Author Archives: Ben Azulay

Ten with Ben 030: Leasing Shifts and Market Insights with Kathleen Bertrand

Ben is joined by Kathleen Bertrand of Transwestern for a wide-ranging conversation on the current state of the Chicago office market. They reflect on their parallel 20-year careers in commercial real estate and how market cycles — and downtown activity — are shifting again. They discuss how deal momentum is returning, particularly among smaller tenants, and how Gen Z is helping fuel the shift back to in-office work. Bertrand also shares why landlord flexibility and creative deal-making are more important than ever in a high-cost, fast-moving environment.

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TRANSCRIPT:

[00:00:00] Ben: Welcome to today’s Ten With Ben Podcast about real estate in the new world and about what’s really happening out there. Here we are in Chicago. It’s the end of April. And I think everybody can agree that we’re ready for spring to come. Goodbye cold. Hello Spring. Our market’s been fairly active, which makes the wintertime go by a little bit quicker, but cold is still cold.

[00:00:44] I’m really excited about today’s show. I’ve got, Kathleen Bertrand with me, an amazing broker from Transwestern and a friend of mine that i’m so excited for you to be here. Thank you. Welcome to the show.

[00:00:58] Kathleen: Kathleen. Thanks so [00:01:00] much. I’m glad to be here. Glad to be at the table.

[00:01:02] Ben: Yep. Kathleen, before we jump in, why don’t you tell our listeners just a little bit about yourself, how you got into real estate and just.

[00:01:12] Kathleen: Thank you. That drives you . thank you. Thanks so much. again, so glad to be here. I just celebrated my 20th anniversary in the industry in February, so 20, I would say. But for. 2020, 2021 and 2022. It’s gone really fast.

[00:01:32] Ben: Yeah.

[00:01:32] Kathleen: So those were the slow years. I’m originally from Chicago. I was raised here in the suburbs.

[00:01:37] I live in Lincoln Park. So my life, my personal life is in Chicago. My business life is exclusively in office, downtown office buildings. My. Our portfolio at Transwestern, all of my business. So you could say that my entire financial future is tied to the success of this city.

[00:01:57] Ben: Awesome. And you have a dog in Chicago too, right?

[00:01:59] Kathleen: I have two.

[00:01:59] Ben: [00:02:00] Two!

[00:02:00] Kathleen: Yep. I’ve got two rescues, so it matters to me. Keeps me busy. Yep.

[00:02:05] Ben: For me, actually, what you say, like 20 years, it’s crazy, right? So I’ve been here also a little bit over 20 years. We came in really at the same time. It must have been like within, I don’t know. I started. 2004 . march of 2004. So maybe a year before you.

[00:02:22] Kathleen: That’s funny. I would’ve thought at the time that you had been in several years ahead of me, because I really did, when I started I felt so green and we did a deal together in 2005. . And I, admittedly was tiptoeing through it, trying not to make any mistakes, do everything right but I often think of that.

[00:02:44] Ben: Yeah. that’s what’s great about it, right?

[00:02:47] Kathleen: Yes.

[00:02:47] Ben: We did grow up together.

[00:02:48] Kathleen: Yes,

[00:02:49] Ben: We did deals together. And that’s what bla I have, friends of mine on the show. It just, it’s fun.

[00:02:55] Kathleen: Yeah.

[00:02:55] Ben: Because we could reminisce.

[00:02:56] Kathleen: Probably a good energy.

[00:02:57] Ben: Yeah.

[00:02:57] We could reminisce about those days and I actually [00:03:00] remember, I remember Michigan Plaza, of course. And, we did a few deals and we’ve done a few more.

[00:03:07] Kathleen: Hopefully more to come!

[00:03:08] Ben: And more to come. Anyhow, as we jump in. How are you feeling about the market right now?

[00:03:13] Kathleen: So like any broker, I probably have a little bit of up and down. I try to keep it steady, of course, but really nice 2024. Market itself was going in the right direction. My business went in the right direction. So 2025 was still some of that wrapping up. Yep. Closing, also kicking off the construction projects and moving and all that.

[00:03:36] Excitement. Coming from ’24, bleeding into ’25. I, think that the third and fourth quarters will actually prove more productive than one and two. But in just looking at our numbers from first quarter, we’re, going in the right direction. So we still have some negative absorption, but from fourth quarter.

[00:03:59] [00:04:00] In 2024, it’s significantly less. So we’re definitely, there’s some good momentum.

