Chicago Downtown Office Condos: Why An Office Condo in The Gage Building Is A Smart Investment

Office Condo Ownership Benefits for Office Occupants

Most small and mid-sized businesses in Chicago view downtown office space in very straight forward terms: simply a necessary expense of doing business. Other than labor costs, real estate is typically the greatest single expense facing a business. And in major urban centers like Chicago, those costs can add up quickly.

Fortunately, there is an alternative, one that has proven successful throughout the Chicago suburbs and in other metropolitan office markets. Office condominiums offer small and mid-sized businesses an opportunity to reduce their total real estate costs while gaining more control over their work environments. While leasing space necessitates continual payments to the landlord, office condo ownership constitutes a true investment in one's own business.

Office Condo Ownership Offers:

• An opportunity to build equity
• A chance to hedge against inflation
• An opportunity to invest in an alternative asset class that might otherwise be unattainable
• The ability to better control work environment and plan for growth

The office condo concept has flourished in many local suburban markets, offering professional service firms and other small businesses an alternative to leasing space. In downtown Chicago, however, high quality office condo opportunities are limited. The Gage Building is one of the only downtown office condo buildings in Chicago offering a prestigious address and a professionally-managed, secure office condominium.

The Gage Building currently has available office condos on the upper floors, featuring unobstructed views of Millennium Park and Lake Michigan. The building is ideal for image-conscious professional service firms who appreciate both the historical significance of the building and its updated infrastructure. Non-profit organizations that may be able to take advantage of additional tax benefits are also a natural fit for The Gage Building.

Ideal for Non-Profit Organizations

Office condo ownership can be economically advantageous for non-profit organizations because they may benefit from real estate tax advantages by owning their offices - a benefit that would be forfeited by leasing office space. But beyond the significant real estate tax savings, ownership lets NPOs take control of their environment and demonstrate long-term stability and professionalism to potential donors. Image is critical for non-profits, especially when raising funds and seeking partnerships. Moreover, many NPOs may have endowments they can draw upon to facilitate their office condo acquisition.

Another benefit is the opportunity to work side-by-side with other professional and community-focused organizations, like the building’s largest occupier Roosevelt University. Owning space in a building with other like-minded occupants creates a collaborative backdrop in which many NPOs thrive, and the fact that Roosevelt University is the building's largest occupier brings a stabilizing factor to the building.

For more information please contact:

Brett A. Walrod at bwalrod@thegagebuilding.com.