Office Space

Chicago Suburban Markets Perfect For Office Space Tenants

by with No Comment Uncategorized

Office Space

When business owners start the search for new commercial office space, they may not want to choose a location within a big city. In other words, suburban markets are more ideal for one or more reasons. This is true with business owners in the Chicago area. Although the city is a great place to live and enjoy the attractions, working within the city is not the right answer for all business owners. Fortunately, there are plenty of Chicago suburban markets which hold so many wonderful opportunities for Chicago-area business owners.

O’Hare Office Market

The O’Hare suburb of Chicago is a beneficial locale to lease office space if you are searching for a suburban Chicago market. Close to O’Hare International Airport, the convenience of the area for business travelers can easily be seen. Even if your employees don’t travel that much and your company doesn’t see many clients coming in from out of town, the O’Hare suburban market is still a great place to lease your next office. It is close to many area interstates, which makes commuting easier for yourself and your employees. Also, there are plenty of other companies and industries in the area which will often allow new clients to find their way to your office if they are in the area for other reasons as well.

North Suburban Office Market

If you are a business owner eager to lease an office in the North suburban area of Chicago, you will find plentiful options. Towns such as Skokie, Evanston, Morton Grove, Wilmette and more are filled with commercial real estate leasing options. Situated close to Lake Michigan, these towns are not only perfect for commercial offices but they are quite scenic locations as well. This makes it easy to both live and work in the towns in the North suburban market area of Chicago.

East-West Corridor Office Market (Oak Brook/Naperville)

The East-West Corridor area of Chicago also holds a lot for business owners in the way of ideal commercial real estate. Two towns in particular which are fantastic spots to lease commercial office space include Oak Brook and Naperville. Oak Brook is located about 20 miles west of the city and is a perfect suburban location for business owners seeking office space for rent outside of Chicago. Those who lease an office in Oak Brook will find they have plenty of well-known neighbors including Ace Hardware, Papermate and the McDonald’s Corporation, to name a few.

As for Naperville, this town is located a bit further west of Oak Brook, being located 30 miles outside of the city. Naperville has plenty of commercial leasing options, both large and small, for business owners to take advantage of. Lucent Technologies, Kraft Foods and ConAgra Foods are some of the big names in business which you could have as your neighbor if you lease a Naperville office. Naperville is also a nice place to lease office space as you will find plenty of amenities close by, which can be beneficial for both you and your employees.

Northwest Office Market (Schaumburg)

The Northwest region outside of Chicago has plenty of commercial leasing options, including within the town of Schaumburg. Schaumburg is home to two large corporations, IKEA and Motorola. It is also an area filled with many different shops and restaurants as well as plentiful professional offices. Those who lease an office in Schaumburg will love the convenience of having Chicago not too far away but appreciate not having to deal with the traffic and congestion which the big city holds. Schaumburg offers small professional business settings as well as office space for large corporations to lease.

If you are eager to lease office space in the Chicago suburban market, then looking further into the options above is an excellent place to start your commercial office space search.

How Much Office Space Do I Need?

by Uncategorized

Searching for commercial offices for lease is a time consuming task for many. For those who have gone through this procedure before, it may not be as tedious. However, if you are new to the office space leasing routine, you may be overwhelmed with how many things you need to do to get the perfect office space. Although deciding on the location is a prime consideration, you must also seriously consider how much space you will need for your next office lease. In order to determine the right amount of office space, the following will help.

Type of Business

The industry in which your business lies will often tell a lot about how much space you require when you lease office space. Certain businesses need a specific minimum amount of space in order to operate properly. The industry standards are ones you can look to in order to determine how much office space is necessary in your case.

Number of Employees

Another consideration to keep in mind when figuring out how much office space you will need is to factor in the number of employees. As you might imagine, if you are a small company with few employees, you may not need too large an office space. On the other hand, if your company employs hundreds of individuals, the office space amount will be greater.

