Chicago office space

Chicago Startups Looking For Office Space

Chicago office space

As a Chicago startup company, you have plenty of things to think about such as how to gain a client base, ways to make your business attractive to the masses and how to staff your office with the best individuals in the industry. Another important consideration is where to set up your office space and whether to rent or buy. Many startup company owners choose to lease office space for a few different reasons. Some want to lease the office space to ensure that they are where they want to be a few years down the road and, if not, they can simply wait until their lease expires and move. Another reason to lease office space when you are a startup company relates to the square footage of the office. Some startup companies will start out with a few employees but then later on expand their operations to include more individuals. By leasing an office, the startup company can move to a bigger office space when their company expands.

For those who are new to the startup industry, there are a few things you should know about leasing office space as a startup:

  • Lease Office Space with Your Industry in Mind: As a startup company, you don’t want to lease just any type of office space. You have to pick an office space which will suit your individual industry. You want to be in the prime location which benefits your industry, both with regard to operations and accessibility to clients as well.
  • Consider Current Employment Size As Well As Future Number of Employees: When you are putting a startup company into motion, chances are that you won’t know what your employee total will be right away. Startups take some time getting organized and there is always room for modifications along the way. However, you should have a base number to start with as this will help you to figure out what size of leased office premises you will need.
  • Contemplate Startup Funds When Leasing An Office: Before you sign an office lease, figure out how much money you will have to contribute to the lease of the premises. You don’t want to be caught short but you also don’t want to fail to obtain the right type of office lease simply because you are being frugal.
  • Choose An Office Space To Lease Which Offers All Of Your Required Amenities: Even though your company is a startup, you probably know what your business requires in the way of desired amenities. Pick an office space to lease which will cater to your commercial business needs and make your startup the best that it can be.

Starting your own company from the ground up is a difficult and daunting task but it is made much easier when you lease office space rather than buy it. When you follow the tips above, you can embark on the right path to lease the ideal piece of real estate for your new startup company.

chicago office space listings

Chicago Office Space: Attractive Qualities of Leasing Office Space

chicago office space listings

Business owners located in the Chicago area have plenty of options when the time comes to lease commercial office space. Some choose to lease office space in the Chicago suburbs while others find that downtown Chicago holds many attractive qualities and draws them in. Although the suburban area has its own distinctive qualities, there are many great features which propel business owners to the city streets of Chicago and entice them into leasing commercial office space throughout the city. The following will highlight some of the many attractive qualities of leasing an office in the Chicago downtown area.

Leasing Options Are Wide and Varied

Office space leasing in Chicago is a wise choice as the leasing options are wide and varied. From single-room office spaces to multiple floors of high rise buildings, business owners can find the right style of office space to lease in downtown Chicago. When compared with suburban locations, Chicago has so much more to offer with office space style variations. In addition, commercial office space seekers can look in different areas of the downtown area and find the location which is most akin to their industry.

Public Transportation Makes Commuting Simple

Chicago has another attractive aspect which is the public transportation options. Taxis, buses, trains…practically every public transportation option you can imagine is available in Chicago. Commuting is simple in Chicago due to the wide array of public transportation. Not only does this allow business owners to get to their place of business but this goes for their staff and clients as well.

Large Client Base Opportunities for Chicago Businesses

The city draws in clients from all over town and the suburbs as well. When you lease office space in downtown Chicago, you can rest assured that your client base is readily available. The city atmosphere allows prospective clients to find your door, especially if they are in the commercial neighborhood for another entirely different reason. Having an office in the downtown Chicago area is a great way to draw in new clients and provide goods and services to your current clients as well.

Restaurants and Shopping Nearby

Leasing commercial office space in the city means that there will be plenty of amenities located nearby. Restaurants and shopping venues make it easy to draw in clients who may be in the neighborhood for a different reason yet find their way to your office. Also, you should be located close to restaurants and stores so that these amenities are available to your employees. The downtown Chicago office space leasing location ensures that you will have restaurants and stores galore at your doorstep, which is another great reason to choose Chicago commercial office space for lease.

Leasing a small office in Chicago or a large portion of a high rise building in the city is a great move, whichever route you choose. The commercial opportunities which go along with leasing office space in Chicago are priceless and will prove to be a good move to make when trying to find an office space lease location which will yield a large client base, ease of access and many options regarding office space types.

chicago office space

Leasing Office Space Guide: Ten Steps

chicago office space

It’s no secret that Chicago commercial real estate values have declined in the economic downturn. Landlords have suffered from increases in vacancy rates and tenant defaults.

