Real estate is a relationship business, but it’s not often you get to work with a lifelong friend. In this Ten With Ben episode we’re joined by Aaron Zaretsky, Leasing Director at Urban Innovations, an integrated real estate development company. Aaron’s path crossed with Ben’s more than 40 years ago, decades before either had closed a lease deal.
As these long-time friends catch up on the state of the market, Ben and Aaron discuss the importance of nurturing long-term relationships with clients. People have good memories, so how you treat them matters, especially when it comes to big moments like leasing office space. It may be an everyday experience for a broker, but not for most business owners.
And the relationship-building doesn’t end when the lease is signed. Being present for all stages of your client’s growth and being a trusted, ever-present partner are the foundations for success in commercial real estate, and in business in general.
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In our previous Office Pulse, we challenged the conventional view that the suburban Chicago office market was suffering from record-high vacancy rates brought on by the pandemic. In this follow-up, we set out to examine Chicago’s central business district (CBD) office market using a similar methodology to understand how the pandemic affected longer-term occupancy trends downtown. Chicago tenants are at a crossroads, and the data clearly reveal how Covid-19 caused a new disruption in the CBD.
Read on to find out more
Chicagoland’s prominence as a logistics and industrial hub benefits residents, employees, landlords, and tax authorities alike. It brings jobs, goods, new commerce, and tax revenues to the metropolitan area. However, the real estate and infrastructure supporting these industries are spread over multiple counties and across tax jurisdictions. To level the property tax playing field, Cook County offers a tax incentive program. Class 6B allows eligible Cook County industrial properties to apply for a reduced assessment level—from 25% fair market value down to 10% fair market value—which is meant “to attract new industry, stimulate expansion and retention of existing industry, and increase employment opportunities.”
To make sense of this incentive program and learn how to apply it in today’s real estate environment, Bradford Allen’s Ronan Remandaban, Executive Managing Director and Industrial Market Leader, sat down with tax and zoning expert Fred Agustin, attorney at Maurides, Foley, Tabangay, Turner, & Agustin. Fred explains what 6B status is, how to qualify, and discusses with Ronan the merits and best practices of the program. Join us for a timely and practical discussion about minimizing your tax liability in Cook County.