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	Purchase price: $ Down payment: % Mortgage term: years Interest rate: % Property tax: $ per year Property insurance: $ per year PMI: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Amortization: show by year show by month Loan amount: $ Loan term: years Interest rate: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Amortization: show by year show by month

What area is your expertise?

Chicago Metropolitan Market

What trends do you see presently in industrial development in your area?
1). A slowing in closing of sales and execution of leases.  
2). A 1.3 percent rise in vacancy rates. Our Midway and South Cook County markets, however, have experienced the highest vacancy rates at 12.3 and 11.1 respectively.  
3). Quarterly absorption in fourth quarter 2007 was a positive of 3.5 million square feet to first quarter 2008, which was a negative absorption of 2.5 million square feet.  
4). Leasing activity has dipped 10 percent from same time last year.  
5). Average sales prices have increased for Industrial product from $59.48 square feet fourth quarter 2007 to $61.81 first quarter 2008 even though sales during those two periods have dropped from 3,750,000 square feet to 3,250,000 square feet (first quarter 2008). Approximately 12 million square feet of projects are under construction at this time and much of the space has yet to lease to the first tenants.

What type of industrial product is doing well in your area?
Across the board:  From 20,000 square feet to 1 million square feet, with a more rapid conclusion to sales and leases on the smaller product.

Who are the active industrial developers in your area?
ProLogis, OPUS, First Industrial, CenterPoint, IDI, Panattoni, Pizzuti, Ridge Realty Trust, AMB, Duke, TCB, and Liberty Property Trust.

Please name one or two significant industrial developments in your area. What impact will these projects have on the market?
Minooka Ridge and Opus Development. 860,000 square feet was sold to Macy’s for $38 million. Many other national developers are here.

Where is the majority of development taking place? Why is this area doing well?
Southwest of Chicago and Interstate 80. Lower priced, large farm sites, 500,000 square feet to 1 million square feet projects planned.  Major east-west artery between New York and California and many large logistics tenants.  Also two major intermodals projects are here for the BNSF and UP rail companies.  These are the major United States east-west carriers.

What area do you expect to be the next big industrial development market? Why?
Continuing further out in the southwest corridor.

What impact do current interest rates have on the industrial market? What predictions do you have for interest rates and their effect on the industrial market in the next year?
One more year, and they will begin to firm up. The Chicago industrial market has always been somewhat bullet proof in that it may swing 10 percent up or down but the swings are always quite small compared to more volatile markets, and more volatile products (e.g.:  Office).  Our market consists of 1.3 billion square feet (only New Jersey and Los Angeles have similar numbers) and the Chicago market is always fairly active.

What industries do you expect to expand in the next year to absorb a great deal of industrial space? What areas will be affected?
Continued high demand for third party logistics users as major corporations continue to outsource their trucking and warehousing to vendors. Chicago is also a major market for food users.

This report has been brougth to you by: rebusinessonline.com.

• I specialize in retail and retail land in Chicago.

What trends do you see presently in retail development in your area?
• I am now seeing companies that previously were just buyers or holders of retail centers getting into retail center development.

What type of retail product is doing well in your area?
• Big-box centers that have credit tenants and big-box outlet centers are both doing well.

What retailers are new to your area?
• JC Penney concept stores are new to our area.

Who are the active retail developers in your area?
• Forest City, Tucker Development Corp., Joseph Freed and Associates and Mid America Development Partners.

Please name one or two significant retail developments in your area. What impact will these projects have on the market?
• Metropolitan Square in Des Plaines, Ill., is owned and developed by Tucker Development Corp. with The Fresh Market, Cheeseburger in Paradise, Talbots and Famous Footwear. The Promenade Bolingbrook in Bolingbrook, Ill., is being built by Forest City and includes Macy’s, Bass Pro Shops Outdoor World, Aéropostale and Barnes & Noble.

Where is the majority of development taking place? Why is this area doing well?
• Southwest of Chicago is seeing the majority of development.

What area do you expect to be the next big retail development market? Why?
• I believe the next retail push will be in the inner city areas, not far from the Chicago condominium market. The growth in population from condo and townhome purchases is too lucrative to pass up.

