Just when we thought we had seen it all, 2016 happened. The only thing that may be more shocking than the Cubs winning the World Series is Donald Trump getting elected president. These events got me thinking: what could happen in the world of downtown Chicago real estate that could rival these events on a relative level? Here are a few crazy thoughts:
1) Sears unveils a new brick and mortar store concept that will be the wave of the future for shopping. As part of the ramped-up effort, they announce plans to lease the largest contiguous office vacancy in the Willis Tower in order to regain building naming rights.
2) Not to be outdone by McDonald’s announcement to lease 500,000 square feet in Fulton Market, Burger King’s owner, Restaurant Brands International, leases all of the 210 North Carpenter development planned by Sterling Bay. Can a lease with Wendy’s corporate office be far behind?
3) The Old Post Office building is finally leased….to the United States Postal Service. Snail mail is apparently making a comeback.
4) In a massive consolidation effort to save money, the City of Chicago announces plans to vacate City Hall and lease space in a nearby building. City Hall then sells for $300 per square foot to the Trump Organization, who announces plans to convert it into a luxury hotel.
5) The State of Illinois sells the Thompson Center to Steve Wynn, who states that he will convert the building into the largest casino in the country that features a hotel and concert hall.
6) The era of consolidation continues in the real estate industry as CBRE and JLL express intent to merge their operations and create the largest commercial real estate firm on Earth. In similar news, Cushman & Wakefield announces plans to acquire Colliers, Avison Young and Savills Studley.
7) The Chicago Board of Trade shuts down and vacates their trading floors. WeWork immediately leases all of the space.
8) The Fordham Spire site is developed into the largest underground data center in the world.
9) Macy’s announces that it will close down its legendary State Street store. In a stunning about-face, George Lucas declares that he will bring the Lucas Museum to the space.
10) Documented evidence turns up of several lease deals being completed with no negotiating whatsoever.
Ah, the days full of phone dial tones and unanswered voicemail messages. For salespeople and brokers alike, unfortunately–after all these years–cold calling is still part of the leasing process.
Especially when starting out, finding new clients takes some creativity and a lot of patience. It’s hardly ever fun so maybe the only way to feel better is to know that we’re in this together.
We put together a list of song titles that describe (some of) the cold calling cycle so we can sympathize together or at least have some music to keep us dancin’ in our seat until we get that next bite.
Alright, here we go. The day holds much promise.
They answer! Hey, that’s a lot better than going straight to voicemail.
https://www.youtube.com/watch?v=PdLIerfXuZ4
Okay, you’ve rehearsed your script just enough so you sound natural, give them your spiel…you heard they may be looking for new space…
Uninterested. Yes, in the early morning I love my coffee with a splash of dial tone.
Well, it’s the first call of the day and we’re off to a grand start.
Round 2…ring it up and….voicemail. Leave a message with as little desperation in your voice as possible and ask for a call back.
Alright just keep going through the prospect list. Keep the calls going.
Day in the life:
Alright, starting to sound like a broken record with the two words you’ve been saying (over and over and over) the most today…
Maybe we should attempt the “warm calling”. Tons of salespeople write about that in their blog. Yeah, that sounds good. Call up someone you have a connection with.
Not so bad. Turns out your friend from middle school who invited you to their annual summer barbecue six years ago remembers you.
https://www.youtube.com/watch?v=W83InivbUSQ
Well, you got an invite to their next barbecue but that’s about it. The votes are in: a “no” from someone you know doesn’t make it any easier.
Round 16…
Mission: charm the receptionist into not telling you the person you’re looking for is “out of the office”. AGAIN.
Receptionist picks up, “Hello this is Eileen who are you looking for?”
Fingers crossed…
https://youtu.be/KtBbyglq37E
She put you through! Annnnnnnnd it’s their voicemail.
https://www.youtube.com/watch?v=16yarf4ZCwA
Honestly.
You hit your calling limit and are scrolling through blogs about cold calling secrets when the phone rings–you got a call back!
https://www.youtube.com/watch?v=65ynRuXN7GI
They’re one of the nice ones who called you to tell you they’re not interested in moving spaces.
