Leasing office space in Chicago is a desirable goal for many professionals. You may be interested in renting office space in Downtown Chicago but not have the need for a single business office space setting. This is where shared office space comes in handy. Shared office space enables you to lease a private office or two but have access to many shared amenities with other tenants in the building such as receptionist services, mail services, conference room availability and more. Finding the right type of Chicago office space is easy to do when you know where to look and what type of office space to look for overall.
Choose a Chicago Location Which Suits Your Business Needs
Searching for a Chicago office space lease location takes time, especially when reviewing the various shared office space options. You want to pick a location which suits your business needs. If you are a professional business, you want to locate a shared office space where other tenants focus on similar types of business. However, if you have an industrial variety of business, make sure that your shared office space is along the same lines as this type of business. Shared office space works best when all tenants are involved with similar lines of work, i.e. professional services, industrial businesses, etc.
Select Office Space Amenities Which Boost Your Business
When Chicago business owners lease shared office space they have the opportunity to acquire shared office services as well. These amenities make doing business a whole lot easier. Some of the service amenities which business owners can acquire via shared office space include receptionist services, conference room reservations, mail service, tech services and more. Rather than having to pay an employee to complete these services for your business, when you lease shared office space, you will have access to these amenities as a benefit of your lease, although some locations may charge a bit extra per month for certain added extras.
Calculate Office Space Needs Properly
Another thing which will help you to find the ideal Chicago Loop shared office space is to make sure you calculate how much office space you need. This helps in the search by allowing you to zone in on the right properties and ensure that the office space that you lease is neither too small nor too big. Consider factors such as your current employee base, line of work, whether you want individual cubicle spaces within the shared office space or open areas and more. When you calculate your office space needs properly, you will find that choosing the right office space location is an easy task to achieve.
Finding Chicago shared office space to lease is a wise choice for many businesses these days. It offers business owners options of sharing office amenities and paying less for the lease than they would have to if they chose to lease a single office space or entire building for their company. If you want to locate shared office space, the downtown Chicago area is the prime location to search.
Chicago startups have a lot on their plates when it comes to getting their businesses up and running. These new business owners have to think about staffing their entity, getting their products and services in order and compiling a client base. Another extremely important factor for Chicago startup business owners to think about is where they are going to lease office space. Leasing office space is a wise choice for startups in Chicago as they can pay as they go and have the option of moving should they find that the location they select does not suit their needs. With that said, there are two locations in Chicago in particular which are popular with Chicago startups.
River North is a popular neighborhood for Chicago startups to choose when they are eager to lease office space. This area is located north of the Chicago River and in close proximity to Michigan Avenue and the Loop. Retail shops, galleries and design firms are all over the River North area. The eclectic atmosphere of River North provides a great way for Chicago startups to not only gain clients through their own marketing means but also get new clients simply by making their presence known to those who are in the River North neighborhood for other reasons as well.
Startup business owners also like the River North area for office leases as it has a variety of office spaces available. Whether you need a single office in a high rise building or want to rent out a small commercial building in its entirety, either option can be found in River North.
Another ideal neighborhood for startup business owners in Chicago is West Loop. Situated between the Chicago River, Ashland Avenue, Grand Avenue and Eisenhower Expressway, West Loop is an extremely popular place to open up one’s business. This rapidly emerging neighborhood of Chicago offers residents and visitors a little bit of something for all. Retail boutiques, restaurants, galleries, commercial offices and residences are all present and accounted for in West Loop. No matter which commercial genre your startup belongs within, there is a place for you and your business in West Loop.
The beauty of the West Loop neighborhood is that those who go there don’t just visit the area for one particular reason. They may come into the city and West Loop, in particular, for a bite to eat, do some shopping and take care of some business as well. There are plenty of office space leasing options in West Loop and the price ranges are reasonable for city office space, also.
Chicago startup company owners have a lot to manage with their new business. This process can be made much easier by knowing where to set up shop. Whether you like the River North vicinity or prefer the wide array of amenities which West Loop has to offer, your Chicago startup will fit in perfectly within either Chicago neighborhood. Startup companies find it easy to make their new commercial home in either West Loop or River North.
