Chicago Office Markets

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Chicago is a big city which offers plenty of office space rental options for business owners big and small.  There are a variety of Chicago office markets to choose from and depending on your area of business and what you look for in a Chicago office market, the perfect rental space is sure to await you.  The following will highlight some of the primary Chicago office market areas which might peak your interest.

West Loop

West Loop is a central downtown Chicago area nestled in between Lake Street, Eisenhower Expressway, Kennedy Expressway and Ashland.  The West Loop area has both residential buildings and commercial establishments within its borders.  Whether your business is a restaurant, art gallery or retail shop, you are bound to feel at home in West Loop.

River North

The River North is another popular downtown Chicago office market.  This area is sectioned between Chicago Avenue, State and the Chicago River.  Likened to New York’s SoHo, River North is a popular art locale where galleries and unique shops fill the streets.  Although largely art-related, many other businesses have opened up their doors in River North such as furniture stores, clothing boutiques and more.

East Loop

The East Loop neighborhood of Chicago has both residential and commercial tenants within its boundaries.  There is a little bit of something for everyone in East Loop which makes it a great place to live and/or work.  For those who take public transportation, the Metra is nearby, and for individuals who prefer to drive themselves, there are plenty of parking garages to choose from as well.  East Loop offers plentiful options and is readily accessible to residents, business owners, business employees and clients.

Central Loop

Central Loop neighborhood is in the heart of downtown Chicago.  Filled with hotels, businesses and entertainment options, Central Loop is an ideal spot for business owners who want to be in the middle of everything.  Easy public transportation options in the area ensure that employees and customers can get to and from your business.

North Michigan Avenue

North Michigan Avenue, also known as the Magnificent Mile, offers a wealth of shopping, lodging and dining options.  Business owners who lease office space on North Michigan Avenue see a good deal of client traffic and have many great opportunities related to the popularity of this area.

South Loop

South Loop is sectioned in between the streets of Jackson, Roosevelt, Michigan and the Chicago River.  Filled with residential options such as condominiums and lofts as well as commercial office space for those who want to lease or buy, South Loop is a great spot for residential and commercial reasons alike.  From small boutiques to large restaurants, South Loop can accommodate all types of business owners.

If you are searching for Chicago office space, you have plenty to choose from in any of the aforementioned downtown neighborhoods.  Office space leasing is readily available in all of these areas and there is certain to be the ideal office space waiting for you in downtown Chicago.

BOMA Standard for Measuring Office Space

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Before you even think about renting office space, chances are that you want to have the measurements so that you can obtain the proper size office space for your company or corporation.  Therefore, it is essential that you not only have approximate office space measurements but exact office space measurements.  The Building Owners and Managers Association (BOMA) has created the proper standard for measuring office space.

Usable Area for Measurement Purposes

In ascertaining measurements, the usable area is the part of the office which can be occupied.  When determining the usable area of office space one should measure starting at the side of office space and corridors (those with a permanent wall) and move to the partitions centers.  You then take all usable area measurements and add them together to get the total amount of usable area.

Floor Rentable Area for Measurement Purposes

The floor rentable area is the area of the rented premises which the tenant can use.  The measurements for this area are taken from the inner finished surfaces of outer walls, without taking into account corridor walls or structures in the area.  Rentable area and usable area can be converted to one another by using the common area feature in measurements.

Common Area for Measurement Purposes

The common area of a building relates to the areas which are not technically included in the office area but can still be used by office space tenants.  In other words, adding the pro rata common area space to the floor rentable area space will provide the gross rentable area.

Common Area Factor for Measurement Purposes

An important calculation is the common area factor which creates a ratio of the rentable area to usable area of office space.  This loss factor or load factor shows what percentage of the office area can be used as the office space.  The R/U -1 ratio will dictate what part of the office space can be used by the tenant.

Reasons for Measuring Office Space

The calculations for measuring office space may seem a bit confusing at first but when you put the measurements into their proper ratio format, you will see that the resulting measurements are quite easy to come by.  There are a few different reasons why office space tenants would want to calculate the measurements of prospective office space.

First, by doing so, the business owner can determine how much the rental will cost and if it will be worth the money based on the amount of office space being rented.  Secondly, by measuring office space the future commercial office space tenant can ensure that there will be plenty of room to accommodate all employees and carry out the business in an efficient manner by doing so in a proper amount of office space.

Before you lease office space, it is important to determine how much space you will be getting in a particular rental.  By using the BOMA standard for measuring office space, you can ensure that your future rental is the perfect one for your needs.

Benefits of Traditional Space vs. Office Suites

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Business professionals have quite a bit of options these days when it comes to commercial office space.  Back in the day, companies and the employers had a few options when it came to basic office space.  Today, the options are much more wide and varied.  Many business owners debate between going the route of traditional space vs. office suites.  The following will highlight some of the benefits of traditional space when compared with office suites.

Traditional Space Gives Business Owners the Run of the Office

When business owners set up shop in a traditional space setting, they are able to have the run of the office.  Those who utilize traditional office space won’t have to wait in line to make copies or share a reception area with other businesses and their clients.  Those who choose to go the traditional route have their own space and won’t have to worry about sharing the office area with other companies, their employees and their clients as well.

Businesses in Traditional Space Can Decide How They Want to Set Up Their Office

In a traditional office space setting, business owners can decide how they would like to set up their office.  When one rents out office suites, the office setting is usually already set up and cannot be altered to suit the needs of the business owner, their company and their employees.  When one carries out business in a traditional space there is a lot of freedom with regard to office setup, which is a desired benefit for many business owners who like to be able to make their own choices when it comes to an office setting layout.