BUT knows somebody who is!
https://www.youtube.com/watch?v=QrY9eHkXTa4
At long last, a lead. And on that note, it’s time to go home.
https://www.youtube.com/watch?v=rfX0q1aNCos
As the saying goes, “stick to what you know best”. Especially now with Google at our fingertips, it can be incredibly empowering to do a quick search and instantly discover an abundance of new information. However, watching a YouTube video on how to replace a head gasket in your car does not make you a mechanic and entering your symptoms into WebMD does not automatically make you qualified to diagnose a medical condition or perform surgery. The same is true with finding office space.
While anyone can go online and pull up listings, there is so much more to the process in which only an experienced and knowledgeable real estate professional can provide guidance. Tenants who endeavor to conduct the search on their own often run into difficulties caused by mistaken assumptions.
Here are seven of the most common speculations I have witnessed firsthand, along with a few complimentary suggestions:
1) The quoted rental rate is all inclusive. Most people outside of the real estate industry do not know the difference between gross rents and net rents. I recently showed space to a prospect at a Class C building in my portfolio who boasted that he could get a cheaper deal at the Willis Tower as compared to this “dump of a building.” Little did he know, the rents at the Willis Tower (and most Class A and B buildings) are quoted on a net basis and do not include real estate taxes and operating expenses. Gross leases already factor these items into the rate. It is important to find out what other extra charges are included above and beyond the rent, such as heating, air conditioning, electricity and janitorial.
2) Heat and Air Conditioning is available 24/7. Most Loop buildings control the temperature and turn the systems on and off at a certain time each day. Often, Sundays have no service at all. After hours service is available, but at an additional charge which can sometimes be rather pricey. Conversely, many smaller sized buildings do offer tenants 24/7 use and control of heat and air conditioning, but at the tenant’s sole cost and expense. It is imperative to find this out during the site selection process and not after a lease is executed.
3) I can access my space anytime without restriction. While most buildings provide 24/7 access, it is not always as simple as walking right through the door and into your suite. Some properties lock off their lobbies to the outside public at night and on weekends/ holidays and limit access unless you have a key fob or make prior arrangements with the designated security company. If you are a business who sees clients during non-business hours, it is vital that you learn the building’s access policies in advance.
4) Phone and internet wires are already in the space, so it is plug and play. This might be the most common assumption made in error. More often than not, the low voltage wiring will need to be updated or at least modified, in order to get tenants exactly what they need. Before signing a lease, always have a qualified wiring contractor inspect the premises and determine what can be reused and what needs to be replaced. Next, find out exactly what the upgrade will cost. Having to spend thousands of dollars on rewiring could be the difference in choosing one space over another. As a related point, be certain to learn all of the phone and internet providers in the building beforehand, especially if you have an existing service contract that cannot be broken.
5) Alterations can be made to my space without restriction. Most leases spell out in very specific terms the exact procedure that tenants have to follow in order to make changes to their space. Nominal cosmetic alterations are typically fine, but if construction plans are more detailed and involve mechanical systems, the building will be heavily involved. Both your desired contractor and the plans that are drawn by an architect will have to be approved by the landlord; permits may also be required. There are often review and supervision fees involved, so make sure you have a good handle on these before moving forward if future changes are a possibility.
6) When vacating, anything can be left behind without recourse. If you are planning on leaving furniture or other items behind when you move out, do not expect to receive your entire security deposit back. Some, or all, could be used towards properly disposing of the items so the landlord can begin to prepare the premises for the next tenant.
7) The space can be sublet to anyone of my choosing. While the vast majority of leases do permit subleasing or assigning to another user, there are rules that must be followed. Landlords will usually have specific criteria in which they can approve or reject a proposed subtenant. Additionally, fees often need to be paid for a landlord’s attorney to review sublease documents. Know these fees in advance so you can plan accordingly.
It is impossible to plan for everything, but having a qualified and experienced team of real estate advisors on your side while searching for space will limit the chances of falling into the pitfalls listed above. If you determine and clearly communicate your needs and expectations in advance, life will be so much easier moving forward. Be an expert in your own field. Leave the rest to those in the know.