[00:04:05] Ben: Yeah. that’s good. We in the brokerage business love momentum.

[00:04:09] Kathleen: Yes.

[00:04:10] Yes.

[00:04:10] Ben: Deals get deals.

[00:04:12] But, I was thinking, just randomly bumping into the street yesterday morning and I looked around and I was like, there’s people coming off the train, people coming, actually someone stopped me, that I work with and was like, Ben, stop for a second. look, around, and there were, There were seemingly a lot of people Yes. At nine o’clock in the morning, which, going back even a year ago, I don’t think we could say that.

[00:04:37] Kathleen: So meaningful.

[00:04:39] The city is, its people, right? We’re a gorgeous city. With gorgeous architecture, but every city is, its people and having people walk around on the sidewalks and out for lunch and supporting our retail in the loop, and even those mass amounts of people that come off the trains and you see them coming down and hitting Wacker Drive.

[00:04:56] It’s exciting.

[00:04:56] Ben: Yep. And I think that leads into business too, right? [00:05:00] Where companies are really thinking about the real estate strategies, how much space they’re taking, where they’re taking space, and how important it is. for a while we were hearing this. I don’t talk about Covid.

[00:05:10] Okay. Coming out of that, that time. Yes. for a while we were just hearing oh, you know what, we don’t need an office. And, we’ve got hybrid work and it’s so great. And I think that everyone’s taking a step back now and saying is it really that great?

[00:05:26] I’m sure you, I’m sure you read as did I yesterday about, Intel saying your people have to be back for four days a week.

[00:05:34] Kathleen: Yes.

[00:05:34] Ben: And some of these other companies where, It’s happening. And I even, I read an article yesterday that this, surprised me a little bit and I’ve been preaching this for a long time. So it validated what I was saying is that Gen Z is driving some of this great, a lot of these younger, new people that are coming into the workforce, they do not wanna work at home.

[00:05:56] Kathleen: And it makes sense.

[00:05:57] Ben: And from a company standpoint, they have to adapt [00:06:00] to that.

[00:06:00] Because they’re our future.

[00:06:02] Kathleen: Yeah. They’re our future. And when you think about it, all of us, when we come through that time, we’re coming up in the business. When you go into the office, that’s where you make so many friends, you have so many experiences in the city. Some people meet their partners and date within their industry. And that’s so important in creating that culture in addition to just supporting how important it is to build your business and learn how to be a professional and learn from people that are adjacent to you, but also above you. Yep,

[00:06:34] Ben: And it’s, crucial. that’s all right.

[00:06:37] So it brings me back to this idea of I’m excited there’s some good momentum. I haven’t looked at the numbers, and, I’m sure you can probably validate this, ’cause you’ve got, I don’t know how many square feet that you oversee personally and as part of your team.

[00:06:53] But there’s no doubt that transaction volume is up. Again, correct me if I’m [00:07:00] wrong. But you look at probably, number of tours and folks calling and asking about space.

[00:07:07] Kathleen: Yes.

[00:07:09] Ben: It’s up.

[00:07:09] There’s no doubt about it and so that, I think that in itself like really helps business.

[00:07:14] Kathleen: Yes. Also, to everything that you said I agree with but I will piggyback on that and point out, in ’24 in the years leading up to that, we still were seeing pretty significant contraction.

[00:07:26] Ben: Yep.

[00:07:27] Kathleen: And so I wouldn’t say there’s a sweeping change, but we are seeing a trend of the contractions. Dissipating. And now we’re starting to really see not just renewals or relocations, but expansions so on large deals. Which are so important, but also the smaller deals. Leasing velocity is so great.

[00:07:48] So for every deal that you do over a hundred thousand feet, you’re doing a hundred deals that are under 20,000 feet or more. Actually, it’s probably more than that. [00:08:00] but seeing that expansion, seeing those expansions and experiencing that is really good for our city. It’s good for our market.

[00:08:07] Ben: Yeah. We’ve seen that even a number of groups that had taken space, in the last four or five years, or even a year ago, that they’re now needing some more space, which, again, even a few years ago, it was like. Space. Are you kidding me? And so that’s all real. And that where like from a broker standpoint, from a tenant side, we start thinking about like, all right, like we have to make sure that we’re getting those options built in to leases so that, if there’s an adjacency, at least we want some sort of right to it. I gotta geek out about some of it because it’s exciting. It feels good when I go outside, like I’m not the only one on the street. And so all that is good. So I know you have a lot of, you represent a number of buildings in the Central Loop.