While this is bad news for landlords of office buildings, it’s good news for prospective office space tenants.

Increased vacancies mean more office space rental options and increased defaults means those office tenants with strong financials have the potential to leverage their security in exchange for lower rental rates and lease concessions.

However, in order to effectively capitalize on these opportunities, you need to employ the right strategy.

These 10 steps will keep you on the right track.

Assemble key Decision Makers and Advisors

Before you begin analyzing your office space needs, assemble all your key internal decision makers.  This should include anyone with insight into your company’s forward trajectory and growth plans, including finance, human resource, and IT professionals.  Getting everyone on the same page from  day one will not only save valuable time down the road, but often these professional will  shed light on issues that might have otherwise been overlooked.

During this initial assemblage, you should also retain the services of a tenant representation broker.  Having one professional represent your interests provides for one single point of contact, allows for more effective negotiations, and ensures your commercial real estate broker is representing your interests rather than the landlords.

Determine Future Space Needs

Working with your professional space planner, carve out a future needs assessment.  You should be considering factors such as growth or reduction plans, projected budgets, anticipated technology requirements, as well as branding and image issues.  If you’re trying to create a ball park figure in your head, assume approximately 200 square feet per employee for general office space, with professional service firms such as attorneys usually using about 400 square feet per professional.

Handling this upfront is more important today than ever.  Many companies have gone through staff reductions and you may have extra space (and extra money) available right under your nose.

Additionally, this upfront planning can protect your company’s future.  For example, you may want to negotiate a right of first refusal on contiguous space.  If you don’t assess your space needs, you could miss an opportunity.

Create Your Real Estate Plan

Now that you’ve examined your potential space needs, get a summary down on paper.  Include information such as your cost parameters, ideal lease term length, ideal locations and building types (Class A, Class B, Class C), and organizational issues.  Do you need creative office space?  Do you need lots of perimeter offices?  Understand these needs now.

You should also address parking needs, security and access issues, office hours, timing, signage, and the need for tenant improvements.

Organize your list by priority.

Creating this plan upfront will avoid you touring space that won’t work for your business.

Present Your Requirement to the Marketplace

Now it’s time to put your tenant representative to work.

Armed with your detailed space needs, your broker will survey the market and come back with relevant options.  Since you’re working with just one broker, they will be able to confidently approach the entire marketplace on your behalf to ensure your hearing about every possible opportunity.

Tour the Marketplace

Now is the time to get out and look at space.  Bring your real estate plan and evaluate your needs and goals against the available space.

Shortlist and compare your top choices

After you’ve had an opportunity to tour all potential buildings, shortlist your top choices and create an apples to apples comparison.  Make sure you consider both the financial and logistical factors.

Request Proposals

This is where you begin to trade paper and negotiate your deal.

As we discussed, it’s a good time to be a tenant.  High vacancy rates are forcing many landlords to drop prices and increase their tenant concessions.

There is a flip side to this.  Landlords have been burned during the recession.

There is close scrutiny on financial statements and an increased wariness of unproven businesses.

You have to approach this stage properly or you can end up with a bad deal or no deal at all.  A good tenant rep is an invaluable asset during this stage.

Sign your Letter of Intent and Negotiate Lease Documents

Once an agreement has been reached, both you and your landlord will sign what’s known as a Letter of Intent.  This is generally a non-binding document that outlines the major lease points.  Your attorney will use this to begin drafting your final lease documents.  It’s a good idea for your broker to work in concert with your attorney to ensure the spirit of the language reflects the negotiated terms.

Navigate the Construction Phase

After your lease is signed, you’ll need to begin the work of improving your space.  It goes without saying that if you’re moving into a raw space that needs to be completely built out, this will be significantly more complicated than moving into a built-out space that needs minimal improvements.

If you’re looking at building out space, a good project manager can be an invaluable resource.  They can help you review construction bids, as well as bids from furniture and IT vendors.  They can also manage the construction process, coordinate inspections, and track progress against your projects completion dates.

Supervise Project Completion and begin Occupation

In this last stage, you’ll want to ensure the practical completion of the project, meaning, your contractors have done the job they said they were going to do, and the job is up to standard.

You’ll also submit your Code of Compliance Certificate to your landlord.  They will require this before you occupy the space.

