Suburban Office Space

Suburban Chicago Office Space: Tenant Improvements

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Suburban Office Space

Chicago suburb business owners who are looking for that ideal office space often find what they are looking for in an office setting. However, there are certain times when the suburban Chicago office space may not be exactly what the office space tenant needs in a commercial office.  Fortunately, landlords will usually allow specific tenant improvements to take place so that the office tenant is 100% satisfied with the office space end result. Here is what to expect in tenant improvements in the suburban office space:

Landlords May Not Allow Every Desired Tenant Improvement

When you want to add certain amenities and additions to a leased office space in the Chicago suburbs, you may know exactly what you want. Keep in mind, however, that your landlord may not allow every type of tenant improvement in their premises. After all, the landlord still owns the building and you are simply leasing it for awhile. Therefore, it is reasonable that there will be certain tenant improvements which won’t be allowed. Make sure that you thoroughly discuss these tenant improvements with your landlord and have the results of the conversation in writing so that there is no miscommunication along the way.

Tenant Improvements Can Be Pricey

Depending on what type of Chicago suburban office space tenant improvements you wish to complete, the end result can be costly.  You should decide upfront what type of improvements you want to make and be sure that you will be able to afford the tenant improvements. Some landlords will pay for tenant improvements while others will allow such improvements but have the cost be the responsibility of the tenant alone.

Certain Leases Will Accommodate for Tenant Improvements

For the lucky suburban Chicago office space tenants, there may be a clause within the office space lease which states that the landlord will pay for certain tenant improvements. This will allow the tenant to get what they want out of the office space and not have to pay the cost for doing so. A good tenant representative will be able to negotiate with the landlord and have them add this desirable clause into the final lease.

Pre-Existing Condition Clauses May Exist

For those office tenants in the Chicago suburbs who complete tenant improvements, they may need to ultimately return the leased premises to its pre-existing condition once their lease is up. These pre-existing condition clauses in the lease safeguard the landlord and ensure that the property will look exactly as it did prior to the tenant improvements. This is always something which the tenant must consider before making big changes to the leased premises since returning the structure to its prior state may be costly in the end.

Tenant improvement clauses are beneficial for Chicago suburb office tenants who want to make changes to the property. The tenant should see if the landlord will pay for such changes and whether they will have to return the property to its former state once their lease term is up. All of these things should be clearly outlined in the lease for the benefit of all parties involved in the leasing agreement.

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Chicago Space: How Negotiable Is The Price Per Square Foot

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Office space leasing rates will vary in the commercial real estate market. The exact price of the office space rental will depend on a number of different factors. Some of these considerations include size of the rental space, location, amenities included in the commercial office space, parking options and more. All of these factors come down to the set price per square foot. In the past, price per square foot in commercial leasing situations was pretty much set in stone. There was little flexibility in the price terms and the prospective commercial tenant would just have to take it or leave it. Today, this trend has changed a bit.

Commercial Office Space Leasing Has Decreased

Since the economy has been less than stellar in the past few years, the need for commercial office space has decreased as fewer individuals and companies had the money to embark on a new commercial office space lease. This can be good for negotiating deals with the price per square foot for commercial office space tenants. Since landlords are more eager to occupy their commercial properties, they may be more likely than not to negotiate a bit when it comes to the overall price per square foot that they are asking.

Commercial Landlords Are More Willing To Negotiate To Get Rentals

Commercial landlords are well aware of the fact that they are not doing as well as they were approximately 8-10 years ago in the commercial real estate arena. With this in mind, they know that they must negotiate or risk losing potential commercial tenants who will ultimately go on to another commercial landlord who is willing to negotiate price per square foot. Even though the commercial landlord may not be getting their asking price, they are gaining a new commercial tenant and know that they will receive money as a result of the lease agreement.

Ways to Make Price per Square Foot More Negotiable

If you find a commercial office space to lease and the landlord is not exactly pleased about negotiating on the price per square foot, there are ways in which you as a tenant can make the price more negotiable and ensure that the landlord will be more willing to negotiate on price per square foot. First, make sure you are not too demanding with regard to other aspects of the lease. Don’t ask for multiple inclusions to the lease agreement and the landlord will be more likely to appease you when it comes to negotiating as to price per square foot. Also, be mindful of the current commercial real estate market. If the market in your area is still in a less than favorable position, you can feel more confident knowing that the commercial landlord may just agree to your price per square foot negotiations.

Negotiating as to the price per square foot terms is not as fruitless as you may think it to be. Review the current market and ask your tenant representative for additional ways to aid you in your price per square foot negotiations.

Office Space

Chicago Suburban Markets Perfect For Office Space Tenants

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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.

Commercial Office Space For Chicago Startups

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Chicago startups have a lot on their plates when it comes to getting their businesses up and running. These new business owners have to think about staffing their entity, getting their products and services in order and compiling a client base. Another extremely important factor for Chicago startup business owners to think about is where they are going to lease office space. Leasing office space is a wise choice for startups in Chicago as they can pay as they go and have the option of moving should they find that the location they select does not suit their needs. With that said, there are two locations in Chicago in particular which are popular with Chicago startups.