Please describe the retail leasing activity in your area.
• Overall, they are steady at about a 7 percent vacancy, rents are rising, but only at a 2 percent rate.

Would you like to make any additional observations about the retail market in your area?
• The investment market continues to favor sellers. The economics of supply and demand, or in the case of retail product, the lack of supply, has caused cap rates to hold in the sub 7 percent range for triple net properties and 7.2 to 7.5 percent range for multi-tenant.

This report has been brougth to you by: rebusinessonline.com.

• Downtown Chicago office leasing

What trends do you see presently in office development in your area?
• Chicago is still a tenants’ market — but landlords are getting happier every day. As vacancy is gradually falling, concessions are gradually falling. Within that context, several specific trends are playing themselves out. First, in office leasing, higher views mean higher rents. Do you want to see the sailboats on Lake Michigan from your Chicago office window? You’ll have to find it first — and then you’ll have to pay for that view. While good views of the lake and city have always warranted premium rents, this has never been more true. Offices that are on the higher floors with appealing views are commanding significantly higher rents and demonstrating lower occupancy rates than their lower counterparts. In fact, while the overall downtown office vacancy rate is approximately 15 percent, space in premium offices with views is coming in at less than 6 percent vacant. Second, new development planning is being driven by rising construction costs. The cost of raw materials is so high right now that it does not make sense to build a standard cookie-cutter building — tenants will only pay premium rents that justify the cost of construction in the highest-quality, Class A+ office towers, with all the bells and whistles of a state-of-the-art facility and world-class architecture.

Who are the active office developers in your area?
• Active office developers continue to be the “usual suspects” in this marketplace. The John Buck Company, Hines, Higgins Development Partners and Fifield Companies are considered the most active in the downtown market.

Please name one or two significant office developments in your area.
• The next two new 1 million-square-foot-plus office towers are not scheduled to be delivered until 2009 or 2010. These two projects include the 1.3 million-square-foot Hines project at 300 North LaSalle, anchored by law firm Kirkland & Ellis, as well as the 1.1 million-square-foot Mesirow Stein building at 351 North Clark, anchored by law firm Jenner & Block. What impact will these projects have on the market? Both of these projects will bring Class A+ office towers to the River North area for the first time. This location north of the Chicago River provides access to retail and lifestyle amenities that are located outside the traditional central business district. Additionally, the timing of these two new projects is fortuitous for the overall health of the office market. The leasing market will have 3 more years to finish absorbing the 5 million square feet of office space brought online in this last big round of office development.

Where is the majority of development taking place? Why is this area doing well?
• Right now, the two largest new projects that have been announced are located in River North. However, the majority of development since the turn of the millennium has been in the West Loop area, thanks to its proximity to expressways and commuter rains, as well as the availability of quality sites. This market is not full of older office product like the Central Loop submarket and thus offers more new development opportunities versus redevelopment potential.

What area do you expect to be the next big development market? Why?
• The West Loop will continue to be the most active market for new development, since the trends that have driven development in this area in the recent past will continue to attract new projects.

What areas are doing well in terms of office leasing? Which areas are struggling with office leasing?
• The West Loop and River North are doing quite well, with many firms relocating from outgrown offices to new buildings in these two submarkets. Conversely, the Central Loop continues to suffer flight of its traditional base, the financial and legal sectors, to the West Loop. The East Loop, which includes the Millennium Park area, will benefit over the long term from the conversion of selected historic buildings from office to residential use as well as its proximity to Millennium Park.

Please give a measure of office vacancy rates.
• Vacancy rates in the downtown Chicago office leasing market are around 14.9 percent for overall Class A and B properties. This is an improvement over year-end 2005, when the same properties were approximately 16.8 percent vacant. If you look at the upper floors of buildings with city and lake views, the vacancy rate plummets to 6 percent, and thus that type of space is in some ways a market of its own. Sublease space in downtown Chicago has stabilized to historic norms at around 3 million square feet, down from nearly 6 million square feet in 2001.

