The Chicago Commercial Real Estate Opportunity
With so many options to earn income and preserve wealth with real estate investments you may find an ideal opportunity in investing in commercial properties in Chicago. As new neighborhoods grow in the suburbs and historic neighborhoods in the city of Chicago are updated for economic growth, there is an ongoing need to serve community needs for commercial properties. From apartment buildings and condominiums to general retail shops and restaurants, there are opportunities to make money and earn equity in Chicago commercial real estate.
Ownership in property is an asset. Property is unique and fixed asset that keeps value as opposed to other investments that can wildly fluctuate such as stocks. Commercial real estate professionals see income and asset opportunities in a wide variety of settings. People are often surprised when the best deals can be the least expected. Finding opportunity is finding money.
In all investment and ownership opportunities in commercial real estate in Chicago involve a series of negotiations and agreements securing your rights and responsibilities in properties. Organizations in the business of facilitating commercial real estate ventures likely have their own contracts and lawyers and you too should use your own commercial real estate attorney for contract review and negotiation. In Chicago and the suburbs, Attorney Michael V. Favia is well-known for representing individual and group investors and buyers who see the opportunities in Chicago area commercial real estate.
Income from Chicago Commercial Real Estate
Being an individual or group investor owner of a commercial property with rental income from retail tenants is a good way to make money. Start by thinking out of the box with creative commercial real estate ideas. For example, an old warehouse no longer suitable for its original use can be converted into an urban agricultural space where food can be grown year-round. When you partner with a charity funding programs to cultivate local and organic food for needy communities, you may have a reliable long-term tenant providing rental income through the money their charity raises and accepts from donors.
Another idea for large office space that has sat on the market and has been price-reduced is individual office and meeting space sharing. For a reasonable monthly rental, individuals and small companies and lease as much or as little space as they need and share in the overhead of the receptionist and well-appointed waiting rooms, meeting spaces and state of the art facilities. Individual and group investments in what may be considered and unlikely opportunity, can yield great returns and a regular stream of income.
When Investment Groups Want Your Buy-In
With enough capital and borrowing leverage, individuals can take advantage of commercial real estate income and money-making opportunities. Another option is to establish your own investment group or approach an organization established to provide individual investors an opportunity to join in an active commercial real estate deal. If you search for real estate investment companies, you may find a variety of investment groups who want your business. Like any investment, the investor buyer must beware of so many pitfalls in the commercial real estate industry. It is imperative to hire a commercial real estate attorney to review agreements and spot the unknown risks and consequences if a problem occurs.
Ensuring return on your investment and purchase in shares or whole commercial real estate properties requires insurance policies, indemnification clauses, buy-and-sell agreements and more. What happens if one of the group investors is involved in illegal activities? What if the investment opportunity is not what it appears and is a scheme to defraud investors? Your experienced commercial real estate attorney can negotiate proper contracts to protect your interests and your money.
Have you ever watched the television show American Greed on CNBC? The stories of what can happen when bad people defraud good people will give you an appreciation for the importance of using an experienced commercial real estate attorney to protect you.
Appreciation in Chicago Commercial Real Estate
Commercial property appraisers and financial professional with knowledge of property values and appreciation statistics forecast future values. The commercial real estate market gains can be a function of many factors. Interest rates, property inventory, taxes, utilities and general economic conditions can impact appreciation rates.
Successful investments are structured in short-term and long-term strategies. Short-term commercial real estate investors may be involved in the acquisition and development of a property and make their money when the new property is completed and sold to a previously identified buyer or sold on the market. Long-term investors of properties with commercial retail rental space, for example, build equity in the appreciating commercial real estate development.
Where to Look for Commercial Properties in Chicago and the Suburbs
Look for new and expanding growth areas in the city and suburbs. Depending on your short or long-term investment strategy, you might consider currently regentrifying areas or the spaces just beyond revitalization, where if you build or acquire it, they will come…and make you money.
Popular retail, restaurant and service-based chains grow in popularity and expand nationwide. While some chains have geographic limitations on where new locations can be, others are open for business with more opportunity. For example, with advances in green technology, there are chains of environmentally friendly dry cleaners. There may be tax incentives and benefits offered to help support “green business” and the need in various areas might currently be underserved.
Urban renewal areas with economic potential. When properties are depressed and neighborhoods suffer, smart investors consider acquiring vacant land, buildings and properties that can be converted to new uses to meet future demands. The business of renewing damaged areas is significant and so are the opportunities to make money.
Attorneys Reviewing Chicago Commercial Real Estate Contracts and Negotiation Issues
The details and terms of various agreements for the purchase, sale, and use of land and commercial buildings and properties requires experienced legal counsel, contract review and negotiation. When you are represented by a commercial real estate attorney you are in a better place to leverage your position to make more money and protect your investments from all that can and does go wrong in life and business.
Michael V. Favia & Associates Represents Commercial Real Estate Investors and Buyers
Chicago commercial real estate attorney Michael V. Favia is well known in a variety of legal practice areas in which he has significant experience, including residential and commercial real estate. The benefit of decades of negotiation and litigation experience means you have an attorney who has experienced a variety of situations where things went wrong for people. Knowing what can go wrong is a key element of structuring agreements to shield people from liability and loss.
Consider a few more real estate issues and articles of interest on our website:
- IDFPR Enforcement: Michael V. Favia Defends Licensed Real Estate Brokers
- Real Estate Closing Scam
- Appealing Cook County Real Estate Taxes
- Online Real Estate Licensing in Illinois
- ISBA lawsuit seeks injunction of IDFPR discipline of two attorneys for unauthorized real estate appraisal practice
- When a Home Seller Conceals Defects
- Medical Office Start-Ups
- Real Estate Taxation, Exemptions and Appeals with Attorney Katherine O’Dell
- Tax Assessments, Exemptions and Appeals in Cook County
Michael V. Favia is very well-connected in the Chicago legal community and has of counsel attorneys, affiliates and networks in which he is connected to some of the best attorneys and business advisors and professionals in the Chicago commercial real estate industry. Contact us online or call Michael V. Favia & Associates today if you need a residential or commercial real estate lawyer. The firm’s main phone number is (773) 631-4580.