What started out as 4-5 people in the open space has grown to increasingly more cramped quarters. Employees who don’t have enough space to work efficiently may find themselves distracted, disengaged, and less excited to come into the office.
Finding new office space is rarely described as an entirely enjoyable activity. It can start out fun–it’s a chance to see what kinds of different spaces are out there–but can often turn in to an overwhelming, time-consuming process.
How does the whole search usually go? We put together some song titles that (we think) describe it from start to finish; beginning with the decision of whether or not you want to move, all the way to the feeling of relief when you find what you’re looking for.
If anything, it makes a pretty good work playlist.
Here’s how the story goes:
Something has to change; your office space just isn’t working anymore. Could you make it through with a simple reconfiguration or is it time to see what options are out there? Should I Stay Or Should I Go? – The Clash
Can we really be coming up on the 15 year anniversary of the September 11, 2001 terrorist attacks? It still seems so fresh in my mind, almost like it was yesterday. While many Chicagoans (especially me) are looking forward to the start of another Bears season on Sunday, I feel compelled to take a moment to reflect on that horrific day.
Many of us remember exactly where we were and what we were doing when we found out what had happened. The day started out like any other Tuesday…
My morning ritual was to arrive at my 100 West Monroe office at 7:00 AM sharp, flip my radio onto WCKG-FM to listen to the Howard Stern Show and feverously try to get caught up on my work and prepare for the upcoming day. Howard was in the middle of a riveting conversation with his staff about Pamela Anderson when he suddenly switched gears and mentioned that an airplane had crashed into the World Trade Center in New York. The immediate reaction was that this had to be some kind of small, single engine plane being operated by a one man pilot who somehow got off course. When the building engineer came into my office and shed more light on the situation, I was completely stunned. The internet was still in the early days of streaming but I was able to get a live feed on CNN.com to watch the events unfold. As my colleagues came into the office, we all sat in front of my monitor in utter shock as the second plane hit, followed by the Pentagon and then the towers collapsing.
Meanwhile in Chicago, the rumors immediately ran out of control. Planes were believed to be heading towards several downtown buildings; one person who I knew in the then Sears Tower was told by a member of the building staff that some type of attack was imminent and everyone needed to evacuate post haste.
When I finally departed from my office around 2:00 PM, it was an absolute ghost town outside. I had never seen downtown Chicago so empty in the middle of a work day. The few individuals who remained walked around with blank looks on their faces. My only moment of levity came as I started walking towards my bus stop and a police car driving down Clark Street (the only car on the street at that time) pulled up next to me. A loud voice came over the speaker and told me to step slowly towards the vehicle with my hands up. When the window rolled down, it turned out to be a good friend from high school. He told me that everything was safe and secure in Chicago, which might have been the only good news of the day.
Like most Americans, the next few days were filled with a combination of sadness, fear and rage. Most businesses stayed closed and no one really felt much like working. Before that day, whenever I would hear news of a terror attack in the Middle East or somewhere else around the world, I thought that it could never occur in America. September 11, 2001 marked the end of our innocence. Life for everyone changed forever.
I have made numerous trips to New York since 2001 and every single time, I have felt compelled to visit the World Trade Center site, museum, tribute center, and the memorial. It is almost like reliving that day over and over again. I cannot explain why, but something continues to draw me there. It could be because I work in real estate; maybe it is because I could envision myself working in a building just like one of the Twin Towers; perhaps there was a victim I was destined to meet but would never get the opportunity.
Each time I have gone back, I have seen more life breathed into the city. Today, beautiful new buildings have risen up and Lower Manhattan is bursting with activity again. It is as though New York and America have made it back and better than ever. As much as I love Chicago architecture, I have to say that the new One World Trade Center tower that symbolically rises 1,776 feet into the sky, is one of the most magnificent and commanding edifices ever created.
This Sunday, as we huddle in front of the TV for a far different reason than we did 15 years ago, let’s take a moment to remember our blessings on the anniversary of the day we will never forget.