What impact do current interest rates have on the office market? What predictions do you have for interest rates and their effect on the office market in 2006?
• Rising interest rates mean the cost of acquiring a building rises for the high-leverage investor. As this trend continues over time, fewer highly leveraged owners enter the market. As a result, pension funds and other institutional sources of capital should become more active as owners of an increasing percentage of downtown properties. This trend is beginning to take effect but will continue to gain momentum if rates creep up during the next 18 months. As the cost of owning property rises in tandem with increased demand for office space, rents will continue to rise as well. While there is still a significant amount of capital chasing downtown office buildings, most buyers are focused on properties that are 90 percent leased or more. This requirement has arisen because of the expense to install new tenants in a softer market.

What is the status of job growth/(un)employment rates and what bearing will it have on the office market?
• The negligible job growth that this area has seen in recent years has been coupled with companies’ becoming more efficient with their use of space. The result is that while a few net jobs have been added to the regional economy, companies are not leasing the commensurate amount of additional office space.

Is there any type of office tenant absorbing a majority of space? What industries do you expect to expand in 2006 to absorb a great deal of office space? What areas will be affected?
• The last few years of office leasing transactions have been dominated by large law firm leases. However, that craze is coming to an end. The tenants that are currently driving the most demand for office space are financial services companies. For example, two hedge funds recently leased approximately 13,000 square feet at 71 South Wacker (Hyatt Center). Copia Capital leased 6,000 square feet, while Chicago Fundamental took 7,000 square feet. This is exemplary of the current growth pattern of new financial services companies: lots of modest-sized leases that together represent a significant trend. Because these firms tend to be image-conscious, they seek Class A space in newer buildings. As a result of this growing sector, service firms that support financial companies are also expanding. For example, Computer Discount Warehouse recently expanded its downtown space significantly, and Morningstar will expand by almost 100,000 square feet when it moves into its new headquarters at 22 West Washington in 2008.

Would you like to make any additional observations about the office market in your area?
• With the downtown office market beginning recovery, many tenants are using this period of time to “trade up.” Many companies that once looked into Class B properties are currently able to afford Class A rents on a Class B budget. This trend is temporary, as rents are on the rise — but it has been the case for the last several years.

This report has been brougth to you by: rebusinessonline.com.

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Commercial Real Estate Most Used Terms

Browse this list of terms if you need assistance in understanding some of the industry terms and concepts. To add a term or ask a question, please call 630-894-2100, or email us.

A B C D E F G H I J L M N O P Q R S T U V W Z

Adjoining
In actual contact with another object (i.e., attached). Same as “Contiguous”.

Agent
An individual/entity who transacts, represents, or manages business for another individual/entity. Permission is provided by the individual/entity being represented.

Assignee
Individual to whom a contract is assigned.

Assignment
The manner by which a contract is transferred from one individual to another individual.

Assignor
An individual who transfers a contract to another individual.

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Build Out
The construction or improvements of the interior of a space, including flooring,walls, finished plumbing, electrical work, etc.

Building Permit
Written government permission to develop, renovate, or repair a building.

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Cancellation Clause
A provision in a contract (e.g., lease) that confers the ability of one in the lease to terminate the party’s obligations. The grounds and ability to cancel are usually specified in the lease.

Capital Improvement
Any major physical development or redevelopment to a property that extends the life of the property. Examples include upgrading the elevators, replacement of the roof, and renovations of the lobby.

Certificate of Occupancy (CO)
The government issues this official form, which states that the building is legally ready to be occupied.

Chattel
Household goods, including personal property such as lamps, desks, and chairs.

Cityfeet
The preeminent real estate Internet site that provides prospective tenants with commercial space availabilities.

Common Area Maintenance (CAM)
This is the amount of additional rent charged to the tenant, in addition to the base rent, to maintain the common areas of the property shared by the tenants and from which all tenants benefit. Examples include: snow removal, outdoor lighting, parking lot sweeping, insurance, property taxes, etc. Most often, this does not include any capital improvements that are made to the property.

