Rosemont Office Space

by Uncategorized

The Rosemont office space market includes the communities of Rosemont, Des Plaines, Park Ridge, Mount Prospect, Schiller Park and the northwest tip of the City of Chicago.  The Rosemont office market is the smallest of the four Chicago Illinois suburban markets (the others being North, Northwest, and East-West Corridor) at 18 million square feet.

Commercial office space users are drawn to the area for a number of reasons:

  • Proximity to O’Hare Airport.
  • Location at the confluence of the Chicago expressway system.
  • Availability of public transportation (CTA train stops at Cumberland Avenue and River Road, as well as O’Hare Airport).
  • Proximity to most densely populated areas of Chicago provides access to an excellent labor pool.

As a result of these and other benefits, the Rosemont market is the home of several corporate headquarters, sales operations, and associations.

ACCESS/AMENITIES

Access to the highway system has been further enhanced by the addition of a southbound entrance ramp at Balmoral Road and the Tri-State Tollway (I-294).  Additionally, Balmoral has been extended to Mannheim Road and will eventually extend directly into O’Hare Airport. Also, a two-way interchange (northbound ingress and southbound egress) will be added on the Tri-State Tollway at Devon Avenue, subject to Illinois Tollway Authority Funding.  This will greatly enhance accessibility to and from the northern suburbs.

Access is further enhanced by excellent public transportation in the area.  The elevated passenger train has two stops in the Rosemont market (Cumberland Avenue and River Road) before continuing on to the airport.

Bus routes fan out through the Rosemont market from both train stations.  This greatly enhances access to labor.

All of the major hotel chains are represented in the Rosemont market, as well as a number of first-class restaurants. Also, the Rosemont market boasts the ninth largest convention center in the country a casino hotel complex will open in Des Plaines in 2012.

DEVELOPMENT

With the turbulence in the economy, Rosemont office building development plans have been put on hold.  Developers who are interested in starting projects are finding it difficult to secure financing.

TAXES & OPERATING EXPENSES

The Rosemont office space market is located in Cook County.  A portion of the market is within the city limits of Chicago.  Real Estate Taxes in the Rosemont market are approximately $5.00 to $7.00 per square foot.  Operating expenses are similar to other buildings located in the Metropolitan Chicago area of $5.50 to $7.50 per square foot.

RENTAL RATES

Rosemont office building asking rental rates for Class “A” range from $27.00 to $31.00 per square foot gross, including current taxes and operating expenses.  Electricity for lights and outlets will be separately metered in most cases.  Building standard construction allowances of $5.00 to $40.00 per square foot are also included in these rental rates.  Fully negotiated rates range from $24.00 gross to $30.00 gross.  Typically landlords will provide additional concessions beyond these rental reductions.  The range in rental rates is determined primarily by the cost of tenant construction, lease term, and the landlord’s motivation.

Rosemont Class “B” buildings ask between $18.00 and $24.00 per square foot, including taxes, operating expenses and construction allowances.  Negotiated rates range between $17.00 and $21.00 gross, again with additional concessions in most cases.

Class “C” properties advertise rates in the $13.00 to $20.00 per square foot range.  Negotiated rates range from $12.00 to $17.00 per square foot.  Several Class “C” properties offer below grade space.  This category represents the low end of the range outlined above.

VACANCY & MARKET CONCESSIONS

As of the 4th Quarter 2009 the vacancy rate is 23.9% with a base of approximately 18 million square feet; this amounts to approximately 4,409,968 square feet of direct office space available.  This rate does not include sublease space, which adds another 332,275 square feet to the suburban Rosemont/O’Hare market.

ABSORPTION

There has been very little absorption over the past several years.  We expect this trend to continue as the economy continues to struggle.

OFFICE SPACE AVAILABILITY

With many available office space options to consider, and little demand, the Rosemont market shall remain a “tenant’s” market for the foreseeable future.  So called “shadow vacancy” i.e. space still under lease to a tenant but not being utilized is increasing dramatically.  When these leases expire, this space will go back to the landlord as vacant space.

ROSEMONT OFFICE SPACE FOR SUBLEASE

As the economy continues to struggle, we anticipate more companies to attempt to sublease space and will need to offer discounts of 40-50% in most cases.  Currently there are over 332,275 square feet on the market for sublease in the Rosemont office market.

Helping You Lease Commercial Office Space In Rosemont, Illinois

by Uncategorized

Overview

Rosemont is an ideal location for those who want to live and work in close proximity to Chicago yet still remain outside the city limits.  Situated to the northwest of Chicago, Rosemont offers close access to multiple modes of transportation, residential options and commercial opportunities.  When businesses decide to lease commercial office space in Rosemont, they are gaining access to a vast array of clients and optimum office space.

