Oct22018

The Crain’s Chicago Business article on September 28 regarding continued expansion of Fulton Market into the Kinzie corridor is I believe not a question of IF but WHEN this and other areas near downtown start seeing lots of development. The Cook County Assessor’s office has been sending out notices of increased values all over the city this year and the CBD has not been immune to the enormous increases which people have been seeing. With assessed values going up, property taxes in the CBD will be increasing dramatically in the next few years and since almost all commercial leases contain language which passes this on to tenants businesses will soon see their occupancy costs increasing quite a bit. This may have the effect of pushing some of those companies away from the CBD and out into the neighboring areas of the West and South Loop. River North may already be too built up and expensive and could also see some migration due to these tax increases.

aa

READ FULL ARTICLE

Author: Aaron Anovitz

In over 30 years of brokerage, Aaron Anovitz has represented tenants and building owners in hundreds of lease and sale transactions. These transactions have involved retail, office and industrial space and have ranged from 500sf medical and entrepreneurial companies to 25,000sf advertising agencies and insurance companies. Aaron has represented all classes of buildings from Class A & B Loop and Michigan Avenue properties to loft buildings in River North and the South and West loop neighborhoods. In the last 20 years, Aaron has been involved with acquisition, asset management and construction management while continuing to represent owners and tenants. His investors have entrusted him to manage, lease, build and maintain multi-million dollar portfolios. Aaron joined Ann Anovitz Associates after graduating from Western Illinois University in 1984 with a B.A. in Mass Communications. His first 10 years after college were spent working for Fortune 500 companies such as Allstate Insurance, Motorola, Quaker Oats and the Chicago Tribune doing video and film production and working part time with Ann Anovitz Associates as a broker. Aaron is an avid golfer, volleyball player and Chicago sports fan and when not otherwise busy spends time doing rehab to his 1942 home. Aaron is now an Owner and President of Ann Anovitz Associates and is ready to help you with all your real estate needs.