Chicago-area business owners know that location is essential when choosing where you want to set up your business. Picking the wrong location for your office space lease can be detrimental to business owners of all types. This is why there is a lot of research which goes into leasing office space in Chicago. In order to help business owners locate that perfect piece of commercial property to lease in Chicago, there are companies and websites which cater to commercial business leases.
Tenant Representation Firms
There are companies which aid commercial tenants known as tenant representation firms. Tenant representatives, or “tenant reps” help business owners with a wide array of leasing features. These innovative companies will help business owners find commercial real estate to lease, help them to secure the commercial real estate lease and guide them every step of the way.
One top-notch Chicago area tenant representation firm is Tenant Advisors, Inc. The employees of this reputable tenant representation firm will help you to locate the right commercial office space lease for your business, help you to understand the commercial office lease, guide you in your dealings with the future landlord and will be only a call away should you need anything during your lease term and beyond. Whatever your commercial office space leasing needs may be, Tenant Advisors, Inc. can help.
LoopNet.com Offers a Wide Array of Commercial Real Estate Lease Listings
LoopNet.com is a popular commercial business leasing website. Business owners can review Chicago office space listings in various neighborhoods throughout Chicago. By using LoopNet.com, Chicago office space lease seekers can designate which amenities they would like their leased offices to have, how much space the leased office will consist of and other specific features. Those who use LoopNet.com can also look through properties which come fully furnished as well as those which are empty and business owners would provide their own furnishings. No matter what type of office setting you want to lease in Chicago, LoopNet.com is a good place to start.
CoStar.com Helps Business Owners by Providing Chicago Lease Options
In addition to LoopNet.com, CoStar.com also offers great options for office lease seekers. The CoStar Company powers a website, Showcase.com, and allows site visitors to search through commercial property listings of Chicago office space. On this website, business owners can narrow down their search by selecting the area in which they want to lease office space, how much square footage they need, the amount of money they want to spend on rent and more. Also on the site you will find contact information to the realtors and leasing agents who are handling the office space lease. This provides you with easy access to contact those who can show you the office space as soon as you are ready to see it.
Rofo.com Leads the Way to Office Space Leases in Chicago
Since you want to explore your leasing options as much as possible, it never hurts to have access to quite a few different commercial office space listing sites. Rofo.com is another great commercial office space marketplace listing website to peruse. On Rofo.com, site visitors can pinpoint office space leases in various areas throughout the city of Chicago. On the individual listings, one will find information relating to the exact location, square footage, rent amount and nearby amenities. Within no time at all, you can find out exactly what your leasing options are in the area of Chicago which you want to be in.
No matter what commercial lease listing site you choose, LoopNet.com, CoStar.com or Rofo.com, you will gain insight into a wide array of options for commercial office space leasing in Chicago. These websites give you the freedom to outline your specific leasing needs and zone in on particular leasing options which suit your leasing needs perfectly. Regardless of the square footage you require or the amount of rent you wish to pay, you will find plenty of options on these commercial office space leasing websites for properties in Chicago.
When business owners move into their new office, the last thing on their minds is leasing it out to someone else. However, there are many instances when a business owner who leases commercial office space has to arrange a sublease for their office space. Perhaps the original tenant is relocating operations out of the area for a while or is moving to a new office space and needs someone to take over where they left off. If this sounds like a situation you may be in, here are some tips for subleasing your office space.
Consult Your Lease to Ensure Subleasing Is Allowed
The first thing you must do prior to subleasing your office space is to consult the lease you signed with your landlord to ensure that subleasing the property is allowed. Not all commercial office space landlords allow subleasing and the lease will show whether or not such property transfers are allowed. Remember, the lease governs so look at this document first prior to embarking on the course for subletting your property.
Meet With a Tenant Representative for Help
The best person to have help you with your office space sublease is a commercial real estate tenant representative. Once you know that subleasing your premises is okay, the next step is to gain help in doing so. With a tenant representative by your side, your subleasing goals can easily be accomplished. The office space tenant representative will help you to advertise your subleasing opportunity, help you to locate a tenant and ensure that the entire process goes smoothly.