Office Equipment

Also consider the office equipment which your business uses. Many business owners forget about accommodating their large office equipment such as printers, fax machines and more. You want to have ample space for all of your office equipment and not have to find spots to fit it in at the last minute.

Private Offices or Shared Office Space

Whether you want private offices or shared office space will also help you to figure out how much office space you need. You should also determine if you want all of the private offices to be similar sizes or if some of the corporate officers or company heads will get larger offices and then have smaller offices reserved for other employees. Shared office space may help you to limit the overall amount of office space that you need, especially if you share amenities with others in the corporate office building. For example, if you share a reception area and a conference room with other companies in the general office building, this may limit the amount of space you need for your individual office space lease.

Calculating the right amount of office space is essential in order to acquire the best possible office. Not only will choosing the perfect amount of space for your leased office premises accommodate your company in the best manner but it will also save you money in the long run. You don’t want to lease more office space than you need. Doing so can cost quite a bit of money, money which your company simply can’t stand to lose. Determining the right amount of office space will ensure that you get the office your company needs for the price it can afford.

Office Space for Rent

Office Space Lease Negotiations

by Uncategorized

Office Space for Rent

7 Key Points To Negotiating Your Office Lease

1. Be Ready, Willing and Able to Walk Away

The biggest mistake many tenants make is not developing legitimate alternatives to their first choice, whether a new space or a lease renewal.  If a landlord believes you’re not willing to switch to a different property, you lose your negotiating leverage.

2. Start the Process Early

Time should be your ally, not your enemy during negotiations.  Landlords know that the managers of other buildings can take six to eight months to create a space plan, get construction pricing, agree on a rental rate, prepare a lease document and ready the space for occupancy.  If you wait too long before asking for a renewal proposal, you’re telling the landlord that you’re not considering any other options.

3. Know the Whole Picture Before You Start Negotiations

Is the building being sold?  Is the largest tenant moving out?  How much free rent did the last tenant get?  Does the building have HVAC or parking problems?  What is the landlord’s financial situation?  Candid, complete answers may not be forthcoming from the landlord or his broker.  Expert research can make sure that what you don’t know won’t hurt you.

4. Make Landlords Compete For Your Business

The key to a successful negotiation is creating competition between your current landlord and other landlords in the area.  You should have an experienced advisor providing the proper market research, lease comparables and the negotiating skill to use that information to create leverage for you.

5. It’s In Your Best Interest To Have A Representative Negotiate For You

Unless you’re a real estate professional, it’s not a good idea to negotiate a lease deal directly with the landlord’s broker.  An experienced tenant representative will help ensure that you receive the best possible rates, terms, incentives and lease clause protections.  Remember, the landlord’s representative negotiates leases every day; you may do it once every 3 to 4 years!

6. Hiring A Tenant’s Representative Doesn’t Cost You More Money, But It Can Save You Money

Occasionally a landlord will “try to save you some money” by discouraging you from engaging a tenant representative.  Don’t be fooled.  He’s not doing this out of the goodness of his heart.  He knows that without a tenant representative you’re more likely to be in the dark about market rates and terms, and less likely to shop the market, or consider other alternatives.  The at means more money in the landlords pocket.

7. Make Sure You Are Comparing Apples To Apples

Business owners who are not experienced with commercial real estate often find it difficult to perform a true “apples to apples” comparison of different facility choices.  Lease terms such as full service gross, modified gross, triple net, tenant improvement allowances, rental abatement, escalations, base years, operating expense stops and loss and load factors can obscure the true amount you’re paying and make legitimate comparisons difficult.  A good tenant representative will sort through all this for you.

Commercial Office Space And The Changing Office Trends

by Uncategorized

Commercial office trends are seeing some drastic changes these days. Not only are companies as a whole undergoing transformations but the individuals who work for such companies are taking it upon themselves to pursue new varieties of working environments. The changing office trends are so prominent that it can be stated there will be major implications with regard to future office demand.

