Commercial Real Estate Brokerage

While the first three rules of real estate are legendary, there is more to a successful deal than location, location, location. Our team of commercial brokers has extensive experience buying, selling and leasing all types properties throughout Chicago and the suburbs. We understand all of the factors that affect each type of commercial property – whether it is an office building, an industrial warehouse, a multi-family building, a retail center or a specialized property. Millennium Properties has the market knowledge and experience to anticipate new developments and market trends.

Our brokers work with tenants, owners, buyers and sellers to locate, negotiate and close the best deal possible. The Millennium team performs lease analysis, expert negotiation, and market research to identify the best deal to meet each of our client's need.  

Contact us today to find out more about how our brokers can help you lease a space, sell your building, buy a new property or to request a property valuation.

Why Chicago Chooses Millennium Properties Real Estate

Chicago is a dynamic and diverse city with a complex real estate market that demands expertise, dedication, and local knowledge. Millennium Properties Real Estate is the preferred choice for commercial real estate brokerage in Chicago for several compelling reasons:

• Local Expertise: With extensive experience in Chicago's diverse neighborhoods and business districts, our team provides tailored solutions for buying, selling, or leasing commercial properties.
• Market Insights: We offer thorough market analysis to help clients make informed decisions, staying ahead of trends and providing insights into property values and investment opportunities.
• Strong Network: Our robust network of property owners, investors, developers, and local officials gives clients access to exclusive deals and insider knowledge.
• Full-Service Approach: We provide a complete range of services, including sales, leasing, property management, and advisory, ensuring clients have all the resources they need under one roof.
• Proven Success: Our track record includes numerous successful transactions across various property types, consistently exceeding client expectations.
• Client Focus: We prioritize client success, offering personalized service and dedicated support to achieve their unique goals.
• Innovation: Utilizing the latest technology and marketing strategies, we streamline transactions and provide real-time data, delivering superior results.

Choosing Millennium Properties means partnering with a team committed to your success in Chicago's vibrant real estate market.

Common Questions about Commercial Real Estate in Chicago

How does the commercial real estate market in Chicago compare to other cities?

Chicago's commercial real estate market is robust and diverse, offering a wide range of opportunities across various sectors, including office, retail, industrial, and multi-family properties. Compared to other major cities, Chicago boasts relatively lower property prices and rental rates, making it an attractive option for investors. The city's strategic location, extensive transportation network, and vibrant economy contribute to its appeal, providing a competitive edge over markets like New York and San Francisco.

What are great neighborhoods in Chicago for commercial real estate investment?

Several neighborhoods in Chicago stand out for commercial real estate investment:

• Loop: The central business district with a mix of office spaces, retail outlets, and cultural attractions.
• River North: Known for its vibrant nightlife, art galleries, and high-end retail stores.
• West Loop: A rapidly growing area with trendy restaurants, tech startups, and modern office spaces.
• South Loop: Offers a mix of residential and commercial developments, attracting a diverse range of businesses.
• Fulton Market: A former meatpacking district turned into a hub for tech companies and innovative office spaces.

What incentives or tax breaks are available for commercial real estate investors in Chicago?

Chicago offers several incentives and tax breaks for commercial real estate investors, including:

• Property Tax Abatements: Programs like the Class 7a and Class 7b incentives provide property tax reductions for new commercial developments in designated areas.
• TIF (Tax Increment Financing) Districts: These districts offer financial assistance for redevelopment projects, aiming to stimulate economic growth in specific areas.
• Enterprise Zone Program: Provides various tax incentives, including sales tax exemptions on building materials, investment tax credits, and utility tax exemptions for businesses in designated zones.
• Historic Preservation Tax Credits: Investors in historically significant properties may qualify for tax credits to offset rehabilitation costs.

How do property taxes affect commercial real estate investments in Chicago?

Property taxes are a significant factor in commercial real estate investments in Chicago. The city's property tax rates are relatively high compared to other areas, which can impact the overall profitability of an investment. Investors need to account for these taxes when evaluating potential returns. However, various tax incentives and abatements, such as the Class 7a and 7b programs, can help mitigate these costs. Additionally, understanding the assessment process and potential fluctuations in property values is crucial for long-term investment planning.

What are the key factors to consider when choosing a location in Chicago?

When choosing a location for commercial real estate investment in Chicago, several key factors should be considered:

• Neighborhood Demographics: Understanding the population density, income levels, and consumer behavior in the area can help determine the potential success of a business.
• Accessibility: Proximity to major transportation hubs, including highways, public transit, and airports, is essential for attracting customers and employees.
• Economic Activity: Areas with a strong presence of businesses, such as the Loop or West Loop, offer higher visibility and foot traffic, which can be beneficial for retail and office spaces.
• Development Trends: Identifying neighborhoods experiencing growth and redevelopment, like Fulton Market or South Loop, can provide opportunities for appreciation and increased demand.
• Zoning Regulations: Ensuring that the property meets zoning requirements for the intended use is vital to avoid legal and operational issues.
• Infrastructure and Amenities: Access to modern infrastructure, utilities, and amenities can enhance the value and attractiveness of a commercial property.