Bespoke Commercial Real Estate

Just wrapped up as a co-host of the SIOR Great Lakes Regional Event here in Chicago. Over 150 people in the room, and for anyone trying to read the Heartland right now, it was a better gauge than any report I've seen this quarter. The consensus was not complicated. Deals are taking longer to cross the finish line, and nobody in that room pretended otherwise. But the collective view on the balance of 2026 into 2027 was genuinely optimistic. Logistics, warehousing and manufacturing all show real activity. Data centers keep pulling demand, though that sector is running into legislative and zoning constraints that will not resolve quickly. Dan Hampton gave the keynote and did something I did not expect. He talked about wanting to be great, then reframed it: be a good human first and the rest tends to follow. Simple enough that you almost skip past it, and true enough that I have thought about it three times since. I moderated the industrial panel with Alfredo Gutierrez of SparrowHawk, LLC, Matthew Neumann of Becknell Industrial, and Brendan Sheahan of TradeLane Properties. What came out of it: Patience is the whole game right now for institutional buyers. The ones winning are methodical. Institutional owners are managing pricing and cap rate pressure through rent growth and operational efficiency, not repricing. Building owners are open for business and want to transact. All three pointed to strong first-half absorption, steady activity, and a supply constraint forming in 2027. That last point is the one tenants should sit with. My take, and here I part ways slightly with the room: start your renewal conversation early. Most owners would rather keep a good tenant than re-tenant the space, even when they think they can chase a higher rate. That preference is real leverage, but only if you engage before their leasing team builds a plan around your expiration. And if you are in the market and find the right building, move aggressively. Rising activity against a thinning supply of well-located, functional space means you will not be the only one looking at it. The most useful thing about these conferences for a tenant-only firm is not the market data. It is hearing owners describe their pain points out loud, to peers rather than to a prospect. That is what lets our team structure terms that are genuinely favorable to the tenant and still solve something real on the owner's side. A deal only closes when both sides leave the table believing they won, and you cannot engineer that if you only understand one side of it. If your lease runs out in 2027, have you started the conversation, or are you waiting until next year? Matt Kelly, SIOR Nicholas Schaefer Ben Burger Michael O’Laughlin Bespoke Commercial Real Estate SIOR Chicago Chapter SIOR Global #ChicagoIndustrial #IndustrialRealEstate #TenantRepresentation #CookCounty #WillCounty #DuPageCounty #KaneCounty #McHenryCounty #LakeCounty #SIOR #Warehouse #Manufacturing #Logistics #CRE

Here's to three great years! Over the past three years at Bespoke, Conor has built strong relationships with business owners by taking the time to understand where they're headed, not just where they are today. His dedication and consistency have made him someone both clients and teammates know they can rely on. We're grateful for all Conor has brought to Bespoke over the past three years and look forward to what's next! Conor Maloney #WorkAnniversary #ChicagoCRE #TenantRepresentation #ChicagoOffice #BespokeCRE

Congratulations to Cody J. Cowgill on his promotion to Vice President. We're proud to celebrate this well-deserved milestone and grateful for Cody's contributions to Bespoke. Here's to what's next! Congratulations Cody! 🎉 Read the full article on our website: https://lnkd.in/gpsJFR8Q #CommercialRealEstate #BespokeCRE #TenantRepresentation #ChicagoCRE

21.8 million square feet leased. 4.8% vacancy. The Chicagoland industrial market continues to show strong demand, with 21.8 million square feet leased in Q2. At the same time, 4.8% vacancy rate shows that available space remains limited, particularly for tenants with specific location, building, or operational requirements. Together, those numbers point to an active and competitive market where the best opportunities can move quickly. For businesses approaching a lease expiration, expansion, consolidation, or relocation, getting ahead of the process can create more options and greater leverage. Check out the report on our website: https://lnkd.in/geQfFJqg Bill Lussow, SIOR Matt Kelly, SIOR Nicholas Schaefer Ben Burger Michael O’Laughlin #TenantRepresentation #IndustrialCRE #BespokeCommercialRealEstate #ChicagolandCRE #MarketReport

The Chicago suburban office market posted its strongest quarter since Covid-19, with 667,700 square feet of positive net absorption and vacancy improving to 25.7%. Explore our full Q2 2026 Chicago Suburban Office Market Report on our website: Victor Sanmiguel Emily Smith, SIOR Cody J. Cowgill Conor Maloney #ChicagoCRE #BespokeCRE #Q2MarketReport #SuburbanOffice #TenantRepresentation

The downtown Chicago office market is continuing to evolve. In Q2, vacancy increased to 27.2%, but leasing activity reached 3.2 million square feet as companies continued to choose higher-quality buildings. At the same time, office values continued to reset, creating new opportunities across the market. Read the full report on our website: https://lnkd.in/gJE_fmAa Victor Sanmiguel Emily Smith, SIOR Tyler Biggs PETER BILLMEYER - SIOR #ChicagoCRE #DowntownChicago #BespokeCRE #TenantRepresentation #Q2OfficeMarketReport #ChicagoOffice

📉 $2.9 Billion Wiped Out. Why Office Tenants Should Be Paying Attention. The Chicago office market is in the middle of the most significant reset we'll likely see in our lifetime. Many downtown office buildings have traded at 50% to 90% discounts from their previous sale prices, resulting in more than $2.9 billion in lost value across a sample of recent transactions. At first glance, those headlines sound alarming. But here's what companies need to understand: this is primarily a capital markets story, not a leasing collapse. Businesses still need office space. Employees still gravitate toward well-located, highly amenitized buildings. The biggest shift is that many owners are operating with dramatically different financial realities than they were just a few years ago. 💡 For tenants, that creates opportunity: • Increased leverage during lease negotiations • More generous tenant improvement allowances and concessions • Greater flexibility from landlords looking to attract and retain tenants • Access to premier buildings that may have been financially out of reach before That said, not every opportunity is created equal. 🏢 Who owns the building? Is there lender involvement? What's the long-term strategy for the asset? Those questions matter now more than ever, and understanding the financial position behind a building can create a real competitive advantage. This market isn't disappearing. It's resetting. If your lease expires in the next three years, now is the time to evaluate your options and build a strategy that takes advantage of one of the most favorable negotiating environments we've seen in decades. Bespoke Commercial Real Estate Tyler Biggs #ChicagoCRE #OfficeMarket #CommercialRealEstate #TenantRepresentation #Chicago #LeasingStrategy

Here's to seven great years! Throughout his time at Bespoke, Cody has built a reputation for being dependable and deeply committed to his clients and teammates. He approaches every deal with focus and intention, making him a trusted partner at every stage of the process. We're grateful for all Cody has contributed over the past seven years and look forward to many more! Cody J. Cowgill #WorkAnniversary #CommercialRealEstate #BespokeCRE #TenantRepresentation #ChicagoCRE

Happy Fourth of July! Today we're celebrating 250 years of bold ideas, big vision, and the freedom to build something meaningful. Here's to independence, opportunity, and the next 250 years of possibility.