World Business Chicago tracks indicators from month to month to gauge the strength of several aspects of Chicago’s regional economy, including employment in major sectors, residential and office real estate data, price and purchasing indexes, rail carloads, and auto and truck sales. Key trends evident in this month’s (Dec 2010) “By The Numbers” include:
• The regional preliminary unemployment rate dropped to 8.7% in December 2010 before seasonal adjustment, nearly two full percentage points below the December 2009 rate of 10.6%.
• The Chicago Purchasing Managers Index (“Chicago Business Barometer”), a monthly index tracking manufacturing activity based on surveys of purchasing managers, increased in December 2010 to a value of 66.8; this is nearly 8 points higher than the December 2009 and is nearly 5 points higher than the November 2010 value.
• The Chicago Midwest Manufacturing Index, a monthly index tracking manufacturing activity, also rose in December 2010 to 81.5 (from 75.2 in December 2009).
• The December 2010 Architecture Billings Index (ABI) was 54.2, indicating an increase in demand for design services, which can be a positive prediction of future construction activity.
Monday, February 28, 2011
Thursday, February 3, 2011
How to get a great deal on your office lease
Now is a great time to dust off your lease and review the possibilities. Here are a few suggestions:
Start Now. There has never been a better time to be a tenant in the market. Even if you have several years left on your lease, some landlords are willing to negotiate better current terms in exchange for a longer commitment, better known as the blend and extend strategy.
Determine your space utilization for as long as practical. The longer you can lock in today's rates, the more money you'll save over the term.
Love a particular building? Find out the landlord's current financial status - they may not be able to finance your deal especially if the space requires significant work.
Government incentives? Incentives from state and local governments may be available to subsidize your deal costs (i.e. TIF funds), especially if you are considering relocating. Explore the opportunities.
Hire a broker. You will get a better deal working with a broker that is familiar with the current market and concessions. The best part is that you usually don't even pay for it (the landlord does). One of the few no brainers left in business.
Call us - we are happy to review your lease and provide some insights.
Start Now. There has never been a better time to be a tenant in the market. Even if you have several years left on your lease, some landlords are willing to negotiate better current terms in exchange for a longer commitment, better known as the blend and extend strategy.
Determine your space utilization for as long as practical. The longer you can lock in today's rates, the more money you'll save over the term.
Love a particular building? Find out the landlord's current financial status - they may not be able to finance your deal especially if the space requires significant work.
Government incentives? Incentives from state and local governments may be available to subsidize your deal costs (i.e. TIF funds), especially if you are considering relocating. Explore the opportunities.
Hire a broker. You will get a better deal working with a broker that is familiar with the current market and concessions. The best part is that you usually don't even pay for it (the landlord does). One of the few no brainers left in business.
Call us - we are happy to review your lease and provide some insights.
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