Excess office space is a monthly cash drain with a market solution. Tenant Advisors helps Chicago-area tenants get unneeded space off their books — pricing it realistically, marketing it to the right subtenants, negotiating the sublease or assignment, and, when the numbers say so, negotiating a lease termination with the landlord instead. We represent tenants only, never landlords. Call (847) 778-0296.
Your Three Ways Out of Excess Space
Sublease. You stay on the master lease and a subtenant pays you rent. The most common route, and the fastest when the space is furnished, built out, and priced to move. Assignment. The lease transfers to the new tenant entirely, though most leases keep you secondarily liable. Termination or buyout. You pay the landlord to end the lease early. Often dismissed, sometimes cheapest — especially when the sublease market for your space is thin. We run all three analyses before recommending a path.
What Moves Sublease Space in This Market
Chicago’s downtown sublease overhang has cleared substantially — availability has fallen to roughly 4.5 million square feet from its 2023 peak — but subleases still price meaningfully below direct deals, and subtenants have plenty of choices in most suburban submarkets. What moves space: realistic pricing from day one (aspirational pricing sits), furnished plug-and-play condition, three or more years of remaining term, and marketing that reaches tenants directly rather than waiting for listing-platform traffic. What kills deals late: landlord consent delays and subtenant credit problems nobody vetted. We manage both from the start.
How We Run a Disposition
- Valuation and strategy. What the space will realistically achieve, what a termination would cost, and which path nets you more — with the master lease’s consent, recapture, and restoration provisions mapped before anything is marketed.
- Pricing and packaging. Rate, term, furniture, and condition positioned against competing sublease and direct space in your submarket.
- Marketing. Direct canvassing of likely subtenants plus broker and listing exposure — many of the best sublease deals never hit the platforms.
- Negotiation and consent. Subtenant credit vetting, sublease terms that protect your ongoing master-lease position, and management of the landlord consent process, which typically runs 30–60 days.
For the mechanics in depth, see our guides on how to sublease your office space and the Chicago office sublease market. Current submarket conditions are in our market guides.
If Downsizing Is Part of a Bigger Move
Disposition often runs alongside a renewal negotiation or relocation — shedding a floor at renewal, or subletting the old space while the new one is built out. Running them as one negotiation, with one advocate, keeps the landlord from winning on one table what you gained on the other.
Am I still liable after subleasing my office space?
Yes. A sublease does not remove you from the master lease — you remain fully liable to the landlord for rent and obligations, with the subtenant paying you. That is why subtenant credit vetting and sublease terms that protect your position matter as much as the rate.
How long does it take to sublet office space in Chicago?
Realistically priced, furnished space with three or more years of remaining term moves fastest — often within a few months. Add 30 to 60 days for landlord consent on any deal. Overpriced or short-term space can sit indefinitely, which is why pricing strategy comes first.
Should I sublease or negotiate a lease termination?
Run both numbers. A termination buyout has a known, fixed cost; a sublease has ongoing risk but recovers rent. When remaining term is short or the sublease market for your space is thin, a negotiated buyout is often the cheaper, cleaner exit.
Does my landlord have to approve a sublease?
Nearly always. Most office leases require landlord consent, and many give the landlord a recapture right — the option to take the space back rather than approve your subtenant. The consent process typically takes 30 to 60 days and must be built into any disposition timeline.
What does disposition representation cost?
Commissions on a sublease are typically paid from the sublease proceeds, similar to how landlords pay commissions on direct deals. We quantify all costs — commissions, downtime, concessions to the subtenant, and any termination alternative — before you commit to a path.
Get the Space Off Your Books
Tenant Advisors has negotiated 2,000+ office leases across Chicago and its suburbs since 2004, including subleases on both the occupier and disposition side. Request a free consultation or call (847) 778-0296.
Tenant Advisors, Inc. | 1515 E. Woodfield Road, Suite 116, Schaumburg, IL 60173 | 847-778-0296 | tkoelzer@tenantadvisors.com | No cost to tenants.