Find a Tenant for the Sublease
Finding a proper tenant for the sublease is essential. Your tenant representative will help you to advertise your office space availability and do so through various marketing means. When advertising the sublease offerings, you want to include various components in the marketing materials. Items such as rent amount, what features are included in the rental, time at which the rental begins and square footage of the rental premises should all be included. You want the marketing materials to do the advertising for you and entice prospective tenants to sublease the property.
Iron Out the Details
When there is a prospective tenant lined up for the sublease, the details will have to be ironed out regarding the overall features of the sublease. At this point the landlord will be contacted for formal consent to sublease and once approved, the landlord will need to sign a consent form for the sublease. Upon obtaining the landlord’s signature, the sublease documents can then be drafted between the original tenant and tenant under the sublease arrangement.
Finding a tenant to sublease your Chicago office space is not as difficult as one may think it to be. There will be documents involved and it will take some time to secure the sublease but with a good tenant representative, this process is easy to achieve and well worth the time and effort if you need to move out of the premises for part of your lease period.
As a Chicago startup company, you have plenty of things to think about such as how to gain a client base, ways to make your business attractive to the masses and how to staff your office with the best individuals in the industry. Another important consideration is where to set up your office space and whether to rent or buy. Many startup company owners choose to lease office space for a few different reasons. Some want to lease the office space to ensure that they are where they want to be a few years down the road and, if not, they can simply wait until their lease expires and move. Another reason to lease office space when you are a startup company relates to the square footage of the office. Some startup companies will start out with a few employees but then later on expand their operations to include more individuals. By leasing an office, the startup company can move to a bigger office space when their company expands.
For those who are new to the startup industry, there are a few things you should know about leasing office space as a startup:
Lease Office Space with Your Industry in Mind: As a startup company, you don’t want to lease just any type of office space. You have to pick an office space which will suit your individual industry. You want to be in the prime location which benefits your industry, both with regard to operations and accessibility to clients as well.
Consider Current Employment Size As Well As Future Number of Employees: When you are putting a startup company into motion, chances are that you won’t know what your employee total will be right away. Startups take some time getting organized and there is always room for modifications along the way. However, you should have a base number to start with as this will help you to figure out what size of leased office premises you will need.
Contemplate Startup Funds When Leasing An Office: Before you sign an office lease, figure out how much money you will have to contribute to the lease of the premises. You don’t want to be caught short but you also don’t want to fail to obtain the right type of office lease simply because you are being frugal.
Choose An Office Space To Lease Which Offers All Of Your Required Amenities: Even though your company is a startup, you probably know what your business requires in the way of desired amenities. Pick an office space to lease which will cater to your commercial business needs and make your startup the best that it can be.
Starting your own company from the ground up is a difficult and daunting task but it is made much easier when you lease office space rather than buy it. When you follow the tips above, you can embark on the right path to lease the ideal piece of real estate for your new startup company.
Leasing office space is a popular choice for business owners these days. Some company owners lease rather than buy office space as they want to try out a new area but don’t want to commit to the location for a long period of time. Other business owners choose to lease office space as it is a cost-efficient method for them and the operating budget of their company. No matter what the reason may be, office space leases are high in demand and there are plenty of commercial landlords out there ready to answer the call of company owners.
Even though you are not purchasing the office space, you still want to proceed in the right way and have a game plan in effect before choosing just any location. When considering how to lease office space, the following tips will help:
Research Prospective Locations: The first step to leasing office space is to research the prospective locations. Do you want to lease an office in the city or do you prefer the suburbs? A single office setting or three floors in a high rise building? Parking available or indifferent as to this feature? Before you choose to sign a lease anywhere, you need to be certain that the area you choose will suit your business best. Therefore, research possible locations first before looking at individual office spaces.
Know Your Budget: It’s also important to know how much you can afford to spend on an office lease. Whether you are a startup company or have been in business for many years, you have to acknowledge how much you can spend on rent and know that once you sign the lease you are responsible for making the rent when it becomes due.
