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Commercial Real Estate Vocabulary Terms

Commercial Real Estate Vocabulary Terms

 

If you are seriously looking for commercial real estate, or are just browsing, there are a few terms you need to know. We have posted a blog that gives you 10 commercial real estate terms that should be in your vocabulary, but we decided that 10 definitions weren’t enough. Below find a second list that we think will help you in your understanding of the market:

 

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How Much Office Space is Too Much Office Space?

How Much Office Space is Too Much Office Space?

 

When you are considering the move to a new office space, one of the first questions you may ask yourself, is how much space will I need? Too much space or too little space may break the budget or make it difficult to operate your business. The first step in determining what size is the best fit for you is to sit back and think about your current situation. When you have a good handle on your current situation, the next step would be to consider the growth potential of your business over the next few years. Asking yourself questions such as:

 

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Fall Events in Downtown Bloomington

Fall Events in Downtown Bloomington

With the arrival of fall and October means plenty of Halloween fun! It is that time to enjoy the last of the nice fall weather before the colder winter weather comes our way. Since we don’t want you to miss out on any of the Halloween fun we have created a list of “can’t miss” events for you!

 

October 16th – Spirits of Bloomington Haunted Ghost Walk of Bloomington. Ever wanted to learn about the haunted and historic streets of the area? If so, this is the event for you! This event also happens on the following dates: October 23rd, October 30thOctober 23rd – Family Glow Ride: Halloween Edition. Time to make your bike glow! Decorate your bike and join families on Constitution Trail for the Glow ride. This is a free and family friendly event! Click here for more informationOctober 30th – Downtown Trick of Treat. This is a free and family friendly event. Enjoy the scenery of Downtown Bloomington while treat or treating at participating locations! Click here for more information.October 30th – Date Night: Halloween Party. Enjoy a night out while your children enjoy a Halloween party! Information can be found here!October 31st – Howl at the Market. Come dressed in your favorite costume and enjoy the last outdoor market of the season! For more information click here.
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Commercial Real Estate Bloomington Illinois

Have you ever wondered what Illinois Houses’ location can offer you? Watch the video below to find out more!

 


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Creating an Engaging Office Space

Creating an Engaging Office Space

Moving or redesigning a new office space can seem stressful. There are so many things to consider throughout the entire process, that it may be hard to keep track. One of the things to consider is how to create an engaging and efficient office space for both employees and clients. Below are a few tips on what to think about with your next office space to get the most out of your investment.

 

Think Practical: what type of office space can you afford? If you want to do upgrades to your office space how much makes sense to do with the budget that you have set? Determining what kind of office space fits your needs for the future and how it will represent you is the best first step.Think Flexibility: Is the office space you’re looking at able to have multiple functions for each space? Being able to get the most out of each space will help your office evolve as your business changes and grows.Think Social: Depending on the type of business that you have you may need to collaborate with your fellow colleagues. You will want to pick a space that allows for open discussion and an environment that encourages teamwork. Evan something small such as an open space near the water cooler can allow your employees the sufficient area to discuss important topics.Think Natural: Natural lighting can help your workers inside be more efficient and even happier! According to research done by Northwestern University natural lighting in the office space helped improve employee’s health, sleep patterns, and even quality of life.
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Business Benefits in Bloomington-Normal

Business Benefits in Bloomington-Normal

Looking for a place for your business to call home?  A plug for our corner of the Heartland from http://www.bnadvantage.com:

 

Bloomington-Normal, located in Central Illinois, is just a couple hours south of Chicago. It boasts one of the youngest, most educated and talented workforces in the Midwest.

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First Time Office Space Rental Dos and Don’ts

First Time Office Space Rental Dos and Don’ts

It’s a big deal, renting your first office. And it’s easy, and right, to get excited. If you’re just starting out, the dream of success and the entrepreneurial spirit drive you to think big and be bold. If you’re a growing business, you’ve seen some success, and you’re looking for more space because you see greater growth in the future. Either way, can be easy to lose sight of priorities and realities when looking for commercial office space. Here are some dos and don’ts to keep in mind.