Not a day goes by without someone asking me the question, how is the leasing market?
The short, easy answer: it’s a matter of perspective.
Presently, it is quite good if you are a landlord. There is as much activity as I can ever remember and rents are at all time highs. The rapid expansion of tech businesses, rise of co-working space, continued suburban migration downtown and a generally strong economy have contributed substantially to this growth.
Determining whether it is a tenant or a landlord market is relatively simple. However, that question is often followed up with another, more difficult question: how much longer will this last? If I possessed superhuman powers to see into the future, I would be in Las Vegas right now, sliding large stacks of blue, green, and black chips across a green felt poker table.
While I work on those superhuman powers, the best thing I can do to predict how long this market will last is to look at past trends and signs of change.
One telltale sign of what might lie ahead is the concept of shadow space. Shadow space is defined as blocks of currently leased space that will be vacated upon lease expiration and are actively being marketed. The speed in which shadow space leases is a genuine indicator of market strength. If it leases quickly, that is a sign of the landlord market being here to stay but if the spaces sit empty for a while, it is an indicator that we are returning to equilibrium or potentially shifting back to a tenant market.
Currently, there are approximately 6 million square feet of shadow space on the market in downtown Chicago. 333 South Wabash takes the title for the most shadow space with 759,000 square feet, due to CNA’s planned relocation to 151 North Franklin in 2018 where they will be downsizing to 275,000 square feet.
Trailing Big Red is The Franklin complex at 222 West Adams/227 West Monroe, which will have 442,000 square feet of shadow space in play when McDermott, Will & Emory head to 444 West Lake and William Blair to 150 North Riverside. Hyatt is heading there as well, leaving their namesake tower at 71 South Wacker after only 12 years.
Though the spaces being vacated are spectacular in their own right, the truth is that it is difficult to compete with new construction. The new space is often more efficiently designed, thereby enabling tenants to lease less square footage and in the process, save money.
Because of companies like CNA and William Blair that take part in the “out with the old and in with the new” school of thought, old buildings, even with their added shiny amenity packages, are often left behind for new development: the factor most responsible for creating shadow space.
For example, two of the office towers presently under construction, 444 West Lake and 150 North Riverside, are coming out of the ground nearly 80% occupied with tenants relocating from A class buildings nearby.
Collectively, these new towers demonstrate the strength of the market and how much pent up demand there has been for new buildings; so much demand that while multiple towers are still on their way up, developers are actively pushing several other sites for new buildings. As more are built, shadow space will continue to increase and tenants may see the market turn in their favor.
Future deal terms negotiated by many tenants will be directly influenced by the speed in which the shadow space leases, as will owners deciding whether or not to sell, and developers determining whether or not to proceed with new construction. And so the cycle goes.
There’s the long answer.
My prediction for what’s to come? All I know is that it promises to be a wild ride as we witness the latest chapter in downtown Chicago real estate.
Well, I tried it. I have been following the news stories surrounding the opening of the new food hall, Revival, at 125 S Clark and have gotten increasingly antsy about the opening. A chance to try those neighborhood restaurants that are usually just a smidge too far out of the way? I was in.
The game plan: scout out the restaurant options before showing up so I would know exactly what to get. Show up early. Get the food, sit down long enough to take in the environment (and the food of course) and head back to work. Zip Zap Zoom.
It went only slightly according to plan: I got there early(ish). Luckily this was the line as I was leaving.
Line out the door for Revival
I strolled into the doors at 11 a.m. The outside of the building didn’t have any flashing “Revival” signs, but once inside the space, it was sensory-encompassing. Hundreds of clear, bubble-like lights suspend from the ceiling making the 24,000 SF open space feel far more intimate than a traditional food court. Different ceiling heights and textures, columns, and wooden tables made the space feel cozy and warm while still light and open.
