“When you’re first starting out, you want to keep your lease as short-term as possible and mitigate the risk. If there is a regulatory change, a change in your small, three-person partnership, or any other change, you’re going to be stuck.”
Most financial professionals know that the day-to-day price risks are but a small component of one’s overall business risk. Even trading firms that make their money on price movement must deal with regulatory uncertainty, technological change and other shifting trends. Christian Domin, whose firm GlenStar Properties purchased the iconic Chicago Board of Trade Building in 2012, says real estate risk is one of the most important yet overlooked business risks in Chicago and other financial centers.
At the MarketsWiki World of Opportunity 2016 Intern Education event in Chicago, Domin offers a host of practical advice for young traders, brokers, budding entrepreneurs and all new entrants to the financial markets. He tells the group of interns that they may desire, and even deserve, that corner office with the lake view, but the smart play is to hold off, look for value, maybe consider an office share or a sublease for a few years, before taking the plunge into a long-term lease.