Services / Sublease, Downsizing & Disposition
Chicago Office Sublease, Downsizing & Disposition
Office sublease, downsizing, and disposition services help a tenant get out from under space it no longer needs, by subleasing it, giving part of it back, restructuring the lease, or negotiating an early exit. Tenant Advisors handles all four for office tenants in Chicago and the suburbs, starting with the cost of each path. We never represent landlords and don’t own or manage buildings, so we can press your landlord on a buyout or contraction with no conflict. Start as soon as you know the space doesn’t fit.
Who needs a disposition plan
- Companies with floors or suites sitting empty since the shift to hybrid work.
- Tenants whose headcount has dropped well below what the space was built for.
- Companies consolidating offices after an acquisition or a reorganization.
- Tenants relocating with years left on the old lease.
- Anyone with a contraction or termination option date approaching.
Your options by term remaining
- 36months+Sublease is strongestEnough term for a subtenant to commit; furnished space moves fastest.
- 24monthsStill marketablePrice to the market and offer furniture to stand out.
- 12monthsRestructure or buy outShort subleases are hard to fill; a negotiated exit is often cheaper.
- —any timeWatch option datesContraction and termination rights carry strict notice deadlines.
Remaining term on your lease, and what usually works.
How we handle a disposition
Six steps, led by a co-founder or an Executive Vice President, built around the number that matters: what you stop paying.
Read the lease
Sublease and assignment clauses, the landlord’s recapture right, profit sharing, consent standards, and any exit options.
Price every path
Net recovery from a sublease against a buyout, a give-back, or a blend-and-extend, after commissions, downtime, and concessions.
Talk to the landlord first
When a restructure beats a sublease, we negotiate it before the space hits the market.
Market the space
Pricing to win, furniture and cabling included where it helps, and outreach to every tenant rep in the submarket.
Vet and negotiate
Subtenant credit review and sublease terms that protect you, since you stay liable under the master lease.
Get consent and close
Landlord consent, typically 30 to 60 days, managed through signing and move-in.
What we negotiate on a disposition
Disposition terms come from two directions: the subtenant you’re courting and the landlord who has to approve the deal.
| Term | Landlord’s opening position | What we push for |
|---|---|---|
| Sublease rate | Asking near your own rent | Priced against competing sublease space so it moves |
| Recapture right | Landlord takes the space and the upside | Recapture limited or waived, or traded for a clean release |
| Profit sharing | 50% or more of any profit to the landlord | Costs recovered first, then a smaller share |
| Consent | Open-ended timing, discretionary approval | Defined response time; consent not unreasonably withheld |
| Exit cost | Full remaining rent | A termination fee based on the landlord’s real exposure |
| Furniture and restoration | Remove everything, restore the space | Furniture left in place for the subtenant; restoration waived |
Ranges reflect the Chicago-area transactions we track and negotiate as of October 2026. Results vary by submarket, building, and credit.
Client example
A real engagement. The client’s name is withheld; the numbers are not.
A 60% smaller footprint on a 5-year term
- Situation
- A national company needed to cut its office footprint by 60% after the pandemic and would not commit beyond five years.
- What we did
- We built a shortlist of 9 Class A spec suites and 4 high-quality subleases, toured the top 6, and negotiated with 3 landlords in parallel. We held the five-year ceiling and got a landlord to accept it on a spec suite with custom changes.
less space, on a shorter commitment than landlords typically accept, in a spec suite modified for the tenant.
Why it matters that we only represent tenants
Downsizing usually means negotiating against your own landlord, on a buyout, a give-back, or a sublease consent. That is where a broker who also represents landlords, lists buildings, or manages property has a conflict. Tenant Advisors represents only tenants and doesn’t own or manage office buildings, so the number we chase is the one you stop paying.
Frequently asked questions
Am I still liable after subleasing my office space?
Yes. A sublease does not release you from the master lease. You remain liable to the landlord for rent and obligations, and the subtenant pays you. That is why subtenant credit review and protective sublease terms matter as much as the rate.
How long does it take to sublease 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. Overpriced or short-term space can sit for a long time, which is why pricing comes first.
Should I sublease or negotiate a lease termination?
Price both. A termination buyout has a known, fixed cost; a sublease recovers rent but carries ongoing risk. When remaining term is short or the sublease market for your space is thin, a negotiated exit is often cheaper and cleaner.
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 instead of approving your subtenant. Build 30 to 60 days for consent into any timeline.
What do disposition services cost?
Sublease commissions are typically paid from the sublease proceeds, much as landlords pay commissions on direct deals. We lay out every cost, including commissions, downtime, subtenant concessions, and any buyout alternative, before you choose a path.
Request a Lease Review
Tell us where you lease and when it expires. A co-founder or an Executive Vice President will call within one business day with a read on your options. What you share stays between us.
- No cost and no obligation
- We never share your information with landlords
- Monday to Friday, 8am to 6pm
Prefer to talk now?
(847) 778-0296"*" indicates required fields
Submissions go directly to Tom Koelzer. We respond within one business day.
Updated October 5, 2026. Written by Tom Koelzer and Dave Ven Horst, co-founders of Tenant Advisors, Inc., in Chicago office leasing since 1986 and 1985 and tenant-only since 2004. Tenant Advisors has negotiated more than 2,000 office leases from its office at 1515 E. Woodfield Road, Suite 116, Schaumburg, IL 60173.