CHICAGO—Start-up companies may have a great deal of expertise in their field, but getting a business off the ground also means making real estate decisions, and most new firms need some help with those. And Andy O'Brien, senior vice president of Chicago-based JLL, says many approach their real estate problems with the mistaken assumption that price per square foot is the most important factor, a mistake also made by many in the real estate world. But new start-ups tend to be open to more creative strategies, especially ones in the tech field. GlobeSt.com spoke with O'Brien on how to give better advice and help these start-ups handle their real estate worries.
What is the chief mistake made by new companies?
Conventional thinking tells us that the monthly rent is the most important factor in choosing a new office. One way to look at real estate differently is to buck tradition and look beyond monthly rent price, to the long-term cost commitment. In this equation, the length of the lease becomes a bigger factor than cost-per-square-foot.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