 

Be Realistic

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The Science of Color – Selecting Shades For Your Office

There’s a special psychology to color. It can inspire creativity, evoke emotions and alter perspective; it can even change the perceived temperature of a room. So it’s understandable, then, why the color you choose to trim your office space is more important that just putting paint on the walls. Here are some helpful color tips:

 

Warm Colors – Warm RoomColors in the warm spectrum, like red and yellow can actually make a visitor think the temperature in a room is warmer than it is. Cool colors, like blues and greens, can create a cooler perception. Keep this in mind in places where it could be drafty or perhaps sunny and the temperature is affected by things other than the thermostat.

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Things You Should Know About Commercial Real Estate

A big part of the battle of commercial real estate is knowledge. You may find the perfect space, but is it really the right space, at the right price? There are a number of things that you should consider, that you don’t even know you should consider. Here are some real estate subtleties that it pays to be familiar with:

Square footage doesn’t necessarily mean usable square footage. In commercial real estate, there are multiple types of space that may be included in the offices you’re considering. Remember to verify office space verses storage space, and determine how the square footage is measured. In some cases, measurements are made to the exterior of the wall.  That means that the wall cavity between the inside of the wall and the outside, are included in your square footage, but completely unusable.If a tenant improvement package sounds too good to be true, dig deeper. To entice potential tenants, a landlord may include a tenant improvement option for longer leases. This allows the tenant to make improvements right away without having the cash up front. In the end, though, that cost can often still be passed back down to the tenant, with interest.Keep an eye on your CAM charges. CAM, or Common Area Maintenance, charges are normal when renting office space. It’s a sort of catch-all for landlords to charge tenants for taxes, insurance and maintenance that are paid by all tenants and based on the amount of space that you’re renting.  However, some landlords will include asset or property management fees in the CAM charges, which are fees the landlord is responsible for paying.
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Unique Spaces

Your office talks. The space you’re in says a lot about the company you keep. Find out what the unique characteristics of The Illinois House can say about your business.

 


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Location, Location, Location?

There’s the old adage when looking for real estate that the three most important things to consider are “location, location and location.” But when it comes to commercial real estate, is that still true? The answer is yes. Or no. It really all depends on your business. Here are some things to consider:

 

Are your customers coming to you? If they are, then you need to be accessible. If they’re local, consider being in a prime central location with adequate parking. Also consider the neighborhood. Will your customers feel safe? Is that important? If they’re coming from a distance, perhaps being near lodging, transportation and dining is right for you.Who should your neighbors be? Are you comfortable with competitors in the area, or do you need to steer clear of similar industries? Can you be near noisy or heavily trafficked business, or is quiet a necessity?Do you need more storage space or office space? This could determine if you need a more industrial rental or if a commercial office building is the right fit for you.How much rent can you really afford? This, of course, will be a very big determining factor in where your rental space is located.What are planning to do in your space? Do you need cubicles, offices, big open space for planning, a conference room? Make sure you have a realistic grasp on what you need to be successful.
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Summer in Downtown Bloomington

The summer months are fast approaching. That means the events in downtown Bloomington are moving outdoors! There are some amazing things happening downtown during the beautiful summer months, and we don’t want you to miss any of them – so here’s a list of links full of great summer events happening right in our back yard:

 

Farmers’ Market - The Market is open from 7:30 a.m. to noon every Saturday morning from May through October

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Make Your Desk A Stress-Free Zone

Make no mistake, work can be stressful.  And often, there isn’t a lot you can do about the items that come across your desk, but, thanks to forbes.com, here are some helpful tips to keep your workspace stress-free:

 

