How to Sublease Chicago Office Space

Chicago Office Sublease

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.