Ambience score: 9/10
Inside Revival Food Hall
Inside Revival
As I walked further inside, the lunch rush was just starting, the lines beginning to form. I knew the restaurants that would be there–Graze Kitchenette, Danke, The Budlong (for a limited time), Aloha Poke, Brown Bag Seafood Co., Smoque BBQ, Furious Spoon, Antique Taco, Union Pizzeria, Black Dog Gelato, The Fat Shallot, and Mindy’s Hot Chocolate–but I still took about 3 laps around looking at each menu, unable to decide.
The menus are smaller than at the original locations but offer some of the fan favorites. There are enough of options, though, to give you the feel of the restaurant.
The lines stacked up quickly at the especially popular spots: Aloha Poke, Smoque BBQ, The Budlong, and Antique Taco.
Revival Food Hall line for Smoque BBQ
After some stressful last-minute line changes, I finally settled on Antique Taco. They have a location in Wicker Park that I still haven’t gotten to visit, so I was happy to see them pop up in the Loop. I jumped in line before my grumbling stomach started to out-do the overhead music.
Here’s the thing: it was the first day. I certainly didn’t expect everything to run 100% smoothly and I know there are still some wrinkles to be ironed out. That being said, I was waiting in line for about 25 minutes before I was able to order. As someone who cringes at the Chipotle lunch lines, it felt like ages.
I went with the Pork Carnitas tacos–you get two for $9–and grabbed my buzzer. About 5 minutes later, I was buzzed up to the bustling counter where I picked it up. For how quickly they move, I was impressed by the presentation. Check it out:
Pork Carnitas tacos from Antique Taco at Revival. $9
The tacos were tasty and definitely fresh–the meat sweet yet savory, a slice of avocado and bacon on each added different notes of texture, and lucky for me, it wasn’t spicy at all.
For dessert, I skipped the Bang Bang Pie Shop Key Lime Pie option at Antique Taco and headed to Black Dog Gelato for something a little different. The selection of flavors isn’t huge, but they are definitely unique; goat cheese in ice cream??
Black Dog Gelato flavors
After a few samples, I chose Pineapple Basil sorbet and Olive Oil Almond. I know how that sounds, and I admit right now that the one mistake I made was getting those two flavors together. Something about Thursday made me step out of my comfort zone, I guess.
Turns out, Olive Oil Gelato should definitely be a thing. It was smooth, creamy, and tasted a bit like French Silk Pie, in my opinion. There was a tinge of saltiness that had me teetering between “like it” and “love it” so I’ll compromise at “like it a lot”.
The Pineapple Basil flavor was light, sweet, fruity and refreshing; it reminded me of a summery Mojito. 10/10 would order again.
My only “” about Black Dog Gelato is the size, though it’s probably for my own good. This cone cost $4.25 (basically $2.00 per minute because I ate it so quickly) and wasn’t quite enough. It was a nice sweet hit after lunch, but I wouldn’t call it a destination dessert.
Black Dog Gelato small cone. $4.25
Overall, I walked out satisfied with a definite intent of returning in the future. I really like that it gives neighborhood restaurants a Loop presence. Instead of risking opening up a stand-alone location that may not get enough traffic, they are able to bundle in with some of the more well-known spots and cater to a new audience.
My takeaways:
– Get there early. By the time I was leaving around 12:15 p.m., the line stretched to Adams Street (about a block from the entrance). Of course, it was opening day and there was plenty of hubbub, but I stick by the early-arrival suggestion because…
– It’s definitely an “I have some decent time to eat lunch” place. During the lunch rush, lines will probably take about 25 minutes. Again, it was the first day, so they’re probably still shaking a few things out, but plan on being there for a while.
– Bring a friend, but not one that you want to have a serious conversation with. There is music on overhead and the curling lines that encompass the seating areas leave little room for normal talking voices or deep conversations.
– Expect to spend at least $10. That’s pretty much downtown standards now but I spent about $15 on my two tacos and small gelato cone. My companion got a Truffle BLT and a root beer for about $13.
– It’s a great spot to go when you can’t decide what hunger mood you’re in. Once the sweaty summer days have subsided and no one wants to leave the office, it’s better to be indecisive indoors. They have some very different options that can cater to any palette.
