Ten with Ben: Recent Episodes
Ben Azulay
Ben Azulay, Principal at Bradford Allen, dives into the Chicago commercial real estate market to explore the trends and topics most relevant to tenants.
Ben is joined by Kathleen Bertrand of Transwestern for a wide-ranging conversation on the current state of the Chicago office market. They reflect on their parallel 20-year careers in commercial real estate and how market cycles — and downtown activity — are shifting again. They discuss how deal momentum is returning, particularly among smaller tenants, and how Gen Z is helping fuel the shift back to in-office work. Bertrand also shares why landlord flexibility and creative deal-making are more important than ever in a high-cost, fast-moving environment.
Ben is back with another episode of Ten with Ben, exploring the recent momentum in the commercial real estate market. Leasing velocity is up, transaction volume is rising, and distressed assets that once seemed stagnant are now trading hands. Post-election stability and renewed business confidence have fueled this shift, as companies gain clarity on their long-term office strategies. The return-to-office movement is no longer just a talking point with many firms solidifying in-person work policies, with some even requiring five-day attendance. Landlords are responding by enhancing assets with premium amenities to attract and retain tenants. As deal flow accelerates, the market is demonstrating greater resilience than many anticipated—particularly in Chicago, where leasing and investment activities showcase a revived sense of optimism.
On this episode of Ten with Ben, Justin Kessler, Nathan Meissner, and Lauryn Sussman join Ben to reflect on a productive 2024 for the tenant rep team at Bradford Allen. The team discusses the uptick in tenant activity, surprising stability in office space needs, and the late-year momentum in deal-making. They also highlight how flexibility from ownership groups has created opportunities for tenants despite market challenges.
Looking ahead to 2025, the team shares their optimism for continued market growth and new opportunities as the market adapts.
In the latest episode of Ten with Ben, Ben Azulay reflects on the year so far, highlighting consistent deal flow and how companies are renegotiating leases to take advantage of current market conditions. He discusses the recovery of distressed properties, with lenders and landlords working out solutions, and questions the real value of amenities in office buildings. Looking ahead, Ben is monitoring how these trends will shape the market through the end of 2024
and into 2025.
In the latest episode of Ten with Ben, Ben Azulay dives into the world of hotel real
estate with Aghfar Arun, Director, Hospitality at Bradford Allen. Aghfar discusses
his journey into hospitality and the intricacies of acquiring hotel properties,
emphasizing the importance of brand affiliation with major players like Hilton and
Marriott. He also explores the specialized challenges of converting properties
in the hotel sector compared to other real estate markets. The conversation
also touches on the impact of the pandemic on operations and the disruption
introduced by competitive platforms like Airbnb.
In the latest episode of Ten with Ben, Ben welcomes Jimmy Sarnoff, Managing Partner at Sarnoff & Baccash, to discuss the intricacies of property taxation in Chicago. They dive into how recent changes by the City’s Assessor have impacted property assessments and taxes, particularly highlighting the triennial reassessment cycle and various tax-saving strategies. Jimmy offers insights on leveraging property tax incentives for commercial and residential developments, and the potential benefits of converting commercial properties to residential to revitalize Chicago’s LaSalle Street. This episode provides crucial advice for navigating the complex landscape of property taxes and making informed real estate investment decisions in Chicago.
This episode of Ten with Ben features Aaron Letzeiser, co-founder of Obie, who discusses the innovative ways his company is simplifying the insurance process for real estate investors and owners. Aaron shares insights on how Obie leverages technology to offer rates instantly and provide transparent insurance options, making the process more manageable and empowering for investors. Aaron’s journey from selling insurance in college to revolutionizing the insurance buying experience for real estate investors highlights the episode’s theme of innovation and adaptation in the real estate world.
In this special episode of Ten with Ben, Ben is joined by Justin Kessler, Nathan Meisner, and Lauryn Sussman for a compelling conversation on their unique team dynamics and experiences in real estate. The episode focuses on the team’s strong bond as they navigate various aspects of the industry together. Justin shares insights from a notable microbrewery deal, while Nathan reflects on adapting strategies during the pandemic and Lauren speaks to her development within the team’s nurturing environment. Together, they offer an optimistic but cautious outlook of the market headed into 2024. The episode wraps up with a friendly and insightful discussion, illustrating the team’s camaraderie and collective expertise.
Ten with Ben is back to showcase the "power of the ask." Today's market is all about seizing opportunities through creative negotiation. Current conditions present unique opportunities for tenants to renegotiate leases and for landlords to showcase their financial stability as a major strength. Ben offers actionable insight to both tenants and landlords on how to navigate the market effectively, from securing favorable lease terms to arranging unexpected perks.