Consider the Square Footage On Your Current Location When Choosing an Office Space to Lease: In order to have a good idea as to how much room you will need in your new office space, consider how much square footage your current place of operations contains. If you are planning on expanding your company at the new location, make sure that you account for this expansion when it comes to evaluating the size of your new office space.
Have A Tenant Representative By Your Side During The Process: The best way to make sure that you find the right location for your new office space lease is to have a tenant representative help you out. A tenant representative knows the ins and outs of commercial office space leasing and will guide you in the proper direction the entire way. This professional will help you to find the right place to lease as well as enable you to have the right representation when negotiating your new lease with the landlord.
These are some helpful hints for leasing commercial office space and ultimately choosing the right location for your company. When you have a firm grasp as to what you want in an office space lease and know how to obtain that lease, the end result will be the ideal office space setting for your company.
Business owners located in the Chicago area have plenty of options when the time comes to lease commercial office space. Some choose to lease office space in the Chicago suburbs while others find that downtown Chicago holds many attractive qualities and draws them in. Although the suburban area has its own distinctive qualities, there are many great features which propel business owners to the city streets of Chicago and entice them into leasing commercial office space throughout the city. The following will highlight some of the many attractive qualities of leasing an office in the Chicago downtown area.
Leasing Options Are Wide and Varied
Office space leasing in Chicago is a wise choice as the leasing options are wide and varied. From single-room office spaces to multiple floors of high rise buildings, business owners can find the right style of office space to lease in downtown Chicago. When compared with suburban locations, Chicago has so much more to offer with office space style variations. In addition, commercial office space seekers can look in different areas of the downtown area and find the location which is most akin to their industry.
Public Transportation Makes Commuting Simple
Chicago has another attractive aspect which is the public transportation options. Taxis, buses, trains…practically every public transportation option you can imagine is available in Chicago. Commuting is simple in Chicago due to the wide array of public transportation. Not only does this allow business owners to get to their place of business but this goes for their staff and clients as well.
Large Client Base Opportunities for Chicago Businesses
The city draws in clients from all over town and the suburbs as well. When you lease office space in downtown Chicago, you can rest assured that your client base is readily available. The city atmosphere allows prospective clients to find your door, especially if they are in the commercial neighborhood for another entirely different reason. Having an office in the downtown Chicago area is a great way to draw in new clients and provide goods and services to your current clients as well.
Restaurants and Shopping Nearby
Leasing commercial office space in the city means that there will be plenty of amenities located nearby. Restaurants and shopping venues make it easy to draw in clients who may be in the neighborhood for a different reason yet find their way to your office. Also, you should be located close to restaurants and stores so that these amenities are available to your employees. The downtown Chicago office space leasing location ensures that you will have restaurants and stores galore at your doorstep, which is another great reason to choose Chicago commercial office space for lease.
Leasing a small office in Chicago or a large portion of a high rise building in the city is a great move, whichever route you choose. The commercial opportunities which go along with leasing office space in Chicago are priceless and will prove to be a good move to make when trying to find an office space lease location which will yield a large client base, ease of access and many options regarding office space types.
It’s no secret that Chicago commercial real estate values have declined in the economic downturn. Landlords have suffered from increases in vacancy rates and tenant defaults.
While this is bad news for landlords of office buildings, it’s good news for prospective office space tenants.
Increased vacancies mean more office space rental options and increased defaults means those office tenants with strong financials have the potential to leverage their security in exchange for lower rental rates and lease concessions.
However, in order to effectively capitalize on these opportunities, you need to employ the right strategy.
These 10 steps will keep you on the right track.
Assemble key Decision Makers and Advisors
Before you begin analyzing your office space needs, assemble all your key internal decision makers. This should include anyone with insight into your company’s forward trajectory and growth plans, including finance, human resource, and IT professionals. Getting everyone on the same page from day one will not only save valuable time down the road, but often these professional will shed light on issues that might have otherwise been overlooked.
During this initial assemblage, you should also retain the services of a tenant representation broker. Having one professional represent your interests provides for one single point of contact, allows for more effective negotiations, and ensures your commercial real estate broker is representing your interests rather than the landlords.