Think of Revival as a tasting menu; each restaurant is sort of a mini version of the original–just enough to give you a flavor of the real deal. Because of the array of options, and the convenience, I can definitely see more artisan food halls like this becoming increasingly popular downtown. So long, on-the-run, wilted lettuce, it’s time for lunch with a side of experience.
Revival is located at 125 S Clark and is open from 7 a.m. to 7 p.m. on weekdays. The bar stays open until 9 p.m.
Everyone is always seeking the next great thing. The first person brave enough to take a risk in a new environment is often the one who stands to profit the most. There is no industry where this is more true than real estate.
Much like the stock market, the idea is to buy low and sell high, ideally in the next gentrifying neighborhood. Over the past few decades in Chicago, there have been numerous dramatic neighborhood transformations that paid off for those willing to bet on them. For example, River North went from skid row to the one of the most sought-after office markets ever, not to mention the city’s premier entertainment destination. The West Loop and more recently, the Fulton Market district, experienced a remarkable renaissance from primarily food storage buildings to an exploding area occupied by Google, numerous restaurants and retail establishments and coming soon, McDonald’s corporate headquarters. The South Loop also deserves a mention for its robust residential growth. What neighborhood is next, you ask? My money is on Motor Row.
Located in the near south side of Chicago and proximate to McCormick Place, it is easy to see that this area oozes potential. As it currently stands, the neighborhood is relatively quiet with sporadic yet definitive signs of activity. The streets are lined with classic terra cotta architectural gems that once housed some of the largest and most prestigious automobile sales centers in Chicago. After time, the area lost its luster and has since struggled to reclaim its prominence in the city’s landscape. In recent years, however, there has been a renewed push to reinvent this neighborhood as an entertainment quarter that will service convention goers as well as South Loop residents.
Mayor Rahm Emanuel sees the Motor Row vision, too. He is intent on building up the area through tax increment financing. Approximately $65 million worth of public infrastructure projects are planned for streetscape improvements, mass transit upgrades, and an expansion of the southern end of Grant Park.
Just a couple years ago, Mayor Emanuel’s vision seemed to be coming together nicely, as some of Chicago’s most prominent restaurateurs signed letters of intent to acquire space. Hall of Fame rock band Cheap Trick intended to build a music venue and museum at 2245 South Michigan and Pressure Point Recording Studios planned a live music hall two doors down. The owner of the famed Pfister Hotel in Milwaukee entered into to letter of intent to do a boutique hotel and Teatro Zin Zanni, a Cirque du Soleil-type dinner theater company, did the same at 132 East 23rd Street. Finally, Broad Shoulders Brewing took a hard look at establishing a microbrewery and tasting room at 2337 South Michigan. Unfortunately, one by one, each of these plans have fizzled.
Even with the loss of those opportunities, though, the development patterns of River North, West Loop and South Loop offer valuable insights: Each area thrived at one time, then fell into a dilapidated state, but still maintained easily accessible locations and some desirable buildings from both an architectural and adaptive reuse standpoint. The neighborhoods benefited from being proximate to other thriving districts and as those continued to grow, developers started expanding boundaries. Shortly thereafter, property values and traffic increased substantially.
New projects have already trickled into the Motor Row area and are setting the scene for future growth. For example, the CTA’s striking new Cermak Green Line station which opened in 2015 provides easy access to the area. The hope is that the station will help the surrounding neighborhood grow rapidly, similar to the effect the Morgan Station had in the West Loop/Fulton Market neighborhood.
Additional projects under construction include a 1,200 room Marriott Marquis hotel and the McCormick Place Events Center, which will become the new home of DePaul basketball. Numerous buildings up and down Michigan Avenue are also being renovated in preparation for anticipated leasing activity.
In spite of the grand potential and recent upgrades, Motor Row is still, in some people’s minds, a pipe dream. It is very much a work in progress but with continued economic growth, a vibrant entertainment district nearby (perhaps enhanced by the much-anticipated Chicago casino?), additional residential development in the South Loop, strong convention business and neighborhood investment by the City of Chicago, the vision will start to become reality. Once the first couple of entrepreneurs roll the dice and have some success, it might just get the motors running again.
