative start-ups, established companies, and manufacturing corporations, both large and small, in addition to over 1,500 foreign firms that have an occupancy in the city.

Chicago has the third largest gross metropolitan product in the United States, valued at over $500 billion in the past few years. Chicago continues to have the highest number of new or expanded corporate facilities in the United States. The city and its surrounding metropolitan area are home to the second largest labor pool in the United States with approximately 4.25 million workers.

With vacancies increasing, this is the best time for tenants in the Chicago area. In Chicago and other cities across the nation, tenants remain in a position where they can make deals on many levels. Owners and landlords are beginning to compromise more, with tenant improvement funds, rent abatement, and adjustments in leases.

Want to find out more about Chicago office space, then visit my site to view Chicago office space listings.

commercial real estate

Floor Refinishing Basics

What is the most used part of any home or industrial space? The floor of course is the one piece of the property or business that is always used! Unfortunately, the floor is frequently the most neglected part of home and industrial maintenance. When floors undergo severe stress from overuse, they can become dangerous and slippery and require extensive maintenance. Epoxy Flooring however, can provide an industrial or garage space with a durable coating that will last years, improve traction and look much better than the old and battered plain concrete floor.

Epoxy flooring is also an effective refinishing process used in homes and businesses. Home craftsmen and homeowners that spend a great deal of time in the garage or basement often choose to refinish their concrete floors using any number of modern treatment and refinishing compounds.

Interestingly, color is a major consideration when choosing to refinish heavily used floor space. Of course in the basement or garage, color can impact the value of the property. However in a warehouse or industrial space, color takes on a more important role. Adding contrast to the worker’s view is an important consideration in improving overall plant safety.

What are the major considerations in selecting product or material with which to refinish floor space? Only two main considerations arise in this decision. In short, the material should be OSHA compliant and be of a “Polyaspartic” composition.

Gaining OSHA approval is not an easy process. Safety factors for OSHA approved flooring material is usually based on a coefficient of friction for both dry and wet conditions. Those materials with highly rated test results receive approval. Accordingly, those purchasing OSHA approved products can be reasonably assured that the product is of good quality and will provide years of service when applied properly.

“Polyaspartics” is a term used to describe the latest in floor coating materials. This type of compound is 100% UV proof and cures very quickly – usually in less than four hours. Industrial clients find this particularly attractive as warehouse space need not be taken out of service for an extended period of time.

Of course working with this material requires specialized training. Some homeowners and craftsmen will attempt the process themselves, but most often, contractors are sought to execute the application. Professional help is a huge asset as even the most experienced warehouse worker may have never worked with epoxy flooring materials.

Experience is exceptionally important in working with materials that few have experience handling. Reputable contractors providing floor refinishing services – especially to industrial and warehouse clients – ensure that proper ventilation is in place at time of application. As epoxy is not a frequently handled substance, experienced and professional help decreases the risk of improper application.

Research into flooring material can reveal good contractors and application techniques. Investing time in this process can make the difference between successful completion and a floor that requires additional maintenance in the near future.

Concrete Solutions International provides experienced service installing and refinishing industrial and warehouse floor areas. For more background on industrial and warehouse flooring and epoxy floor coatings, please visit the organization home page. This article, Floor Refinishing Basics is available for free reprint.

commercial real estate

Property Maintenance Help For Landlords

Acquiring the rental properties you now own has taken time and hard work. You bought each one knowing that one day, these properties would be your retirement income and that you would have the freedom and security you needed to enjoy those golden years. Now, it seems as if you are spending your golden years on property maintenance. There has to be a better way.

Of course, there is. It does not involve constantly paying money to plumber and electricians to take care of your properties. Instead, you can hire one person and allow that person to be your property maintenance worker. It could well be that you already have a skilled repairperson living in one of your units that would gladly trade his skills for free or reduced rent. If he saves you two to four service calls per month, he has earned his rent.

Before hiring anyone, make sure that he or she has the necessary experience to take care of the units that you own. If you hire a person, but continually have to hire specialist for some of the tasks you will end up spending more money.

The person you hire needs to be able to respond to problems in your units in a timely manner. You do not want units that do not have bathrooms or heat for fifteen or sixteen hours before the help can get there. This once again points to the advantage of having onsite maintenance personnel. They can offer a timesaving advantage.

Of course, the workload will determine the pay or trade for housing arrangement that you make. If you only have one or two rental properties, then you will probably not need a full time maintenance worker. If you have a large apartment complex, you may have more work than one person can handle.

Make sure that workers you hire are ethical. Maintenance workers that take belongings from tenants will give you a poor reputation. Be sure that you both ask for and check references from the person you intend to hire. You will want to know about personality as well as work ethic.

Be sure that the maintenance worker can keep up with the demand of your properties. The number of properties that you have and the amount of repair work that must be done should be taken into consideration when you hire the applicant.

Be sure that the rates you are paying for property maintenance are reasonable. If you do not have many problems with your rental property, it may be less expensive to hire workers to do the repairs as they come about rather than to hire a full time or even part time maintenance worker who sits around with nothing to do.

The maintenance worker can give you freedom to have your life back. If you get a good worker, then you can depend on him to meet the needs of tenants in an efficient and economical manner. This will mean that you will be able once again to enjoy those retirement years.

If you have your property, you will obviously know that property maintenance is not the easiest thing in the world, especially if you have more than one. This is why so many landlords look for professional commercial cleaning to help them keep their properties up to scratch and looking good.

categories: commercial cleaning,property maintenance,multifamily,income property,commercial property,commercial real estate

« Previous Page