Determine Future Space Needs
Working with your professional space planner, carve out a future needs assessment. You should be considering factors such as growth or reduction plans, projected budgets, anticipated technology requirements, as well as branding and image issues. If you’re trying to create a ball park figure in your head, assume approximately 200 square feet per employee for general office space, with professional service firms such as attorneys usually using about 400 square feet per professional.
Handling this upfront is more important today than ever. Many companies have gone through staff reductions and you may have extra space (and extra money) available right under your nose.
Additionally, this upfront planning can protect your company’s future. For example, you may want to negotiate a right of first refusal on contiguous space. If you don’t assess your space needs, you could miss an opportunity.
Create Your Real Estate Plan
Now that you’ve examined your potential space needs, get a summary down on paper. Include information such as your cost parameters, ideal lease term length, ideal locations and building types (Class A, Class B, Class C), and organizational issues. Do you need creative office space? Do you need lots of perimeter offices? Understand these needs now.
You should also address parking needs, security and access issues, office hours, timing, signage, and the need for tenant improvements.
Organize your list by priority.
Creating this plan upfront will avoid you touring space that won’t work for your business.
Present Your Requirement to the Marketplace
Now it’s time to put your tenant representative to work.
Armed with your detailed space needs, your broker will survey the market and come back with relevant options. Since you’re working with just one broker, they will be able to confidently approach the entire marketplace on your behalf to ensure your hearing about every possible opportunity.
Tour the Marketplace
Now is the time to get out and look at space. Bring your real estate plan and evaluate your needs and goals against the available space.
Shortlist and compare your top choices
After you’ve had an opportunity to tour all potential buildings, shortlist your top choices and create an apples to apples comparison. Make sure you consider both the financial and logistical factors.
This is where you begin to trade paper and negotiate your deal.
As we discussed, it’s a good time to be a tenant. High vacancy rates are forcing many landlords to drop prices and increase their tenant concessions.
There is a flip side to this. Landlords have been burned during the recession.
There is close scrutiny on financial statements and an increased wariness of unproven businesses.
You have to approach this stage properly or you can end up with a bad deal or no deal at all. A good tenant rep is an invaluable asset during this stage.
Sign your Letter of Intent and Negotiate Lease Documents
Once an agreement has been reached, both you and your landlord will sign what’s known as a Letter of Intent. This is generally a non-binding document that outlines the major lease points. Your attorney will use this to begin drafting your final lease documents. It’s a good idea for your broker to work in concert with your attorney to ensure the spirit of the language reflects the negotiated terms.
Navigate the Construction Phase
After your lease is signed, you’ll need to begin the work of improving your space. It goes without saying that if you’re moving into a raw space that needs to be completely built out, this will be significantly more complicated than moving into a built-out space that needs minimal improvements.
If you’re looking at building out space, a good project manager can be an invaluable resource. They can help you review construction bids, as well as bids from furniture and IT vendors. They can also manage the construction process, coordinate inspections, and track progress against your projects completion dates.
Supervise Project Completion and begin Occupation
In this last stage, you’ll want to ensure the practical completion of the project, meaning, your contractors have done the job they said they were going to do, and the job is up to standard.
You’ll also submit your Code of Compliance Certificate to your landlord. They will require this before you occupy the space.
You’ll also want to give your space on final walk through to make sure everything is in its place.
Oak Brook Office Space
Located in DuPage county about 20 miles west of downtown Chicago, this beautiful suburb makes the ideal location for companies looking for a mix of business incentives and after work quality of life.
Oakbrook provides business owners office properties set amongst the highly desirable east-west I-88 corridor. Your company will benefit from low taxes and operational costs, a skilled and productive workforce, and fast access to both Midway and O’Hare airports. The Oak Brook Office market encompasses over seven million square feet of class A, B and C office space in over 100 commercial office buildings. Additionally, the market has over one million square feet of industrial and flex rental options in fifteen commercial buildings.
Your Corporate Neighbors
Thinking about moving your company’s offices to Oak Brook? You’re in good company. Prominent national and international businesses calling Oakbrook home include McDonald’s Corporation, Ace Hardware, Blistex, Lions Club International, Papermate, and Federal Signal Corporation.
