If you are thinking of purchasing or refinancing a commercial property in the near future, you must familiarize yourself with a great financing option offered through the U.S. Small Business Administration (SBA). There are two main programs available through the SBA: 1.The SBA 504 Program and 2: The SBA 7a Program. These types of financing have been around a long time but in this depressed economy, it is the savior of many a commercial/industrial real estate deals. To give you some perspective ... Full Article...

A couple of months ago, a fellow Realtor from Woodstock, R.B. McCallister, became stricken with acute transverse myelitis, which is a debilitating inflamation of the spinal cord. Groups of McCalister's friends have come up with some creative ways to help raise money to pay for his hospital and rehab expenses. R.B.'s 2009 Harley Davidson is being raffled with 3,000 $10 tickets to be sold. There is also a Bar Crawl on the Square scheduled for Nov. 6 and an art sale on Dec. 4. For details contact Harding Real Estate 815-338-3850 or just send a contribution of any amount you can afford to R.B. Benefit Trust, c/o Harding Real Estate, 1710 S. Eastwood, Woodstock, IL 60098.

Office Vacancy Rate Improves While Industrial Vacancies Dip
Crains reported this month a positive improvement in suburban office vacancies which ended a string of 13 straight quarters of increases. The third quarter rate came in at 25.2% meaning one out of every 4 sq. ft. of office space is empty. This is great for prospective tenants who can just about write their own ticket in lease or lease renewal negotiations. Some experts predict this tenant advantage will continue thru 2011 before moving back the landlord’s way. Job growth or lack thereof is the stimulus that will boost the vacancy meter further in the right direction.

Crains also reported a slight surge or uptick in industrial vacancy rates in the third quarter after reporting a slight dip in the second quarter. 12% of all factory and warehouse space is vacant vs. 11.9% in the second quarter. This represents 3,000,000 sq. ft. of negative absorption. The vacancy rate is approximately half that of the office vacancy rate and gives you an idea of which property type has been hurt the most by this recession which is now going on 3 years.

To read the full articles click on the links below:

Suburban office vacancy improves for first time since 2007

Improvement short-lived for local industrial market

The news last week from the National Bureau of Economic Research (known as the official referee of the economy) was that the recession ended 15 months ago in June, 2009. I was so relieved to hear this news that I called all my friends, clients, fellow commercial real estate brokers to make sure they knew about this. Then I called all my banker connections to tell them it was ok to start loaning money again. After that, I called every business owner I know and told them it was ok to start hiring again. After the laughter died down I wondered to myself whether I had mis-read the report. Then I remembered something about government propaganda and an upcoming election cycle with Obama’s Chief Economic Advisor (Larry Summers) bailing this week along with the announcement that his Chief of Staff Rehm Emanual escaping to run for Chicago Mayor, this administration may be about to see the wheels fall off. Lies and propaganda are a last ditch effort to save themselves. I usually don’t believe everything I read but I don’t believe ANYTHING coming out of the White House these days. How about you?

The old saying “you learn something new every day” was certainly true on September 3 for me. I have been under the mistaken assumption that the Illinois Responsible Property Transfer Act (IRPTA) was still the law of the land in Illinois. This 1989 law invented a whole new industry of environmental consultants and cumbersome requirements that required the delivery and recordation of statutorily prescribed forms disclosing the presence of underground storage tanks or storage of cert ... Full Article...