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Updated over 9 years ago,
HELP Leasing Office Space
Hello,
I own a 5 story office building in Chicago and am having a difficult time leasing it out. I purchased the building about a year ago 100% vacant and proceeded to throw about $750,000 into remodeling mostly the common areas. Building is about 50,000 rentable square feet. I currently have it about 90% vacant. The building was 100% occupied with tenants like the IRS, Sate Farm and other national company's that needed office space from 2002-2007. Seems like the building started to lose tenants after 2007 and went into foreclosure in 2009 with only 50% occupancy. I need some advice on how I can market this particular property to prospective tenants. I have it listed on the usual LoopNet, costar and craigslist. The building is not located in the greatest area of Chicago which seems to be the major hindrance so far. The building is located 3 miles from Midway airport on the Southwest side of Chicago. Any advice would be extremely appreciated. I have the building professionally managed but looking for ideas I can do on my own to get prospective tenants. thanks Adam