Most buyers are familiar with a residential condominium.
This is basically defined as:

“…a type of ownership that enables a person to own an apartment or house in a project of similar units. The owner has his/her own deed and, most likely, his/her own mortgage on the unit. The owner also holds a common or joint ownership in all common areas, such as hallways, entrances, and elevators. Ownership more often cover single-family houses, including row houses and townhouses, as well as apartments…”

In more recent time, this same condominium concept has been popularized in the retail and commercial arena.

As with any Condominium, there is a Condominium Association (made up of owners of each unit) who act as the governing body and establishes the rules and regulations for the building. The association also makes decisions regarding any common space, the building management, and general upkeep.

The most common question potential buyers and brokers as about 211 W. Wacker Condominiums is, “Can I live there?” In this case, the answer is no. This is because the Condominium Association has established 211 as a commercial-only space.

Overall there is no difference between a residential and commercial condominium. In fact, the same Illinois Condominium Property Act covers both office and residential condominiums.

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