This week, Ben gets candid about the lessons he's learned over twenty years in real estate—and how the best advice always transcends the business. As a proud American Jew, Ben also reminds us to check in on Jewish friends and colleagues as fallout from the war in Israel continues to be felt around the world. Be present for one another—we are in this together.
In this week's episode, Ben reflects on his two-decade-long journey as a tenant rep broker, shares current market conditions, and identifies recent challenges the industry is facing. From the bustling Fulton Market district to new activity throughout the Loop, get an expert view on what's shaping Chicago's office landscape. Post-pandemic, the deals may be smaller, but leases are being signed. Ben also touches on the perseverance of brokers, the importance of location to tenants, and just what makes Chicago such a dynamic and resilient city.
In our latest Ten with Ben, we sit down with longtime property manager Rob Healy, Vice President and General Manager at CIM Group, L.P. to discuss the vital role of property management and why they’re too often an unsung hero in getting deals done. As a former property manager at the BMO Harris Bank building, Rob also shares his thoughts on the planned revitalization of LaSalle Street and the challeneges of redeveloping its infrastructure for multifamily. Catch the full show to learn more about Rob and hear his take on current trends and market conditions.
In our latest Ten with Ben, we sit down with BA’s own Dan Fernitz and Justin Kessler to discuss the state of the market. What were the big trends in 2022? Will they carry over to 2023? What’s next for the flight-to-quality, the return-to-office, supercharged amenities, suburbs vs downtown, foreclosures, and distress. With over a century’s worth of cumulative market knowledge at the table, the conversation was wide-ranging, well-informed, and chock full of insights.
This week, we meet with Eric Janssen, president and founder of Chicago Real Estate Resources (CRER), a full-service commercial real estate firm with a focus on investment, retail, and office leasing and a fellow Chicago affiliate of TCN. Eric is an award-winning and well-traveled real estate professional with a multitude of diverse experiences under his belt and has been working in the Chicago market for over three decades. Expertly weathering the challenges in today’s market, Eric’s optimism encourages his brokers to adapt to the changes and persevere, noting “it always comes back.”
On Ten With Ben, we regularly speak with experts in their respective fields, but rarely has a guest come with such an immense amount of market knowledge. Ross Ford is a fourth-generation commercial real estate professional. And with nearly a quarter-century at the helm of TCN Worldwide, a consortium of independent commercial real estate firms, Ross has seen the ups and downs of several market cycles across every real estate segment. One lesson that holds true across time is that real estate is a “business of the moment.” And in this particular moment full of uncertainty and disruption and opportunity—the value of a professional broker/agent has never higher.
We were excited to sit down with Ross and get his perspectives on the state of current market. We always learn something new and valuable speaking with Ross, and we know you will too.
Today we are joined by Michelle Jones, Director of Interiors at Shive-Hattery. With over 20 years’ design experience, Michelle has always been driven by creating something new and bringing it to life — the office is an art form. With so many facets, there is always something to be learned throughout each project while staying on top of trends.
But in today’s ever-changing world, the biggest question seems to be, “how do we do the next project better?” Bringing an architect in from the beginning of your project is the best place to start. In order to create a true collaboration among office tenant and architect, timing is key. Even while touring space, Michelle suggests bringing your architect along to provide critical feedback and visionary tools to provide crucial elements in a thoughtful vision for your workplace.
It’s clear that the office is here to stay, so how do you build a space when you don’t know what the next five years will look like? Are there best practices for tenants
to follow?
Michelle’s advice: start with asking how you’re going to use your space.
Real estate is a relationship business, but it’s not often you get to work with a lifelong friend. In this Ten With Ben episode we’re joined by Aaron Zaretsky, Leasing Director at Urban Innovations, an integrated real estate development company. Aaron’s path crossed with Ben’s more than 40 years ago, decades before either had closed a lease deal.
As these long-time friends catch up on the state of the market, Ben and Aaron discuss the importance of nurturing long-term relationships with clients. People have good memories, so how you treat them matters, especially when it comes to big moments like leasing office space. It may be an everyday experience for a broker, but not for most business owners.
And the relationship-building doesn’t end when the lease is signed. Being present for all stages of your client’s growth and being a trusted, ever-present partner are the foundations for success in commercial real estate, and in business in general.
In our latest episode, Ben sits down with Tim Brigham, all-star mortgage broker and BA client. With a competitive spirit and laser-sharp focus on his customer’s needs, Tim’s found a winning combination for success in real estate, and in life. In addition to managing Union Home Mortgage’s Chicago office, Tim runs the Superhero Collective, a non-profit that brings comic-book heroes to life for children’s hospitals all around Chicago.