Contiguous
Touching at some point or along a boundary.

Contingency
A requirement in a contract that must occur before that contract can be finalized.

Contract
A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities. This document provides each party with a right that is enforceable under our judicial system.

Covenants
Wording found in deeds that limits/restricts the use to which a property may be put (e.g., no bars).

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Deed
A signed, written instrument that conveys title to real property.

Deed Restriction
An imposed restriction in a deed that limits the use of the property. For example, a restriction could prohibit the sale of alcoholic beverages.

Default
Failure to fulfill a promise, discharge an obligation, or perform certain acts.

Delivery
Transfer something from one entity to another.

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Ejectment
Action to regain possession or real property. This is a last-ditch effort that is used when there is no relationship between landlord and tenant.

Eminent Domain
The government’s right to condemn and acquire property for public use. The government must provide the owner fair compensation.

Endorsement
Signing one’s name on the back of a check.

Escrow
A written agreement among parties, requiring that certain property/funds be placed with a third party. The object in escrow is released to a designated entity upon completion of some specific occurrence.

Estoppel Certificate
A legal instrument executed by the one taking out the mortgage (i.e., mortgagor). The owner of a property may require an individual leasing a property to sign an estoppel certificate, which verifies the major points (e.g., base rent, lease commencement and expiration) existing lease between the landlord and tenant.

Eviction (Actual)
Physical removal of a tenant either by law or force.

Eviction (Constructive)
The landlord or his agents disturb the tenant, rendering the leased space unfit for the tenant’s previous use.

Eviction (Proceeding)
A legal proceeding by the landlord to remove a tenant.

Exclusive Agency
An agreement in which one broker has exclusive rights to represent the owner or tenant. If another broker is used, both the original and actual broker are entitled to leasing commissions.

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Fiduciary
A person who represents another on financial/property matters.

Fixtures
Personal property so attached the land or building (e.g., improvements) it is considered part of the real property.

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Grace Period
Additional time allowed to complete an action (e.g., make a payment) before a default or violation occurs.

Gross Lease
A lease of property whereby the landlord (i.e., lessor) pays for all property charges usually included in ownership. These charges can include utilities, taxes, and maintenance, among others.

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Holdover Tenant
A tenant who remains in possession of leased property after the lease term expiration.

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Incompetent
An individual who is unable to handle his own affairs by reason of some medical condition (e.g., insanity, Alzheimer’s).

Instrument
A written legal document created to secure the rights of the parties participating in the agreement.

Irrevocable
Incapable of being altered, changed, or recalled.

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Joint Tenancy
Ownership of real property by two or more individuals, each of whom has an undivided interest with the right of survivorship.

Judgement
A formal decision issued by a court relating to the specific claims and rights of the parties to an act or suit.

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Landlord
One who rents property to a tenant.

Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).

Leasehold
The estate or interest a tenant has as stated in the tenant’s lease.

Lessee
An individual (i.e., tenant) to whom property is rented under a lease.

Lessor
An individual (i.e. landlord) who rents property to a tenant via a lease.

Letter of Intent
An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.

Listing
An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.

Loss Factor
What percentage of the gross area of a space is lost due to walls, elevator, etc. Rule of thumb in Manhattan is approximately 15%.

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Mandatory
A requirement that must be conformed to as specified in any written document.

Market Price
The actual selling or leasing price of a property.

Market Value
The expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants.

Meeting of the Minds
When all individuals to a contract agree to the substance and terms of that contract.

Minor
A person under a legal age, usually under 18 years old.

Multiple Listing
An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker’s listings to the attention of the other members so that if a lease results, the commission is divided between the broker bringing the listing and the broker making the lease.

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Net Lease
Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the rented property, including maintenance.

Non-Disturbance Agreement
The tenant signs this to prevent himself from being evicted if the property owner does not pay its mortgage to the bank.

Notary Public
A public officer who is authorized to witness and verify certain documents (e.g., contracts, deeds, mortgages). Also, an affidavit may be sworn before this public officer.

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Obligee
The person who will receive the outcome of an obligation.