Make it personal.  Adding personal touches like photographs, art or even a special decorative piece can add special meaning to a space.Keep it neat.  Try to have filing and organizational systems in place.  Knowing how to find things is half the battle of keeping work anxiety manageable.  That, and if you’re being overwhelmed by the piles on your desk already, a stressful workload becomes compounded.  Don’t be distracted.  It’s easy to be sidetracked and feel like you can’t get things done when you need to due to interruptions and distractions.  Learn to tune out the noisy elevator, or shut the door if you can.  And if you have co-workers who stop to chat, kindly let them know that you have a particularly time sensitive project.Bring on the green.  “Integrating plants in the work environment not only beautifies the environment but has been proven to reduce absenteeism, reduce stress, lower blood pressure, increase positive feelings, lower noise levels, decrease room temperature and lower humidity,” says Sherry Burton Ways, an interior designer and color therapist.Take a break. If you can, stretch occasionally or go for a walk, maybe play soft music. At least your body will be relaxed even if your work isn’t.Feng Shui. Placement is everything.  If you’re able, rearrange the furniture in your office so that you can see who is entering, or put a mirror on the wall so you can see people as they enter.  Arrange your desk in a way that the most used items are within easy reach and make your space efficient for your job.Color your space calm.  The colors and lighting in your office have a surprisingly great effect on your state of mind.  Neutrals are calming while greens and blues are restful.  Shades of yellow promote intellectual activity.  If you can, replace fluorescent lighting with softer ambient light.
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Advantage: Tennant

When considering rental space for your small business, there are a lot of things to consider.  Make sure that you know the right questions to ask and that you know what you’re looking for before you start looking to not only make the process run more smoothly, but to ensure that you are getting the best space for your rent.  Here are some things to know:

 

Smaller is better – Don’t be afraid to ask for divided space.  If a landlord is having trouble getting tenants, they may be willing to divvy out smaller portions of a large rental to accommodate.  It never hurts to check!

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Change Is Good: Downtown Bloomington Commercial Real Estate Opportunity

Moving up to Illinois House can be a great way to stay in downtown Bloomington while having more options than your current location. The owners are now offering move-in benefits including a generous relocation allowance, the ability to upgrade your current location with unique and beautiful spaces at affordable prices, and free use of the Executive Conference room. There has never been a better time to make a positive change. We encourage interested parties to contact us today.

 

The Bloomington Association of Commerce (the predecessor of today’s McLean County Chamber of Commerce) was instrumental in encouraging Bloomington citizens to invest in the construction of the Illinois Hotel, known today as the Illinois Building. In January, 1926, the Pantagraph, in a story describing the edition of the sixth floor to the Illinois Hotel noted that “in the near future, it will be necessary to make a still further extension” of the building. This prophecy was fulfilled 77 years later when the current owners added a 12,000 square foot addition to the northwest corner of the building.

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Commercial Real Estate Perfect for Your Agency

The Illinois Hotel (today known as the Illinois House Building) located in downtown Bloomington was expanded in 1925 by the addition of the sixth floor. Well-known local architect Arthur L. Pillsbury designed the new addition including the ornate copper Mansard roof which still identifies the building today. The total cost of the new addition was $128,000.00. Arthur L. Pillsbury was an immensely popular Bloomington architect who designed many local residences and commercial buildings. Pillsbury died as the result of an automobile accident in October, 1925 and did not live to see the completion of his work at the Illinois House Building. The Illinois House Building is now a commercial real estate building, appreciated for its historic charm.

 

Illinois House is an ideal location for nonprofit organizations or social services looking for new commercial real-estate. Located in Downtown Bloomington near the transit system, it offers many logistic reasons to make it your office space. Illinois House is able to tailor to your professional office space to create a fresh, new look to complement your personal style and commercial needs. With six floors of commercial office space, the on-site building manager and full-time maintenance professional at Illinois House continuously work to provide efficient, excellent service.

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Attorneys Love Illinois House

Attorneys appreciate Illinois House for its walking distance from the courthouse, and now they have even more to love with the relocation allowance for new tenants. Adored for its charm and historic appeal, it also offers interior spaces adorned with windows, ornate designs, high ceilings, and plenty of natural light that is enjoyed by both tenants and guests. With amenities such as free access to the Executive Conference Room, free onsite maintenance, and unlimited dry file storage, Illinois House makes a great home for attorneys.