Whether he’s swapping a business suit for a batsuit or locking-in fixed-rate financing for a new family’s first home, Tim’s authentic passion for people resonates with his customers and with us.
With 30 years of experience in commercial real estate, today’s guest knows what the fundamentals of the business are all about. Meet Laurence Elbaum, Principal and Co-Founder of Bradford Allen.
When he began Bradford Allen with business partner Jeffrey Bernstein in 2003, he was certain of just one thing: BA would succeed, because failure was not an option. That mindset has translated into a philosophy that continues to drive the firm today. Listen in as Larry explains why technology will not replace the ground work involved in CRE, the importance of knowing the value of a dollar for your client, and how our investment strategy changed during the course of the pandemic.
As BA’s suburban portfolio grows, the comparisons to downtown become more prevalent. While Chicago's Loop has not seen the same return to work as many suburban buildings, Larry speculates that new changes will come as Gen Z’s presence emerges within the work force.
We’re back with another special guest in today’s Ten with Ben: Andy DeMoss, the firm’s lead downtown agency broker. Having known each other for over a decade, Ben and Andy discuss the past, present, and future of the Chicago market.
Listen as they explore the importance of communication between landlords and tenants, what improvements landlords have been making to keep their buildings relevant, and the heavy concession packages tenants have been acquiring.
Although a vaccine doesn’t mean we’re out of the woods yet, the two have seen enough through the years to keep them excited and driving Chicago’s commercial real estate forward.
“Is today the day we return to pre-pandemic days?”
If you’re like Ben, this has been a question you’ve asked yourself more than once over the past year. The what if’s keep us guessing as to what could have happened and what may happen next.
This week, Ten with Ben is back to bring some insight into how office leasing has changed due to the pandemic. Ben answers questions like: “Would deal terms be the same if the pandemic never happened?”
Negotiating deals in the current environment is giving tenants incentives like how they can use their tenant allowance and rent abatement. The market will continue this way for a while, potentially through 2023, and one thing is clear — it is essential to take advantage of the current situation and capture the savings of this moment in time.
Ben is back, and like most of us, he’s ready to leave 2020 in the rearview mirror! Kick off the new year with Episode 007 of Ten with Ben.
We all hope 2021 will bring lots of excitement, but like Ben says, even after 20 years in the industry, “You just never know!” Listen as he discusses the differences between speculation and reality, why there is no doubt companies will come back to the office (eventually), and what “pent-up demand” means. Even after the COVID-19 vaccine is widely available, it won't just be like flipping a switch getting back to our normal routines. Office schedules will still vary through at least the next 18 months.
The year will bring uncertainty, but more importantly, it will bring evaluation and opportunities to both landlords and tenants.
This week, Ben is taking on listener questions to give his feedback on the CRE market and occupancy trends. Ben shares how companies can benefit through landlords cutting rental rates and buildout costs in addition to sublease spaces coming to the market in mass. Taking a look at your lease now will help you evaluate your needs when you're ready to renegotiate.
How will the Chicago market look in five years? Are the aftereffects of COVID-19 going to change things indefinitely? Listen as Ben walks us through the office footprint of the future.
Lastly, we're focusing on the positives to come from the past seven months — learning to prioritize, finding a work-life balance, and increasing efficiency throughout your workday.
We’re back with a special guest in today’s Ten with Ben: Justin Kessler, Ben’s business partner. Ben and Justin explore thoughts about commercial real estate, COVID-19, and takeaways on working from home.
Listen as they discuss the importance of a tenant rep broker’s role with their clients and how engaging now — even if you aren’t ready to make decisions today — will set you up for success down the road.
While the return to work looks different for everyone, we all need to be safe, smart, and respectful in the workplace. Many do continue to work from home and remain productive, but are there lost opportunities staying virtual?
Ben Azulay is back in this week’s Ten with Ben, diving into real estate in the new world. This week, he is focused on lease options and explains why a tenant may want to consider renewal, termination, or expansion options in their lease. Learn why these decisions are crucial for tenants, and why landlords may be hesitant to provide these options based on the market. And, what about possible signage or relocation options?
Listen as Ben discusses the importance, now more than ever, for leases to have flexibility — as well as protection — when tenants are moving into a new space.
In the debut episode of Ten with Ben, Bradford Allen's own Ben Azulay (Principal & Executive Managing Director), discusses commercial real estate in a COVID-19 world. Cities are reopening, but a "new normal" is upon us. So what does that mean for you and your space? If you're utilizing less of it — or none at all — a sublease might be a good solution. It's a great way to shed space and save money on rent.
Listen as Ben walks us though the basics of subleases, where we're seeing them pop up in the local market, and why they're a great value play to tenants — a plug-and-play solution that's ready to go.