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| CHI1: |
How is the commercial real estate market in the greater O'Hare area for someone looking to rent or buy office space? |
| Wiercinski: |
A business looking to lease space can generally negotiate very attractive lease terms. Due to the high vacancy rate many owners are willing to make concessions to attract or keep a tenant. I anticipate that this will be the case for the first 3 quarters of 2003.
The opportunities to purchase are not easy to find. Investor owned properties are generally not on the market so that leaves users who are relocating or resizing. With interest rates at an attractive level properties that are priced correctly are selling quickly.
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| CHI1: |
What about those looking for industrial space? |
| Wiercinski: |
The same to true in the industrial sector with the exception that vacancy rates appear to be declining. If that trend continues owners will be more aggressive on their lease terms. |
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| CHI1: |
What is the main advantage of the greater O'Hare area? Is it commonly for those whose business revolves around the airport? |
| Wiercinski: |
Many companies do locate in the O'Hare area because of the airport but many others are here due to access to highways, public transportation and the labor. |
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| CHI1: |
Has talk of O'Hare expansion affected the market? |
| Wiercinski: |
In some areas around the airport it has created some uncertainty. For the most party business in the O'Hare area have always felt that some expansion was going to occur. The decline in the airline industry at this time is of greater concern than the expansion. |
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| CHI1: |
How has the local market changed in the years that you have been in business? |
| Wiercinski: |
As the market has matured the availability of land for development has disappeared. On the industrial side of the market the types of buildings that the market has sought has changed from manufacturing to distribution. This has caused some buildings to become obsolete. |
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| CHI1: |
What suggestions can you offer to someone looking for space in the greater O'Hare area? |
| Wiercinski: |
Work with a real estate company that specializes in commercial and industrial sales and leasing and knows the O'Hare market. The market is very large although in a very small area. Someone not familiar with what is available in the entire market may miss opportunities that are not immediately apparent. |
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