River North

River North is a popular neighborhood for Chicago startups to choose when they are eager to lease office space. This area is located north of the Chicago River and in close proximity to Michigan Avenue and the Loop. Retail shops, galleries and design firms are all over the River North area. The eclectic atmosphere of River North provides a great way for Chicago startups to not only gain clients through their own marketing means but also get new clients simply by making their presence known to those who are in the River North neighborhood for other reasons as well.

Startup business owners also like the River North area for office leases as it has a variety of office spaces available. Whether you need a single office in a high rise building or want to rent out a small commercial building in its entirety, either option can be found in River North.

West Loop

Another ideal neighborhood for startup business owners in Chicago is West Loop. Situated between the Chicago River, Ashland Avenue, Grand Avenue and Eisenhower Expressway, West Loop is an extremely popular place to open up one’s business. This rapidly emerging neighborhood of Chicago offers residents and visitors a little bit of something for all. Retail boutiques, restaurants, galleries, commercial offices and residences are all present and accounted for in West Loop. No matter which commercial genre your startup belongs within, there is a place for you and your business in West Loop.

The beauty of the West Loop neighborhood is that those who go there don’t just visit the area for one particular reason. They may come into the city and West Loop, in particular, for a bite to eat, do some shopping and take care of some business as well. There are plenty of office space leasing options in West Loop and the price ranges are reasonable for city office space, also.

Chicago startup company owners have a lot to manage with their new business. This process can be made much easier by knowing where to set up shop. Whether you like the River North vicinity or prefer the wide array of amenities which West Loop has to offer, your Chicago startup will fit in perfectly within either Chicago neighborhood. Startup companies find it easy to make their new commercial home in either West Loop or River North.

Chicago Office Space

Chicago Office Space Listings

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Chicago Office Space

Chicago-area business owners know that location is essential when choosing where you want to set up your business. Picking the wrong location for your office space lease can be detrimental to business owners of all types. This is why there is a lot of research which goes into leasing office space in Chicago. In order to help business owners locate that perfect piece of commercial property to lease in Chicago, there are companies and websites which cater to commercial business leases.

Tenant Representation Firms

There are companies which aid commercial tenants known as tenant representation firms. Tenant representatives, or “tenant reps” help business owners with a wide array of leasing features. These innovative companies will help business owners find commercial real estate to lease, help them to secure the commercial real estate lease and guide them every step of the way.

One top-notch Chicago area tenant representation firm is Tenant Advisors, Inc. The employees of this reputable tenant representation firm will help you to locate the right commercial office space lease for your business, help you to understand the commercial office lease, guide you in your dealings with the future landlord and will be only a call away should you need anything during your lease term and beyond. Whatever your commercial office space leasing needs may be, Tenant Advisors, Inc. can help.

LoopNet.com Offers a Wide Array of Commercial Real Estate Lease Listings

LoopNet.com is a popular commercial business leasing website. Business owners can review Chicago office space listings in various neighborhoods throughout Chicago. By using LoopNet.com, Chicago office space lease seekers can designate which amenities they would like their leased offices to have, how much space the leased office will consist of and other specific features. Those who use LoopNet.com can also look through properties which come fully furnished as well as those which are empty and business owners would provide their own furnishings. No matter what type of office setting you want to lease in Chicago, LoopNet.com is a good place to start.

CoStar.com Helps Business Owners by Providing Chicago Lease Options

In addition to LoopNet.com, CoStar.com also offers great options for office lease seekers. The CoStar Company powers a website, Showcase.com, and allows site visitors to search through commercial property listings of Chicago office space. On this website, business owners can narrow down their search by selecting the area in which they want to lease office space, how much square footage they need, the amount of money they want to spend on rent and more. Also on the site you will find contact information to the realtors and leasing agents who are handling the office space lease. This provides you with easy access to contact those who can show you the office space as soon as you are ready to see it.

Rofo.com Leads the Way to Office Space Leases in Chicago

Since you want to explore your leasing options as much as possible, it never hurts to have access to quite a few different commercial office space listing sites. Rofo.com is another great commercial office space marketplace listing website to peruse. On Rofo.com, site visitors can pinpoint office space leases in various areas throughout the city of Chicago. On the individual listings, one will find information relating to the exact location, square footage, rent amount and nearby amenities. Within no time at all, you can find out exactly what your leasing options are in the area of Chicago which you want to be in.

No matter what commercial lease listing site you choose, LoopNet.com, CoStar.com or Rofo.com, you will gain insight into a wide array of options for commercial office space leasing in Chicago. These websites give you the freedom to outline your specific leasing needs and zone in on particular leasing options which suit your leasing needs perfectly. Regardless of the square footage you require or the amount of rent you wish to pay, you will find plenty of options on these commercial office space leasing websites for properties in Chicago.