Business Atmosphere

Rosemont affords a great business atmosphere to small companies, medium-sized commercial entities and large corporations.  With the convenient locale close to Chicago and the major highways around the city, clients can reach the businesses and the businesses can stand out to the crowd as well.  Whether there are customers flying in through O’Hare or traveling by train via the Metra to get to a business establishment in town, it can easily be stated that Rosemont is the commercial hub of the Chicago metropolitan area.

Other Businesses within Rosemont

There are many top names in the commercial business industry which have their headquarters located within Rosemont.  Some of the more well-known names include U.S. Foodservice, Banco Popular North America and Culligan.  Many hotels are stretched throughout Rosemont as well including Wyndham, InterContinental, Hilton and Marriott.  Smaller companies and shops also line the streets of Rosemont, providing a plethora of commercial options for residents who live there and those who come from outside of the village to do business.

About the Residents

Approximately 4,200 individuals call Rosemont home, according to a 2000 census.  The median income for households within Rosemont was $34,663.  Those who live in the village find ease of access when it comes to shopping and entertainment options in Rosemont and don’t even have to go into the city of Chicago in order to acquire the things which they need.

Things to Do

When businesses lease commercial office space in Rosemont, not only will they have access to residents of the village who need goods and services but also those individuals who come into Rosemont to engage in the entertainment options there.  Rosemont is home to the Donald E. Stephens Convention Center, Rosemont Theater and the popular Allstate Arena.  When people are coming and going they are sure to need some commercial goods and services from those who lease office space in Rosemont.

Dining and Shopping Options in Rosemont

With all of the great entertainment venues which are located within Rosemont, it should be no surprise that dining and shopping options are plentiful as well.  From upscale steak restaurants such as McCormick & Schmick’s to contemporary American fare restaurants like Chicago Fire Oven, visitors, business owners, clients and residents are sure to find a cuisine which suits their tastes.  For shopping options, the many different shopping centers in Rosemont and department stores such as Target are sure to please.

Tenant Advisors, Inc.:  Helping Tenants Find Ideal Commercial Office Space

With all that Rosemont offers to residents and visitors, it is no wonder that business owners clamor to be a part of it all.  Tenant Advisors, Inc. can help to make your office space leasing dreams a reality.  Our real estate agents are some of the best in the business and can help you and your company to choose a commercial office space setting which will work for you.

Don’t head into the unknown of leasing commercial office space by yourself.  This can only lead to confusion, stress and many times disappointment for the business owner who goes it alone.  Tenant Advisors, Inc. has the know-how to guide you on the path to finding the perfect office space rental.

Our staff will identify your Rosemont commercial office space leasing needs and show you properties which fit within your parameters.  We will not waste your time taking you around town to show you office space which simply does not suit your needs.  Tenant Advisors, Inc. will zone in on the necessary requirements with regard to desired office space rental and get you in that new office in no time.

Contact us today by filling out our short form.  We will respond promptly to your request so that we can get started working for you.  And, did we mention that our service is absolutely FREE TO YOU?  Now is the perfect time to take advantage of our free service and find the commercial office you have always wanted.

Shared Office

Open Space Plan; Will This Work To Your Advantage?

by Uncategorized

Office space settings have evolved over the years. In the past, business owners were used to having more private office spaces, where walls and doors separated space into individual offices. Now, many business owners are exploring a more open office space plan, where co-workers are in closer proximity to one another. But, the question is often asked, whether this type of office space setting is a truly advantageous one or not. By answering the following questions, you’ll be able to pinpoint whether or not an open office space plan will work well for  your company.Shared Office

Will an Open Office Space Plan Suit Your Employee Size?

Open office space plans will work with certain employee sizes but not others. Before leasing commercial office space with an open layout, you need to consider whether your employee size will work with such an office setup. Frequently, when you have too many employees, who are bunched together in an open office space, the distractions are too apparent and will be reflected in the work product.

Does Your Type of Company Agree with An Open Office Space Layout?

It’s also vital to consider what type of company your entity is, with regard to figuring out if an open office space will be a wise choice or not. If your employees are often on phone calls and need to be in an office environment where they have quiet work time, an open office plan is one which business employers may avoid in order to produce the best work product for their clients.

Will Your Employees Be Able to Concentrate and Work Best In This Type of Setting?

One of the primary concerns for employers is to offer the best type of setting in which their employees can work and be productive. Although open office space is sometimes chosen by employers so that the employees can work more as a team and not be isolated from one another, or it simply may be a situation where the office building is set up as an open space layout already, there are times when an employer would rather not have their employees set up in this type of office plan.

Examining Your Options

Before you lease commercial office space, you’ll need to examine the options. Determine whether an open office space plan is suitable for your employees and see what’s available in the way of office space leases. It’s extremely important to examine the options before signing a lease because if you decide to lease an office with an open space floor plan and you later decide that this was not a wise move, you are stuck with that type of office environment until your lease term expires. Considering your office space options right in the beginning will help to ensure that you select the right type of floor plan and lease an office which suits your company and employees.