Whenever one starts a new job, there is always a utopia scenario in one’s mind about how everything should go: Sure, there could be some ups and downs at times, but generally, everything is going to be nothing but seashells and balloons. I worked so hard in college and am so prepared, nothing could possibly go wrong.
Fast forward to 20 years later, one realizes the harsh truth all too well.
Though I cannot speak for every profession, my viewpoint has certainly changed in the many years I have been a broker. Read the “rookie vs. ripened” perspectives of a landlord representative and see which one you most identify with:
A broker will email me and politely ask to see 3 spaces.
The broker will email me at 11:30 PM demanding to get into 3 spaces at 8:00 AM the next morning and will be furious if he does not receive a response by 11:33 PM.
We’ll schedule a showing for two days from now so there’s enough time to prepare and the weather forecast is 70 and sunny.
Sure, I will drop everything and accommodate your 1,000 square foot client who needs to see space immediately, even though their occupancy date is 10 months away. Oh, and by the way, thanks for dragging me out in the middle of the Polar Vortex. No problem, I love cold weather. That is why I live in Chicago.
Showing day: the broker and client show up 2 minutes early, just as I finished up prepping the space
Typical. I practically rearrange my schedule overnight, show up early and now they are running 30 minutes late, thereby causing me to be late to my next showing that was scheduled a week ago.
They loved all of the spaces, but settle on one and I receive a follow up email from the broker asking for a proposal the next day.
They hated everything. I knew it.
I present the deal to ownership and they are ecstatic that we finally have interest in this stubborn vacancy that has been challenging to lease.
Seriously, this is really the best deal we can offer.Do you have any conception of the market whatsoever?No wonder this space has been vacant for over a year.
Wow. No changes to the proposal and they’re ready for a lease.
Is this negotiation ever going to end? You received our best and final deal two proposals ago. Take it or leave it. And no, I cannot just arbitrarily change the hours of operation for the HVAC service for a 1,000 square foot tenant in a 300,000 square foot building with a central system.
The attorney looks at the lease, no changes, looks good!
This is going way too smoothly. I am sure the tenant’s attorney will practically rewrite the lease, thereby leading to the owner killing the deal or the tenant backing out because we will not agree to waive the Trial By Jury language.
A lease signed a mere 2 weeks after the point of first contact.
This lease has been out for two months. If you do not sign it by Friday, the deal is off! I really mean it this time!
The tenant sends me a dozen chocolate covered strawberries as a “thank you” for my assistance with the transaction.
It is a miracle that this lease has been signed. So glad to have you in the building. Now I can listen to your complaints about the management every time I see you. Also, thanks again for mentioning the poor elevator service during my showing the other day.
Fast forward one year: they call me saying they need more space; luckily the neighboring tenant has just moved out so the whole floor is available.
The property manager just called. The tenant is 3 months behind in the rent and a 5 day notice has been issued. Yes Mr. Owner, I know it is my fault for bringing you a bad tenant. My crystal ball must have been broken during the negotiation.
They take over the remaining 36,000 SF of space.
The sheriff should be showing up any day to kick the tenant out. Looking forward to showing the same space again!
They love that they can customize the space and send two dozen chocolate covered strawberries.
Did we really let them paint the walls pink? That will make the space so much easier to lease.
The commission check comes with expedited shipping 3 days later.
This lease was signed 6 months ago, the tenant has moved in and is paying rent. My contract says that you are supposed to pay me 30 days following lease signing. What am I missing? Would you let this tenant not pay rent and just smile and look the other way?
I’m still munching on the last chocolate covered strawberry when I decide to do a cold call… and receive a warm response. Actually they’re so glad I called, they were just thinking about moving to a larger office.
” about Black Dog Gelato is the size, though it’s probably for my own good. This cone cost $4.25 (basically $2.00 per minute because I ate it so quickly) and wasn’t quite enough. It was a nice sweet hit after lunch, but I wouldn’t call it a destination dessert.