If you’re looking for a true live-work community, Oak Brook is for you. Property owners here are not charged property tax, but still have access to excellent police protection and medical services. The city has a population of approximately 8,700 full time residents, has a median household income of $169,000 and a median home value of approximately $635,000.
Recreation & Entertainment
After work’s done, it’s time to play, and Oak Brook offers abundant opportunities for recreation of all kinds. If you’re looking for a place to host your next business event, The Oak Brook Sports Core has 269-acres of meticulously groomed fields and green spaces that can accommodate groups of any size. The Sports Core also boasts a clubhouse that can accommodate up to 300 guests.
During time off, you’ll enjoy fast access to a polo field, library, forest preserve with more than 23,000 acres of preserved forest lands, and the Oakbrook Park District, complete with a family recreation center, aquatic center, and racquet club.
Shopping & Dining
Oakbrook is home to the Oakbrook Center, the areas #1 shopping destination as rated by Illinois shoppers. And from its location at the intersection of Interstates 88, 294, and 290, the excitement of downtown Chicago is just a quick drive away.
Want more information on Oak Brook office space? We have up to the minute data on rents, vacancy rates, and available spaces. Contact us today for your free market survey.
Located in the northeastern part of Illinois, Schaumburg offers business owners the opportunity for growth and prosperity due to the large amount of potential clients in the area. Residential and commercial premises lie within the boundaries of Schaumburg and there is a little bit of everything within the village borders.
Within close proximity to both O’Hare International Airport and the bustling city of Chicago, Schaumburg offers plenty of opportunities to business owners large and small. Metra provides access for employees and clients to get to and from the business with ease. Travelers can also use the highways and roadways, which are quite driver-friendly, to get around town.
Other Businesses within Schaumburg
Two of the big corporation names in Schaumburg include Motorola and IKEA. The Woodfield Mall is another prominent feature within Schaumburg, as it is the second largest mall in America. For those who want to get in touch with their historical entertainment side, the restaurant and entertainment venue Medieval Times is located within Schaumburg as well. Other small businesses, restaurants and shops fill the village of Schaumburg, offering various options to Schaumburg residents and those who reside in surrounding areas.
About the Residents
For companies which are considering renting office space in Schaumburg, there is certain to be plenty of business to go around. With the population hovering approximately above 75,000, opportunities for business are certainly available for those who choose to lease or buy office space in the village of Schaumburg. The median income for families within Schaumburg comes in around $85,000, per a 2008 estimate.
Things to Do
When you lease or purchase commercial office space in Schaumburg, your employees are certain to love the area as well since there is plenty to do. Whether it is watching the minor league baseball team play at Alexian Field or doing some shopping at the Woodfield Mall, the entertainment aspects of Schaumburg will not only draw people in to the village but keep them there as well.
Dining and Shopping Options in Schaumburg
You won’t have to worry about what to do on your lunch break when you lease office space in Schaumburg as there are plenty of dining options in the area. Some of the popular choices include Outback Steakhouse, Pizzeria Uno, P.F. Chang’s, Rainforest Café and more. If shopping is what you are in the mood for, head over to Woodfield Mall for a variety of stores or visit IKEA for all of your furnishing needs.
Tenant Advisors, Inc: Helping Tenants and Buyers Find Office Space
Tenant Advisors, Inc. is the best choice for business owners who are seeking out commercial real estate to lease or buy. Schaumburg has plenty of options in the way of commercial office space for rent and we can guide you every step of the way so that you and your company find the best office rental space available.
We will fully identify your business needs so that the commercial office space you choose is the ideal choice. Our licensed and professional real estate agents will show you the properties available for lease and purchase throughout Schaumburg and highlight the pros and cons of each locale.
It is important to have a tenant representative to help you find the perfect office space to rent or buy. Our reliable staff will walk you through the process, help you to understand the lease or purchase agreements and get you settled into your new commercial office space perfectly.
Contact us today by filling out our form and we will get back to you within 24 hours. With our FREE service, you can be well on your way to obtaining the commercial office space rental or purchase you have been searching for all along.