Obligor
An individual who has engaged to perform an obligation to another person (i.e., obligee).

Open Listing
A listing given to any broker without liability to compensate any broker except the one who first secures a buyer who is ready, willing, and able to meet the terms of the listing, or secures the acceptance by the landlord of a satisfactory offer; the lease of the property automatically terminates the listing.

Option
A right given to purchase or lease a property upon specified terms within a specified time. If the right is not exercised, the option holder is not subject to liability for damages. If the holder of the option exercises it, the grantor of option must perform the option’s requirements.

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Percentage Lease
A lease of property in which the rent is based upon the percentage of the sales volume made on the specific premises. There is usually a clause for a minimum rent as well.

Personal Property
Any property which is not real property. Examples include furniture, clothing, and artwork.

Power of Attorney
A written instrument duly signed and executed by an individual which authorizes an agent to act on his behalf to the extent indicated in the document.

Principal
The employer (e.g., landlord) of an agent or broker. This is the agent’s or broker’s client.

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Quiet Enjoyment
The right of an landlord or tenant to use the property without disturbances.

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Real Estate Board
An organization whose members consist primarily of real estate professionals such as brokers.

Real Estate Syndicate
When partners (either with or without unlimited liability) form a partnership to participate in a real estate venture.

Real Property
Land and any capital improvements (e.g., buildings) erected on the property.

Realtor
A coined word which may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards.

Rent
Compensation from tenant to landlord for the use of real estate.

Restriction
A restriction, often specified in the deed, on the use of property.

Revocation
An act of rescinding power previously authorized.

Rule of Thumb
A common or ubiquitous benchmark. For example, it is often assumed that each worker in an office will need approximately 250 square feet of space.

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Situs
The location of a property.

Specific Performance
When a court requires a defendant to carry out the terms of an agreement or contract.

Square Feet
The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.

Statute
A law established by an act of a legislature.

Statute of Frauds
State law (founded on ancient English law) which requires that contracts must be reduced to written form if it is to be enforced by law.

Statute of Limitations
A law barring all right of redress after a certain period of time from the moment when a cause of action first arises.

Subagent
An agent of an individual already acting as an agent of a principal.

Subletting
The leasing of space from one tenant to another tenant.

Subscribing Witness
The witness to the execution of an instrument who has written his name as proof of seeing such execution.

Surrender
The cancellation of a lease by mutual consent of the tenant and the landlord.

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Tenancy at Will
A license to occupy or use lands and buildings at the will of the landlord.

Tenancy by the Entirety
An estate which exists only between husband and wife. Each has equal right of enjoyment and possession during their joint lives, and each has the right of survivorship.

Tenant Improvements
Work done on the interior of a space, can be paid for by landlord, tenant, or some combination of both, depending on the terms of the lease.

Tenancy in Common
Ownership of property by two or more individuals, each of whom has an undivided interest, without the right of survivorship.

Tenants at Sufferance
An individual who comes to possess land via lawful title and keeps it in perpetuity without any title.

Tie-in Arrangement
A contract where one transaction depends upon another transaction.

Tort
A wrongful act or violation of a legal right for which a civil action will lie.

Triple Net Lease
A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs.

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Urban Property
Property in a city or a high-density area.

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Valid
A binding situation that is authorized and enforceable by law.

Valuation
Estimated price, value, or worth. Also, the act of identifying a property’s worth via an appraisal.

Variance
Government authorization to use or develop a property in a manner which is not permitted by the applicable zoning regulations.

Violation
Act, condition, or deed that violates the permissible use of property.

Void
Something that is unenforceable.

Voidable
A situation which is capable of being unenforceable but is not so unless direct action is taken.

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Waiver
The intentional relinquishment or abandonment of a specific claim, privilege, or right.

Work Letter
An amount of money that a landlord agrees to spend on the construction of the interior of a space per the lease, usually negotiated.

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Zone
An area, delineated by a governmental authority, which is authorized for and limited to specific uses.

Zoning Ordinance
A law by a local governmental authority (e.g., city or county) that sets the parameters for which the property may be put to use.

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