[00:08:49] Kathleen: I do.

[00:08:49] Ben: I get probably asked about Central Loop pretty often. Especially oh, when’s Google opening? What’s going on with that building? What is going on in the Central Loop right now for you?

[00:08:59] Kathleen: [00:09:00] We always talk about the trends and it’s legit the trend of Wacker Drive, north and south and the leasing velocity that’s happening in that area is very true and it’s the driver of our market.

[00:09:12] We are seeing leasing velocity in the Central Loop. so I represent buildings in the North Central Loop closer to the river, as well as deeper into the South Central loop. I know it makes it sound really tough. Last year I closed probably 325,000 and 330,000 square feet in the Central Loop and that’s just me. So it’s happening. There’s a value play there, especially with landlords that are able to transact and who are financially stable. It is the center of the city. So if you have a demographic of employees coming from city areas. It’s easy to get to.

[00:09:51] That is meaningful. If you’re gonna bring them back, let’s make it easy for them to get to. But with that said, the Google project and [00:10:00] also I’ll pair that with, JP Morgan Chase. So these are really exciting. Thompson Center is amazing. If anybody wants to walk past it, check it out. It’s super cool what’s going on over there.

[00:10:11] There will also be improvements to the public transportation and it needs to happen. That definitely needs to happen. It definitely needs to happen.

[00:10:19] Ben: So someone was asking me about that the other day. They’re like, you know how, is the transit system? And they were they were the, question was also geared, there’s someone from New York.

[00:10:29] It was geared to, our cities are so much different. Everyone’s back in New York and it feels really good and, he was saying that, Chicago, there’s a number of things that are happening here. And he was just saying that New York was better.

[00:10:44] And I was like, I don’t know. I said, I take the train. Actually, I started taking the train a little bit more recently.

[00:10:49] Kathleen: Yeah. Good for you.

[00:10:50] Ben: ‘Cause of what’s going on the Kennedy. And I said, you know what? It sometimes smells right? It could be cleaner but then I said at the same [00:11:00] time but I walked down streets of New York and it pretty much smells like pot everywhere.

[00:11:04] So what’s the difference? I was like, it is what it is. But yeah, I think that to your point, that, it does need an upgrade though. Like when people come, it needs some attention. People come to our city like you wanna put your best foot forward and if you’re taking public transit, it’s tough.

[00:11:20] Kathleen: So the inside of the Google, inside of Thompson Center, Google, I think that’s part of their project, will do that inside. And there it was an article that came out, it was like a $10, $12 million investment that’ll go into the train station there and cleaning that up. So I think that’s great. And then Chase Tower doubling down, recommitting to the building, renovating that the work is there. The scaffold, it’s not scaffolding, but like the barriers are up. Closing down that McDonald’s, I think all of that’s gonna be renovated.

[00:11:50] That’s hundreds, thousands of employees that are coming back. And so I think that is so important to have those two kind of nice anchors. And there’s more. But those are the [00:12:00] big significant ones. And, it will really help revitalize that area too.

[00:12:05] Ben: Yeah. That’s exciting.

[00:12:06] I think it’s all part of the, just the, I guess if there’s a master plan, right? But when you get Google to commit to something like that, everyone talks about it. So I remember even, it’s already been, I guess at least a couple years, where we’re like, yeah.

[00:12:21] That’s not till ’26, right? It’s hard to believe. And you said it like 20 years just flies by. ’26 is gonna be here. I’m like. Whoa. It’s like you gotta take a step back sometimes and just appreciate that. Even it’s a roller coaster, I think, for those that don’t know what we do.

[00:12:41] It’s a roller coaster, It’s up, it’s down. You gotta ride up, you gotta ride the wave. But at the same time, like just finding some consistency and knowing that, I think for you, right? You, represent a bunch of space and understanding that you doing your fundamentals and you’re like exactly doing what [00:13:00] you need to be doing that.

[00:13:02] People are gonna come to the building. Companies are gonna come to the building. And, you’re gonna get some deals done.

[00:13:08] Kathleen: Yeah. Position your product well, and like you said, fundamentals,

[00:13:12] Ben: Some of that represents a lot of landlords. Have you seen any changes in the deal terms?

[00:13:19] Even in the last six, 12 months from, you know what I’m gonna call the post COVID, crazy concession packages or would you say that maybe it’s even, things are getting a little bit more, even higher concession packages and caveat that with. construction prices are high.