Business Owners in a Traditional Office Setting Can Work With Their Budget Accordingly

Another benefit to traditional space when it comes to an office is that the business owner can tweak their budget and expenses accordingly.  With an office suite setup, the fees and monthly rental costs are often set in stone and there is no leeway when it comes to different expenses which must be paid.  Those who carry on their business in a traditional space may be able to save money by cutting out certain expenses or hiring different individuals at various salaries.  For example, rather than paying a set fee for the use of the copy machine or having the receptionist’s salary rolled into one’s annual or monthly rent, which is the case with office suites, the business owner can bargain shop for the best price on copying or hire their own receptionist at a salary level of their choosing.  In other words, one’s budget can be worked with in a traditional office setting and this is not usually the case when one rents out office suites for their commercial ventures.

These are some of the more common benefits associated with traditional space office settings.  Those who are seeking out these benefits often go for a traditional office space as opposed to an office suite option.  If you are looking to enjoy the run of your office, have the freedom to decide how you want your office to be set up and want to be able to bargain shop for different work-related necessities, a traditional space option may be more to your liking than an office suite rental.

Benefits of Office Suites vs. Traditional Office Space

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Business owners have a lot of decisions to make when it comes to running their companies on a daily basis.  One of the big factors which they have to consider relates to their office space.  There are quite a few options nowadays, however many tend to narrow down the choices to either office suites or traditional space.  The following will detail some benefits of office suites and why business owners tend to choose office suites over the traditional space alternatives.

Office Suites Cut Costs by Having Many Amenities Included

When you rent an office suite as opposed to traditional space you will find that you can cut costs drastically by doing so.  The purpose of the office suite is to have many of the amenities included within the monthly rental fee so that you don’t have many out of pocket expenses related to office rental other than the monthly rent.  Office suites include copying services, maintenance, receptionist services, office cleaning, coffee service and more.  Although the exact amenities will vary depending on the individual office suite which you select, these are some of the often included services and amenities business owners can take advantage of when they rent office suites vs. traditional space.

Office Suites Come With Staff Members Already In Place

As mentioned briefly above, there are also certain staff members which may be included with your monthly or annual rent with office suites.  Positions such as receptionist, maintenance and cleaning personnel may be provided by the office suite establishment.  Therefore, those who rent office suites will have certain staff members already in place to assist them each day.  Business owners will share the reception, maintenance and cleaning employees while paying a fraction of the cost which they would have to pay had they chosen a traditional space office setting.

Renting an Office Suite Allows You to Network with Other Business Owners

When you rent an office suite you are able to network with other business owners.  Rather than be secluded within a traditional space setting, you will get to see other business owners and their employees throughout the day and may establish working relationships with these individuals as a result of being office suite neighbors.

Many Office Suites Include Office Furniture

One of the biggest issues which business owners face is having the right furniture or enough furniture for their office.  Many office suites these days will provide office furniture to the tenants and make sure that the amount of furniture is enough to accommodate the employees of the business.  This is one less thing for business owners to worry about when they open the doors to their business in an office suite setting.  With traditional space offices, most of the time the business owners will have to provide all of the office furniture to accommodate their employees and business needs.

These benefits associated with office suites make it easy to see why many business owners these days are going in the direction of office suites vs. traditional space offices.  With office suites, business owners can save money, already have some staff members in place, network with other business owners and have a furnished office awaiting their arrival.

Green Office Space

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As society becomes more environmentally aware, it is easy to see how environmental features are becoming integrated into our daily lives.  This goes for our personal lives as well as our business dealings.  Today, green office space is a hot commodity for many business owners who not only want to pursue their commercial dealings effectively but do so with environmental factors in mind.  Here are some things you should know about green office space and the benefits of utilizing this office space method for your business.

What Is Green Office Space?

Green office space is a concept whereby commercial office settings are environmentally friendly in nature.  The extent to which an office space is considered green depends on each individual facility.  However, many green office space settings have features such as CFL bulbs in all light fixtures, efficient recycling procedures in place, facilities which are powered by wind energy, non-toxic and environmentally friendly cleaning solutions and soaps used throughout the building and programmable thermostats and other electricity units in place, to name a few of the more common green office space features.

The Benefits of Green Office Space

There are many benefits surrounding green office space.  First, when you set up your business in a green office space setting you are doing your part to help the environment.  There is so much waste and harmful commercial practices in place these days as it relates to the environment.  By having a green office space you can help to preserve the environment and offer assistance by ensuring that your business practices are in keeping with green aspects.

Also, green office space can be budget-friendly as well.  CFL lighting often lasts longer than regular light bulbs and by having a properly programmed thermostat and other electricity features, you will not only conserve energy but save money while doing so as well.  Items such as recycled paper and refillable pens will also help to save the environment while saving money, too.

Another way to bring out the green in your office space is to add plants and vegetation throughout the office building.  It has been suggested that green office space with plants increases an individual’s productivity and helps them to get the job done with ease and efficiency.  Plants in the workplace also help individuals to feel better, simply being around such vegetation.

Business owners may also be able to obtain green tax benefits by choosing green office space.  These tax benefits will vary and may not be available to all individuals, however, it is certainly worth looking into if you want to have an additional benefit of green office space available to you.

There are so many wonderful benefits of green office space which business owners should not hesitate to take advantage of.  Not only can you do your part to help preserve the environment but you may just be able to save some money in the long run.  When you look into green office space options, you are certain to realize the potential which lies beneath such a concept in today’s business world.