Commercial Real Estate After 2020: New Opportunities for Investors
Following the pandemic, the commercial real estate market in Illinois has changed: vacant offices are becoming a source of new opportunities. Discover how investors and owners are adapting to new trends with Barr Agency.
When the world shifted to a remote work format in 2020, office centers became vacant literally within weeks.
Many predicted the end of the commercial real estate era. However, time has shown the opposite: the market did not disappear—it was reborn.
Today, offices, warehouses, and retail spaces in Illinois are beginning a new life—as hybrid work spaces, coworking facilities, showrooms, studios, and even residential lofts.
And now is precisely the time when “vacancy” transforms into potential.
How Commercial Real Estate Has Changed Since 2020
For the office market, the pandemic was a turning point. It became clear that companies do not need enormous spaces for permanent operations.
But new models for using premises emerged alongside this realization.
Today, demand is driven by:
- Small and medium-sized businesses looking for small, flexible spaces to rent;
- Entrepreneurs opening studios, workshops, and showrooms;
- Owners of online businesses who need physical locations for customers or logistics;
- Investors repurposing old offices into apartments and micro-housing.
Today, the market has moved away from standard ideas and templates, becoming more creative—and Barr Agency sees this as the main advantage.
Flexibility Instead of Square Footage
Previously, an office was evaluated by its size, the prestige of the building, and its distance from the city center.
Now, buyers and tenants look at different parameters:
- Layout that can be easily adapted for specific tasks;
- Availability of common areas, kitchens, and lounge spaces;
- Modern amenities (ventilation, Wi-Fi, parking);
- Energy efficiency and ease of maintenance.
Flexibility has become the new currency in the commercial real estate market.
This is precisely why buildings that were recently sitting idle are now becoming desirable after a minor redesign or replanning.
Repurposing: When an Old Office is Reborn
One of the most prominent trends in recent years is redevelopment, which means adapting old office buildings for new functions.
In Illinois, it is increasingly common for:
- Office centers to be converted into residential complexes or apartment hotels;
- Large premises to be divided into small office boxes and coworking spaces;
- Former retail stores to become studios, salons, or educational spaces.
Barr Agency notes: in 2024–2025, the demand for multi-functional spaces has grown in almost all Chicago suburbs.
Such properties are attractive because they generate stable income with lower maintenance costs.
Why Is It Profitable to Invest Now?
Many owners and investors, tired of instability, are beginning to view commercial real estate as a safe asset.
The reasons are clear.
- Lower prices for some office properties after the pandemic—an excellent entry point for new investors.
- The growth of small businesses in Illinois is creating demand for renting smaller spaces.
- Favorable bank terms and tax incentives for redevelopment projects.
- Growth prospects—especially for spaces that can be easily transformed.
Today, investors who see the potential in "empty" buildings will tomorrow receive a ready source of passive income.
The Role of a Professional Agency: How Barr Agency Helps Clients See the Future?
The transformation of commercial real estate is a process that requires market knowledge, risk assessment, and an understanding of local dynamics.
Barr Agency Illinois helps clients see not just a property, but its possibilities.
The agency's team:
- analyzes the potential of the building and its location;
- helps calculate return on investment and utilization scenarios;
- supports purchase, lease, and repurposing transactions;
- consults investors on matters of redevelopment and leasing.
This is how owners transform vacant offices into sources of sustainable income—with minimal risks and maximum returns. Today, commercial real estate in Illinois is experiencing not a crisis, but an evolution. Those who see the potential in change are the first to win.
Barr Agency Illinois helps clients adapt to the market's new reality—where creativity, flexibility, and strategic thinking are more important than old templates. Vacant offices are not the end of an era, but the beginning of a new one. And perhaps now is the best time to see the future in them.
