Chicago’s Top Commercial Real Estate Broker, William Himmelstein, shares insights on how COVID-19 has impacted Commercial Real Estate, how to approach the current market, and how to plan for a safe return to the office.
Commercial real estate (CRE) is typically a company’s second largest expense to payroll or 3rd largest for manufacturers. Yet, never before in recent history has space been on the mind of almost every single business owner and CEO. As the CEO of Tenant Advisory Group with twenty+ years of experience as a commercial real estate broker, I have seen corporate leaders make many mistakes since March that have cost their companies significant dollars and negotiating leverage. In this article, I discuss the current and future CRE market and how to best position your company to buy low, sell high, and ensure you are getting the most out of your space while spending the least. I will also share insights into what other commercial space users are doing and planning for, the do’s and don’ts of approaching your landlord to garner free rent or a lease restructure, and how to safely return to the workspace.