More Telecommuting Means Demand for Smaller Size Office Space Increases

In the past, telecommuting existed but was not as popular or readily available as it is today. More and more individuals are taking that step to turn rooms in their homes into home offices. There are many more ways to telecommute in a wide array of commercial industries. When more people select telecommuting as their employment option, this means that the demand for smaller sized office space increases.

As companies see their workforce working from home more often, they don’t need the large offices and corporate monstrosities which were once so necessary. This means that more commercial office space tenants will be seeking out small office space as opposed to large office buildings to ensure that they are not spending unnecessary cost on too large of an office building. In addition, competition will often be fierce when it comes to securing smaller office space as the demand for smaller office space increases.

Shared Office Space Amenities Increase in Demand

Shared office space is another office trend which is making an appearance in various industries. Shared office space is where commercial office tenants have their own set office area but share business necessities such as a receptionist, mail room, conference room and more. The existence of shared office space means that the commercial office space tenants will not have to pay extra to have their own individual amenities nor will they have to make extra space for a receptionist, for example. Shared office space is quite popular these days as it provides the necessary amenities to office space tenants and allows the tenants to save money in the long run.

Large Office Space Demand May Decrease

As the need for smaller office space increases, the need for large buildings and offices will lessen. The rationale behind this is simply that a business owner doesn’t want to pay for space which they don’t need and won’t use. Business tenants find it more practical to lease the right amount of office space and not acquire square footage which won’t be put to good use. This may leave large office space owners looking high and low for business tenants who still need a good amount of space for their company and their employees.

Although the aforementioned trends may seem like a serious concern, there will still be large companies with in-house employees which need the large office space for their company operations. However, there is certain to be a transitioning movement in the office space leasing area whereby smaller office space may be higher in demand in the coming years as opposed to the demand of the past.

Office Space Rentals: Changes and Trends in Office Space Density

by Uncategorized

In the past, many different service and product providers would have offices which were large and all encompassing. Whether it was rows of office cubicles or a vast array of individual offices, many of the offices of yesterday were quite larger than many company facilities today. There have been quite a few changes with regard to office space density, largely due to business owners wanting to cut costs. The following will explore the changes and trends in office space density and highlight what the features of office space density are likely to consist of in the future.

Office Space Density Has Decreased As Costs Have Increased

Although there are many more office space facilities being built, many of the individual offices for various companies have been decreasing in size. Cost is a big factor in this regard. It is costly to pay for employee space as well as employee workspace materials. Many companies are downsizing as they simply can’t afford to have large offices due to the high cost associated with these areas. Utilities cost more as do office furniture purchases to properly accommodate many employees. The business owners have had to look to other alternatives in order to be able to afford operating their workspace. Fortunately, with technology on our side, many other options are readily available with regard to properly staffing a company while keeping office space density to a minimum.

Cloud Computing Enables Companies to Downsize With Regard to Office Space Density

Cloud computing is one technological advancement which has allowed business owners to cut back on their office space density. Cloud computing is a type of shared service option which makes it possible for businesses to get the services they need without having to have a bunch of extra employees taking up office space. The options available with cloud computing keep increasing and businesses are taking advantage of these features on an increasing basis.

Telecommuting Options Have Increased For Employees

Another change which is seen with regard to office space density is the increased availability of telecommuting options. Many company owners realize the advantages to having employees work from home and employees love the convenience associated with telecommuting. Basically, it is a win-win situation for all involved. This is another trend seen with the reduction of office space density and one which is quite popular for both business owners and their employees.

The Future of Office Space Density

The trends currently seen with office space density do not seem like they will be dwindling any time soon. As more business owners face the high costs associated with a large employee base, they will keep exploring options as to how they can reduce their office space density. Telecommuting options are bound to increase as are cloud computing services. Business owners are figuring out that by utilizing these options, they can decrease costs all the while having their staff properly in order and doing business with ease. Reducing office space density is possible and there are bound to be countless amounts of additional resources available to business owners who wish to decrease their office space density while maintaining their current operations effectively.