[00:13:40] Like how do most landlords wrap their heads around that? Because in my view, sorry, I know I’m just rambling here, but in my view, like construction prices aren’t gonna go down.

[00:13:51] Kathleen: How do you deal with that? How do you make deals make sense? Every ownership is a little bit different.

[00:13:55] Whether it’s their stability, their funding, what they owe their mortgages. [00:14:00] Understanding all of that. So I’m gonna make some kind of sweeping generalizations. I would say that building owners, like any business owner has experienced at one time or another, or continuously fatigue.

[00:14:11] Because it’s difficult to justify to perhaps their investors on why these concessions feel like they have ticked up, and we can point to construction pricing, which is very valid and meaningful and true. That our pricing to build spec suites to turnkey, to improve corridors and washrooms.

[00:14:36] There’s all that behind the scenes that also has to happen. Demolition. All of these costs have gone up and at some point a deal isn’t going to make sense, just financially it’s not. Now, there’s a lot of reasons why you might do a deal that is maybe somewhat closer to a zero return or perhaps even negative, but that can’t be the norm in a building ’cause it’s [00:15:00] just not a creative to the building, of the value of the building.

[00:15:03] Ben: Every owner owns it to make some money.

[00:15:05] Kathleen: At some point there’s an exit plan and so those deals need to make sense. So what I always recommend to my clients is to just stay nimble, keep an open mind. There’s going to be some creativity coming across your desk and how to get some of these deals done.

[00:15:27] This is how brokers on both sides of the table work together to keep deals moving forward and ownerships that do that. The nimble creativity, responsiveness, you and I have talked about that, how important that is. those are the winners.

[00:15:43] Ben: I love that, I love how you said that.

[00:15:44] Keep an open mind, Because not everything fits into, to this same box anymore. I would say even nothing fits in the same box. And so if that’s all you can see, it’s harder to get deals done in this environment because I know , I’m probably calling you every so often saying, “Hey, I [00:16:00] got something.”

[00:16:01] Like it’s, a little bit different. But, is this a deal that you know you can do?

[00:16:07] Kathleen: Yes.

[00:16:08] Ben: That’s the thing, the ones that, the owners that are really able to like, call it, it’s not even so much as think out of a box, but just understand that they’re not all the same.

[00:16:18] Kathleen: Yes.

[00:16:18] Ben: And are the ones that are really doing well in this market.

[00:16:21] Kathleen: Yes. And these owners are sophisticated. They know what they’re doing. so these are pension funds, these are insurance. These, this is family money they can own in Chicago and nationally. so they know what they need to do in order to add value to their buildings.

[00:16:37] . But still staying open-minded on what the goals are, the goals to drive leasing velocity, then yes, sometimes maybe you would take a few hits. Yep. And that’s just the nature of the aggressive environment that we have here in Chicago.

[00:16:53] Ben: Yep. This has been a great market discussion actually.

[00:16:57] It’s been really fun.

[00:16:59] Kathleen: Yeah. Thank you.

[00:16:59] Ben: The nice [00:17:00] thing is that there’s a lot to talk about, right? I think that we could probably be sitting here for three hours, but everyone gets sick of listening to us. But, no, this has been great. You really, thanks so much for, thank you for being on the show and, joining and, expressing your, your, knowledge and your just, your.

[00:17:21] Your acumen and brokerage. So thank you.

[00:17:23] Kathleen: Appreciate it. First podcast. So thank you. It’s been a lot of fun.

[00:17:29] Ben: That’s gonna do it for us today. Thanks so much for joining this episode of Ten with Ben. If you have any questions, you wanna reach out to me, I can be reached at (773) 562-5263 or at bazulay@bradfordallen.com, B-A-Z-U-L-A-Y at B-R-A-D-F-O-R-D-A-L-L-E-N .com. Thanks again, and until next time, be safe.

 

Ten with Ben 029: Deals, Demand, & the Office Market Rebound

Ben is back with another episode of Ten with Ben, exploring the recent momentum in the commercial real estate market. Leasing velocity is up, transaction volume is rising, and distressed assets that once seemed stagnant are now trading hands. Post-election stability and renewed business confidence have fueled this shift, as companies gain clarity on their long-term office strategies. The return-to-office movement is no longer just a talking point with many firms solidifying in-person work policies, with some even requiring five-day attendance. Landlords are responding by enhancing assets with premium amenities to attract and retain tenants. As deal flow accelerates, the market is demonstrating greater resilience than many anticipated—particularly in Chicago, where leasing and investment activities showcase a revived sense of optimism.