You’ll also want to give your space on final walk through to make sure everything is in its place.

chicago office space listings

Why Leasing Chicago Commercial Real Estate Has Its Benefits

chicago office space listings

Chicago is a popular business locale for many reasons. No matter what type of business you are in, you are certain to find the perfect area within Chicago to set up shop. When it comes to opening up your business doors in Chicago, you have many options available to you, especially with regard to whether you rent or own the commercial office space. Although owning a piece of Chicago commercial real estate is a good idea for some business owners, many others find that leasing Chicago commercial real estate is the best bet. There are so many distinct benefits to those business owners who decide to lease commercial office space instead of owning the property outright.

Leasing Commercial Real Estate in Chicago Helps to Ensure You Have the Right Location

Before you jump into buying commercial real estate in Chicago, you have to be sure that you have the right location. By leasing commercial office space you can take the time to feel out the situation and make sure that the area which you have chosen is the right place for your business. Leasing Chicago office space allows business owners to get a feel for the locale without committing to a costly and timely commercial real estate purchase right away. Some business owners like to lease office space in the beginning and then purchase the space at a later time while others prefer to be lifelong tenants.

Extra Amenities Are Often Included When You Lease Commercial Office Space

You will also find that when you lease Chicago commercial real estate you get quite a few extra amenities which may not be available to you and your company when you purchase commercial office property. Leasing an office space in Chicago may provide you with receptionist services, mail room service, dining facilities and more. The leasing of office space opens up many doors for you and lets you have access to extra amenities which you may not have access to if you purchase office space outright.

Leasing Chicago Commercial Real Estate Is an Affordable Avenue for Business Owners to Pursue

When you buy commercial office space in Chicago, you can be prepared to spend a lot of money outright on the purchase of this commercial office space. However, leasing provides you with the opportunity to pay for your lease of an office on a monthly or annual basis without having to pay closing costs on a purchase or other expenses which new office owners are sure to experience. When you lease office space in Chicago you are taking advantage of a cost-effective way to find a place to house your company.

Leasing Chicago commercial real estate has so many benefits for business owners. You can find a place to open up shop without the commitment which a purchase has with it, take advantage of extra amenities which are often included with an office space lease and be able to afford your office space as well. No matter what type of business your company is in, you are certain to locate the ideal office space for lease in Chicago and be able to take advantage of the many benefits which go along with leasing commercial real estate.

Office Space In The East Loop Area

Finding commercial office space for lease in the Chicago area is an important venture. You want to choose an office space to lease which will accommodate both you and your employees perfectly while being in a convenient locale for customers as well. If you are eager to rent office space in a downtown Chicago location, the East Loop area is a great one to consider. In the East Loop area you are close to all different types of amenities and have the public transportation convenience which is evident in a city location.

Get To and From Your Commercial Office Space Rental with Ease

Due to its downtown location, the East Loop area of Chicago offers plenty of transportation options for employers and their employees and customers. The Metra and Pace bus line are two easy public transportation routes which run through the East Loop area. Because of its downtown Chicago location you can easily find taxis to get around town as well. For those who drive into the city to work at your leased commercial office space or do business with your company, there is also a wide array of parking garages nearby which provide ample parking options for employees and patrons as well.

Enjoy Plentiful Amenities in the East Loop Area

Since one can’t expect to work every hour of the day, it stands to reason that you would want a location to lease office space where there are amenities nearby. East Loop has so many great dining and shopping options to keep you busy on your lunch break as well as before and after work. Your customers will also appreciate the amenities close by as they can visit your business as well as take care of other errands while downtown. Restaurants, retail stores, event centers and more will be at your doorstep if you lease office space in the East Loop area.

Be In Close Proximity to Other Commercial Neighbors

When you rent commercial offices in the East Loop area, you certainly won’t be the only business on the block. And this is a good thing. When you lease an office space in an area filled with other businesses, not only will you be able to cater to your own clients but you may gain quite a bit of new clientele simply from those who wander over after they finish their business dealings with some of your commercial neighbors.

Renting an office in the East Loop area simply makes sense. You will find that the transportation options are readily available, the amenities nearby will be sure to delight you and your employees and your client base may grow simply by gaining business from those who are in town to complete business transactions with your neighbors. When you lease an office in East Loop you are taking your business to the next step and taking advantage of all of the wonderful things which the downtown Chicago area can provide for you. You will enjoy the benefits as will your employees and your clients as well.