There are pros and cons to open office space plans and it’s up to the business employer to find an office space setting which is suitable for their office employees and company/corporation.

Chicago Office Space

Improve Work Productivity At Your Office

by Uncategorized

The best way to ensure that the work product produced at your office is top-notch in every way is to create an employee-approved environment. In other words, make sure that those who are a part of your company find your practices to be most optimal to their workday. You want the people who are most affected by the work environment to have their say in what procedures are in effect. Here are four easy ways to create an employee-approved work environment and ones which you’ll feel good about bringing up with your employees for their approval.Chicago Office Space

Create a Quiet Workspace

The best way to ensure employee productivity is to create a quiet workspace. With so many office distractions, it’s vital to create a workplace where your employees can concentrate and focus on their work. In this case, an open office space layout may not always be best. If it’s possible to set up noise-blocking cubicles or even seat employees in their own individual offices, you will find that productivity will be a given and your employees are sure to thank you for that feature.

Maintain a Welcoming Work Environment

In addition to creating a quiet workspace, you also want to ensure that the office environment is a welcoming one. Eye-catching wall art and plants will create a welcoming feel to the office space. It’s also helpful if your break room is stocked with coffee and the occasional breakfast treats, which will help your employees to be comfortable and happy being an employee within your company. It will often be the little things which make a world of a difference.

Arrange the Office Space So All Amenities Are Close By

Employees also appreciate an office space layout where amenities are situated close by. Copiers, fax machines and even restrooms which are in a semi-close environment will be advantageous to employees and make their work environment a more accessible one.

Ensure That Office Furniture Is Comfortable and Useful

It’s also important to select office furniture which will be comfortable for your employees. After all, many office employees are at work 8, 10, even 12 hours a day, so you want to be sure that you create a comfortable office space where the seating is inviting, the desk setup is convenient for your workers to access on a daily basis and more. An employee who has a proper office setup, which includes comfortable furnishings which are convenient and useful, is one who will be a productive worker and an asset to your company or corporation.

Employees not only want to be appreciated in the workplace but they also want to be provided with an office setup which will offer the most comfortable and useful features possible. If your employee has what they need in their individual office space on a daily basis, they will best be able to carry out their duties and produce a work product which you will be proud to offer to your clients. In addition, by making sure your employees are comfortable, you will be showing those individuals that you are dedicated to making the workplace a welcoming and productive one.

tenant-representation-services

Benefits Of Relocation vs. Renovating Your Office Space

by Uncategorized

tenant-representation-servicesThere are times in the business world when business owners who lease office space need to either move to a new office location or renovate their current one. This can be caused by having additional employees come in or simply wanting to rearrange the current setup of the office space. When this situation arises, the question then becomes, “Should we move or renovate?” Although the decision is based on the individual circumstances of the business owner and their company, it is often a better idea to relocate rather than renovate. Here’s why:

Renovations Can Be Distracting

When an office space is undergoing renovations, while the business is continuing daily operations, the end result is a distracting situation for the business owner and employees. When you move to a new location, your company can keep operating at the first location until the move-in date arrives and then relocate when the new office space is ready. It’s hard to complete one’s work on a daily basis with construction noise going on in close quarters.

It’s Often More Cost-Efficient to Relocate

You’ll also find that relocating can be more cost-efficient than renovating. Although it may seem as if the costs aren’t too different in the beginning, as the work progresses, you’ll often be hit with new and higher-than-expected bills along the way as construction costs need to be added on from time to time. When you relocate, the cost will be straightforward and you’ll know exactly what you are getting in the way of office space.

Relocation Can Be Accomplished More Quickly

It’s also important to note that renovation can be a timely venture. When an office space is renovated, this is not a one or two-day occurrence. Renovations, depending on the extent of such, can take weeks or months to accomplish. With a relocation, you can often do this in a few days and get back to business in no time at all.

Renovation Restrictions By Building Owner Often Apply

Since you are leasing the office space and not a commercial building owner, you will have to get permission to renovate the current office space. There will also likely be restrictions in place as to what you can do with regard to renovations and you will have to abide by these restrictions according to the building owner’s wishes. With a relocation, you will be moving into the office space usually as-is, and if you do plan on changing anything within the new office space, you’ll know what you’re able to do in the very beginning, based on the language of the lease.

The decision between relocation and renovation should be a carefully-considered one, as you want to be sure to have the best possible office space and not have to deal with extra costs or timely, distracting renovations. You want your daily business operations to continue as usual, so weigh all of the factors before deciding whether it is in your best interest, and the best interest of the company, to stay at the current location and renovate or move to a new spot with a new lease.