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Ten with Ben 028: Reflecting on 2024 and Optimism for 2025

On this episode of Ten with Ben, Justin Kessler, Nathan Meissner, and Lauryn Sussman join Ben to reflect on a productive 2024 for the tenant rep team at Bradford Allen. The team discusses the uptick in tenant activity, surprising stability in office space needs, and the late-year momentum in deal-making. They also highlight how flexibility from ownership groups has created opportunities for tenants despite market challenges. Looking ahead to 2025, the team shares their optimism for continued market growth and new opportunities as the market adapts.



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Ten with Ben 027: Market Shifts and Opportunities

In the latest episode of Ten with Ben, Ben Azulay reflects on the year so far, highlighting consistent deal flow and how companies are renegotiating leases to take advantage of current market conditions. He discusses the recovery of distressed properties, with lenders and landlords working out solutions, and questions the real value of amenities in office buildings. Looking ahead, Ben is monitoring how these trends will shape the market through the end of 2024 and into 2025.



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Ten with Ben 026: Meet Aghfar Arun

In the latest episode of Ten with Ben, Ben Azulay dives into the world of hotel real estate with Aghfar Arun, Director, Hospitality at Bradford Allen. Aghfar discusses his journey into hospitality and the intricacies of acquiring hotel properties, emphasizing the importance of brand affiliation with major players like Hilton and Marriott. He also explores the specialized challenges of converting properties in the hotel sector compared to other real estate markets. The conversation also touches on the impact of the pandemic on operations and the disruption introduced by competitive platforms like Airbnb.



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Ten with Ben 025: Meet Jimmy Sarnoff

In the latest episode of Ten with Ben, Ben welcomes Jimmy Sarnoff, Managing Partner at Sarnoff & Baccash, to discuss the intricacies of property taxation in Chicago. They dive into how recent changes by the City’s Assessor have impacted property assessments and taxes, particularly highlighting the triennial reassessment cycle and various tax-saving strategies. Jimmy offers insights on leveraging property tax incentives for commercial and residential developments, and the potential benefits of converting commercial properties to residential to revitalize Chicago’s LaSalle Street. This episode provides crucial advice for navigating the complex landscape of property taxes and making informed real estate investment decisions in Chicago.



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Ten with Ben 024: Meet Aaron Letzeiser

This episode of Ten with Ben features Aaron Letzeiser, co-founder of Obie, who discusses the innovative ways his company is simplifying the insurance process for real estate investors and owners. Aaron shares insights on how Obie leverages technology to offer rates instantly and provide transparent insurance options, making the process more manageable and empowering for investors. Aaron’s journey from selling insurance in college to revolutionizing the insurance buying experience for real estate investors highlights the episode’s theme of innovation and adaptation in the real estate world.


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Ten with Ben 023: Work Family

In this special episode of Ten with Ben Ben is joined by Justin Kessler, Nathan Meisner, and Lauryn Sussman for a compelling conversation on their unique team dynamics and experiences in real estate. The episode focuses on the team’s strong bond as they navigate various aspects of the industry together. Justin shares insights from a notable microbrewery deal, while Nathan reflects on adapting strategies during the pandemic and Lauren speaks to her development within the team’s nurturing environment. Together, they offer an optimistic but cautious outlook of the market headed into 2024. The episode wraps up with a friendly and insightful discussion, illustrating the team’s camaraderie and collective expertise.


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Ten with Ben 022: Opportunities in the Market

Ten with Ben is back to showcase the “power of the ask.” Today’s market is all about seizing opportunities through creative negotiation. Current conditions present unique opportunities for tenants to renegotiate leases and for landlords to showcase their financial stability as a major strength. Ben offers actionable insight to both tenants and landlords on how to navigate the market effectively, from securing favorable lease terms to arranging unexpected perks.

This week, Ben gets candid about the lessons he’s learned over twenty years in real estate—and how the best advice always transcends the business. As a proud American Jew, Ben also reminds us to check in on Jewish friends and colleagues as fallout from the war in Israel continues to be felt around the world. Be present for one another—we are in this together.

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Ten with Ben 021: Wrapping Up Q3 2023

In this week’s episode, Ben reflects on his two-decade-long journey as a tenant rep broker, shares current market conditions, and identifies recent challenges the industry is facing. From the bustling Fulton Market district to new activity throughout the Loop, get an expert view on what’s shaping Chicago’s office landscape. Post-pandemic, the deals may be smaller, but leases are being signed. Ben also touches on the perseverance of brokers, the importance of location to tenants, and just what makes Chicago such a dynamic and resilient city.


