LEDP Executive Director Cole highlights in a recent memo to the Lisle Village Board the drastic changes in commercial real estate and how this presents Lisle with both opportunity and risk. At a recent Village Board Meeting, the LEDP presented initial insight on Commercial Real Estate trends, highlighting many of the changes seen in this sector, nationwide and how they impact communities like Lisle. The purpose of this most recent memo is to inform the Village Board of the significance to Lisle of the trends in commercial real estate outlined during the LEDP’s previous presentation at the July 19 Village Board Meeting.
“Lisle is a remarkable, well-positioned community, those opportunities, if taken, may result in significant success” states Executive Director Cole. “However, Lisle is bookended by other beautiful communities with favorable demographics that are aware of these market realities and will seize upon any of Lisle’s missed opportunities to adapt.”
The memo highlights how the Village should not stand as a barrier to the private sectors’ response to a changing market, taking the long-term perspective. Cole highlights in the memo that if the Village does not foster development now through nimble codes and processes, it will lose new and existing businesses to neighboring communities that do. Cole states that “If real estate is not modernized by tenants in the near term, it will be more difficult to attract future tenants and require far more government incentive to bridge the gap.” “If Lisle does not diversify its sales and property tax base through development, it will be difficult to keep property taxes affordable for its residents and businesses in the future,” Cole continued to report.
The information provided by the LEDP highlights how Lisle stands only to gain by understanding and adapting to changing market trends. And, when expressed in potential dollars lost or gained, there is effectively no cost to the changes proposed in this memo, but significant yet unrealized cost -measured in millions of dollars in missed tax revenues- for ignoring the inevitable change in how commercial real estate is used.