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Matt Tompkins
Cofounder of Animal Emergency & Treatment Centers
Chicago
After the recession hit, veterinarian Matt Tompkins back-burned his plans to add a second location for Animal Emergency & Treatment Center, an animal clinic in Grayslake, Ill.
"I planned on making this a 2010 project," says Dr. Tompkins, who helped start the business in 1994.
But in May, as the recession ravaged the commercial leasing market, he reconsidered that timeline. Tompkins found a 10,000-square-foot space in the northern part of Chicago. The space, part of a brand-new strip mall, had been sitting on the market for two years.
With vacancy rates in Chicago topping 15% percent, Tompkins was able to negotiate a sweetheart deal. He ended paying half of the asking price per square foot -- a rate lower than what he pays in Grayslake, which is 40 miles away from the city.
"What really pushed me over the edge is the availability of this location," he says.
The pet hospital owner was able to take advantage of another recession-related perk: a surplus of labor and building materials. Tompkins contracted with the Dobbins Group, which was able to construct the hospital in 12 weeks. Typically, a project of that scale would take a year.
"To have this kind of speed and efficiency -- I was frankly skeptical," he says.
The center, which is one of the few 24-hour animal hospitals in the city is already seeing success. "The market in Chicago is terribly underserved," Tompkins says.
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