In the wake of the unprecedented terrorist attack that ignited war in Israel, we recognize this is a time of immeasurable grief and hardship for many around the world. Ben begins this week’s podcast expressing his feelings with an open discussion about his connection to Israel.

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Ten with Ben 020: Brian Dovalovsky, Asset Management

In our latest Ten with Ben, we catch up with Bradford Allen’s Brian Dovalovsky (Senior Managing Director, Asset Management). Drawing from years of industry experience, Brian brings a depth of knowledge from every facet of the real estate cycle.

Get insight into the critical role of asset managers in closing deals, learn what office users are looking for in the current market, and see how some owners are better positioned to accommodate those needs. Highlighting the importance of furnished, turnkey space and easing the leasing process for potential tenants, Brian shares his take on the key differentiators of high-performing office buildings post-pandemic.

Watch the video below for more—including why the next 18 months could bring big change to the leasing landscape.

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Download the full transcript.

 

Ten with Ben 019: Meet Rob Healy

In our latest Ten with Ben, we sit down with longtime property manager Rob Healy, Vice President and General Manager at CIM Group, L.P. to discuss the vital role of property management and why they’re too often an unsung hero in getting deals done. As a former property manager at the BMO Harris Bank building, Rob also shares his thoughts on the planned revitalization of LaSalle Street and the challenges of redeveloping its infrastructure for multifamily. Catch the full show to learn more about Rob and hear his take on current trends and market conditions:


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Ten with Ben 018: State of the Market

In our latest Ten with Ben, we sit down with BA’s own Dan Fernitz and Justin Kessler to discuss the state of the market. What were the big trends in 2022? Will they carry over to 2023? What’s next for the flight-to-quality, the return-to-office, supercharged amenities, suburbs vs downtown, foreclosures, and distress. With over a century’s worth of cumulative market knowledge at the table, the conversation was wide-ranging, well-informed, and chock full of insights.


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Ten With Ben 017: Meet Eric Janssen

This week on Ten with Ben, we meet with Eric Janssen, president and founder of Chicago Real Estate Resources (CRER), a full-service commercial real estate firm with a focus on investment, retail, and office leasing and a fellow Chicago affiliate of TCN. Eric is an award-winning and well-traveled real estate professional with a multitude of diverse experiences under his belt and has been working in the Chicago market for over three decades. Expertly weathering the challenges in today’s market, Eric’s optimism encourages his brokers to adapt to the changes and persevere, noting “it always comes back.”


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Client Success Story: Lindsay, Pickett & Postel, LLC

Lindsay, Pickett & Postel, LLC (LPP) was occupying two separate offices in the same building and wanted to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light. Bradford Allen identified suitable options, negotiated hard for client-friendly terms, and provided a solution for the client to sublease its existing spaces.

Watch the video to hear Managing Partner Christopher J. Pickett discuss working with the Azulay Team at Bradford Allen’s Tenant Representation Practice.

 

Ten with Ben 016: “Meet Ross Ford”

On Ten With Ben, we regularly speak with experts in their respective fields, but rarely has a guest come with such an immense amount of market knowledge. Ross Ford is a fourth-generation commercial real estate professional. And with nearly a quarter-century at the helm of TCN Worldwide, a consortium of independent commercial real estate firms, Ross has seen the ups and downs of several market cycles across every real estate segment. One lesson that holds true across time is that real estate is a “business of the moment.”

And in this particular moment–full of uncertainty and disruption and opportunity—the value of a professional broker/agent has never higher. We were excited to sit down with Ross and get his perspectives on the state of current market. We always learn something new and valuable speaking with Ross, and we know you will too.


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Ten with Ben 015: “Meet Michelle Jones”

Today we are joined by Michelle Jones, Director of Interiors at Shive-Hattery. With over 20 years’ design experience, Michelle has always been driven by creating something new and bringing it to life — the office is an art form. With so many facets, there is always something to be learned throughout each project while staying on top of trends.

But in today’s ever-changing world, the biggest question seems to be, “how do we do the next project better?” Bringing an architect in from the beginning of your project is the best place to start. In order to create a true collaboration among office tenant and architect, timing is key. Even while touring space, Michelle suggests bringing your architect along to provide critical feedback and visionary tools to provide crucial elements in a thoughtful vision for your workplace.