 

The Illinois Hotel (today known as the Illinois House building) was built after the great fire of 1900 destroyed most of Downtown Bloomington. The Illinois Hotel, billed as the “finest hotel between Chicago and St. Louis”, opened in December, 1902 and initially consisted of five floors. It was designed in the Federal Style by the Burnham architectural firm in Chicago. In 1977, John R. Luedtke, Darrell L. Hartweg, and Ralph T. Turner purchased the Illinois House building from Heritage Enterprises, Inc. and moved their law offices to the second floor. Today, Turner and Hartweg continue as owners of the building and their law firm is now located on the fourth floor of the Illinois House.

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History Comes to Life in Downtown Bloomington

Bloomington is proud to be the county seat of McLean County, and we don’t take that responsibility lightly. Downtown organizations do their best to preserve and share the history of our part of the Land of Lincoln, and none do it quite like the McLean County Museum of History. The Museum, located in the old courthouse with the copper dome and situated at the heart of Downtown Bloomington, strives to involve visitors in our history, not just show them.

 

From the annual, award-winning, Evergreen Cemetery Walk and Senior Reminiscence Programs to field trips and Museum in the Classroom, the Museum strives to make the history and the memories of McLean County alive to its residents. Their big idea? “A place ought to have a memory and memory ought to be shared. To know where we are, we must know where we have been, and who made the places we call home.”

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Enhancing Your Professional Office Space

So you found your perfect office space – now what are you going to do with it? Here are some things to think about when settling in to your space.

 

You only get one first impression. Make it count! Walk through your space with the eyes of a first-time visitor. What does it say about your company? Is your space organized? Neat and tidy? Does it reflect that an active and healthy business lives there? And don’t forget about the outside of your office; it sets the tone. Make sure it is clean and inviting. If you have a front desk area, pay special attention to that as well.Your space should reflect your business, even on the walls. Don’t just accept the paint color you purchased, make it work for you. If you are a conservative type of business, neutral tones will probably be a good fit. But if your company has a creative bent, don’t be afraid to splash some bold colors on the wall. And don’t forget your branding. Find a way to incorporate your logo and business identity into your décor. It could be anything from hanging a sign outside or painting your logo on the wall. It may seem like it doesn’t matter, but small efforts can have a large impact on a potential client.Think outside the office furniture box store. When furnishing your office, it’s easy to go to the office box stores and spend thousands of dollars for the same furniture that everyone else has; or you can try something a little more fitting your business. Consider buying furniture one piece at a time instead of trying to outfit everything at once. This will give you more freedom to choose solid, lasting pieces without breaking the budget. Or you could purchase from real-estate stagers. They use furniture to set up potential homes and offices and then remove it when they’re done. They update their collections frequently and sell the gently used items. The International Association of Home Staging Professionals can help you find stagers in your area.Be efficient. Create functional spaces that are specific to your office needs. It could be a designated space for all of your files or an area specific to the copier, printer and fax machines. A place for everything and everything in its place will help you use your space wisely and effectively.Feng Shui-ish. The way you lay out your space communicates a great deal about your business. By maintaining an open, efficient workspace, you actually create an office with an atmosphere that is comfortable and more conducive to productive work. Consider that when you are arranging furniture, adjusting lighting and creating an overall look to your space.Sit tight. Ergonomics isn’t just a buzz word. By investing in ergonomic design, you can save your employees from back pain, eye strain and carpal tunnel syndrome and save your business a huge productivity drain. There’s research available on everything from proper placement of keyboards and monitors to chair levels. A little research and investment lead to healthier, happier employees.
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Watch and Learn

Did you know? Illinois House has a YouTube Channel with videos that showcase not only our great space, but also testimonials from some of our great tenants. Take a look and find out why we love Illinois House, and why you could love it, too.

 


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207 W Jefferson  •  Bloomington, IL  61701

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