It’s clear that the office is here to stay, so how do you build a space when you don’t know what the next five years will look like? Are there best practices for tenants to follow?

Michelle’s advice: start with asking how you’re going to use your space.


Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

 

Ten with Ben 014: “Industrial Real Estate w/Ronan Remandaban”

There are no two ways about it—the industrial real estate market is on fire. It’s been the leading sector for a couple of years, owing to the pandemic and supply chain disruptions. Logistics have shifted from just-in-time to just-in-case, driving demand for localized warehousing and manufacturing space. Vacancy rates are at all-time lows, cap rates have plunged to low single digits, rents and construction costs are growing at a record-setting pace.

To understand these rapid changes and see where the industrial market can go from here, TWB sat down with Ronan Remandaban, Executive Managing Director and Industrial Market Leader at Bradford Allen. Ronan is a tech-savvy professional whose career has been dedicated to the industrial segment. He’s seen every type of deal and development over the course his 20 years in the business.

The current environment is all about being adaptive, whether that’s repurposing property or moving fast on transactions. Join us as Ronan and Ben discuss how we got here and what’s next for the industrial sector of commercial real estate.

 

Ten with Ben 013: “Meet Aaron Zaretsky”

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.


Prefer the audio? Download the MP3 or stream from your favorite podcast provider.

 

Ten with Ben 012: “Meet Tim Brigham”

In our latest episode, Ben sits down with Tim Brigham, all-star mortgage broker and BA client. With a competitive spirit and laser-sharp focus on his customer’s needs, Tim’s found a winning combination for success in real estate, and in life. In addition to managing Union Home Mortgage’s Chicago office, Tim runs the Superhero Collective, a non-profit that brings comic-book heroes to life for children’s hospitals all around Chicago.

Whether he’s swapping a business suit for a batsuit or locking-in fixed-rate financing for a new family’s first home, Tim’s authentic passion for people resonates with his customers and with us.


Prefer the audio? Download the MP3 or stream from your favorite podcast provider.

 

Ten with Ben 011: “Welcoming Laurence Elbaum, Co-Founder of Bradford Allen”

With 30 years of experience in commercial real estate, today’s guest knows what the fundamentals of the business are all about. Meet Laurence Elbaum, Principal and Co-Founder of Bradford Allen.

When he began Bradford Allen with business partner Jeffrey Bernstein in 2003, he was certain of just one thing: BA would succeed, because failure was not an option. That mindset has translated into a philosophy that continues to drive the firm today. Listen in as Larry explains why technology will not replace the ground work involved in CRE, the importance of knowing the value of a dollar for your client, and how our investment strategy changed during the course of the pandemic.

As BA’s suburban portfolio grows, the comparisons to downtown become more prevalent. While Chicago’s Loop has not seen the same return to work as many suburban buildings, Larry speculates that new changes will come as Gen Z’s presence emerges within the work force.

 

Ten with Ben 010: “Meet Joel Berger”

In this episode, Ben takes to the Chicago suburbs and sits down with suburban Senior Managing Director Joel Berger. Having been responsible for Bradford Allen’s suburban market presence for over fifteen years, Joel’s market knowledge is vast and insightful!

We begin by getting to know Joel before diving into a look at how the Chicago suburbs became the rapidly growing market we know today. Joel shares the invaluable lessons he’s learned over the years, outlines the lasting impact of the pandemic, and offers his view of the market’s trajectory in a post-Covid world.

Listen to the show below to get to know Joel Berger, learn more about the Chicago suburban market, and even hear his take on why the Chicago Bears are missing out!

 

Ten with Ben 009: “Meet Andy DeMoss”

We’re back with another special guest in today’s Ten with Ben: Andy DeMoss, the firm’s lead downtown agency broker. Having known each other for over a decade, Ben and Andy discuss the past, present, and future of the Chicago market.

Listen as they explore the importance of communication between landlords and tenants, what improvements landlords have been making to keep their buildings relevant, and the heavy concession packages tenants have been acquiring.

Although a vaccine doesn’t mean we’re out of the woods yet, the two have seen enough through the years to keep them excited and driving Chicago’s commercial real estate forward.

 

Ten with Ben 008: “What If’s”

“Is today the day we return to pre-pandemic days?”

If you’re like Ben, this has been a question you’ve asked yourself more than once over the past year. The what if’s keep us guessing as to what could have happened and what may happen next.

This week, Ten with Ben is back to bring some insight into how office leasing has changed due to the pandemic. Ben answers questions like: “Would deal terms be the same if the pandemic never happened?”

Negotiating deals in the current environment is giving tenants incentives like how they can use their tenant allowance and rent abatement. The market will continue this way for a while, potentially through 2023, and one thing is clear — it is essential to take advantage of the current situation and capture the savings of this moment in time.


 

Ten with Ben 007: “Forecasting 2021”

Ben is back, and like most of us, he’s ready to leave 2020 in the rearview mirror! Kick off the new year with Episode 007 of Ten with Ben.

We all hope 2021 will bring lots of excitement, but like Ben says, even after 20 years in the industry, “You just never know!” Listen as he discusses the differences between speculation and reality, why there is no doubt companies will come back to the office (eventually), and what “pent-up demand” means. Even after the COVID-19 vaccine is widely available, it won’t just be like flipping a switch getting back to our normal routines. Office schedules will still vary through at least the next 18 months.

The year will bring uncertainty, but more importantly, it will bring evaluation and opportunities to both landlords and tenants.


 

Ten with Ben 006: “The Amenities Arms Race”

A brand-new Ten with Ben has arrived, and today we’re talking building amenities. Listen as Ben compares the latest and greatest benefits available to office tenants. Buildings are working harder than ever to give employees a balance that incorporates work, health, and wellness. The days of a coffee pot being your only work perk are over. Now, most Class A buildings have an onsite café or food service, but it doesn’t stop there.

Ben discusses the significance of fitness centers, bike rooms, conferencing facilities, outdoor space, private decks, and tenant lounges — but most importantly: how it all fits into tenant costs.


 

Ten with Ben 005: “Listener Q&A”

This week, Ben is taking on listener questions to give his feedback on the CRE market and occupancy trends. Ben shares how companies can benefit through landlords cutting rental rates and buildout costs in addition to sublease spaces coming to the market in mass. Taking a look at your lease now will help you evaluate your needs when you’re ready to renegotiate.

How will the Chicago market look in five years? Are the aftereffects of COVID-19 going to change things indefinitely? Listen as Ben walks us through the office footprint of the future.

Lastly, we’re focusing on the positives to come from the past seven months — learning to prioritize, finding a work-life balance, and increasing efficiency throughout your workday.

 

Ten with Ben 004: “Meet Justin Kessler”

We’re back with a special guest in today’s Ten with Ben: Justin Kessler, Ben’s business partner. Ben and Justin explore thoughts on commercial real estate, COVID-19, and takeaways on working from home.

Listen as they discuss the importance of a tenant rep broker’s role with their clients and how engaging now — even if you aren’t ready to make decisions today — will set you up for success down the road.

While the return to work looks different for everyone, we all need to be safe, smart, and respectful in the workplace. Many continue to work from home and remain productive, but are there lost opportunities staying virtual?

 

Ten with Ben 003: “Exploring Your Lease Options”

Ben Azulay is back in this week’s Ten with Ben, diving into real estate in the new world. This week, he is focused on lease options and explains why a tenant may want to consider renewal, termination, or expansion options in their lease. Learn why these decisions are crucial for tenants, and why landlords may be hesitant to provide these options based on the market. And, what about possible signage or relocation options?

Listen as Ben discusses the importance, now more than ever, for leases to have flexibility — as well as protection — when tenants are moving into a new space.

 

Ten with Ben 002: “Negotiating Leases During Covid”

Ben Azulay is back in this week’s ­Ten with Ben to continue exploring leases in the “new world.” Many companies haven’t committed to a return date to the office, and it’s brought uncertainty to the market. There will be both temporary and permanent changes in the way we operate moving forward, but how will it affect your lease? Is now the time to renegotiate? If you have a lease expiration coming this year or next, you should be considering the options available to you.

Listen as Ben explains how we’ll be monitoring the market in the months to come to ensure we can position tenants in the space they need with a lease that’s right for them.

 

Ten with Ben Pilot: “Subleases”

In the debut episode of Ten with Ben, Bradford Allen’s own Ben Azulay (Principal & Executive Managing Director), discusses commercial real estate in a COVID-19 world. Cities are reopening, but a “new normal” is upon us. So what does that mean for you and your space? If you’re utilizing less of it — or none at all — a sublease might be the ideal solution to shed unused space and save valuable capital in the months ahead.
 
Listen as Ben walks us though the basics of subleases, where we’re seeing them pop up in the local market, and why they’re a great value play for tenants — a plug-and-play solution that’s ready to go and priced below market.