At Tenant Advisors, we posed the question : what does this generation value in a workplace?

We spoke with millennials that recently entered the workforce to discover what inspires and fuels their passion in competitive work environments.

Data Analyst: office size 75-100 people

 “ I work at a company that has outgrown its office space, currently we’re forced to have to maximize office space by sacrificing efficiency.

A lack of common space is detrimental, the only place you have is your desk area. If you need to take a phone call, we don’t really have anywhere in the office you could step aside to.

On the flip side – the office is in a great location. It’s very convenient to hop on the El and get to work in 30 minutes.

Our office has a great view of the city, we also have great facilities available in the building. Often times I’ll take advantage of the gym”

Inside Sales: office size 750-1,000 people

“ I think my favorite thing about my office is the layout and location. I am incredibly close to public transportation and am able to utilize the CTA to get to the office quickly, my commute is usually like 45 minutes.

My office has great amenities, they have a great common areas and a nice kitchen.

What I love about my office is the open collaborative, layout.

You can talk and interact among your coworkers, being able to get advice or ask for help from someone close by is really nice.

Something I think could be improved on is the aesthetic, I think the office could be better decorated. Don’t get me wrong, it looks really nice as is, but some fresh paint or new artwork would make a big impact in my opinion. Some more colors in the office would really brighten up the place and I would argue inspire creativity “

Financial Planner: office size 200-300 people

“ A lot of the work we do is collaborative and involves usually a whole team of people working together. Our meeting rooms are great, they are linked up with great technology so we can video chat among other offices really without having many problems.

Our clients depend on us to have a quick turn around so not having to worry about this or that going wrong, knowing we have reliable equipment allows us to better tackle the problem at hand.

Something I would improve on in my office would be to reconsider cubicles. Often times I find it acting as a barrier for productivity, often sending emails to people across the room.

I understand it’s how a lot of offices have been traditionally laid out, but this doesn’t necessarily mean this is the way it needs to be, ya know?”

There you have it, a first hand account from rising young professionals. For all your Chicagoland Office Space needs, Tenant Advisors will guide you every step of the way. Give us a call today at 847 778 0296, we look forward to hearing from you.

Understanding Blend & Extend Leases 

Business owners who are searching for office space for rent have quite a few options available to them. Long-term leases, annual leases and month-to-month options are the most common types of leases. With that said, most leases are longer-term in the 3-7 year range, and they reflect the market conditions that were in effect at the start of the lease term. So, what happens when a company’s need for office space changes midway into its lease term? or what happens when market conditions change dramatically, but the company still has considerable time left in its lease term? Is he stuck? The short answer is: not necessarily. A relatively new type of lease has emerged which business owners have found to be advantageous to their leasing situation, and that is the blend and extend lease. These leases relate to tenants and landlords who are in a current lease relationship, and want to extend the lease for an additional term while in the midst of their current lease. When a blend and extend lease is initiated, the parties also get to alter the terms of the lease which is an additional benefit to such a lease. The following will highlight more information regarding the blend and extend office lease and cite the various pros and cons of such an office space rental agreement.

What You Should Know About a Blend and Extend Lease

The first thing which commercial property owners and renters need to know about is that there must currently be a lease in place between the landlord and business owner tenant. As the purpose of a blend and extend lease is to get an early renewal with lease term changes it goes without saying that there must be an active lease agreement at the time in which a blend and extend lease is discussed.

You should also be aware of why a blend and extend commercial property lease is desirable. Commercial office leases are often lengthy in duration and this makes altering terms more difficult as when compared to an annual lease. With that said, landlords do not like to take chances of having their office space be empty once their current tenant’s lease expires. With a blend and extend lease, tenants benefit by negotiating for a more favorable monthly rent and lease terms and landlords benefit by ensuring that their current tenant remains in the premises for years to come.

The Pros of a Blend and Extend Office Lease

There are many benefits on both sides of the lease relationship associated with an office space blend and extend lease. The landlord favors a blend and extend lease as it guarantees them that their office space will not be vacant for long periods of time. In today’s economy, office rental demand is on shaky ground as are many other business-related aspects and the landlord can have peace of mind knowing that its tenant will be in the office space for years to come. This will increase the chances that the landlord can cover the mortgage payment every month and not have to worry about paying a real estate agent to find replacement tenants for them.

For the tenant, a blend and extend lease works in their favor by providing them with the opportunity to renegotiate the lease terms and oftentimes renew the lease with a less expensive monthly rent. The rent is not the only thing which the tenant can renegotiate in a this kind of lease. Rental abatement, options to renew, expand or contract and office space improvements are also negotiable points in the new and revised lease.

The Cons of a Blend and Extend Commercial Office Space Lease

As with any negotiations, there may be some less than favorable aspects of a blend and extend lease. With regard to the landlord, although the blend and extend lease provides the landlord with a longer lease term in which the tenant is required to stay in the building, the landlord may have to accept a lower monthly rent payment as well as agree to office improvements and other concessions. As for the tenant, it may receive a more favorable monthly rent under the blend and extend lease, but it will be locked in to the office space for a longer period of time and not be able to move from the office should it desire to do so a few years down the road.

In The End A Blend and Extend Lease Is a Good Option

When all is said and done, a blend and extend lease can often be a good option for both landlord and tenant to consider. If the landlord/tenant relationship is a good one and the office building location works well for the tenant, then there really is no reason to ignore the blend and extend lease option. Even with the few potential negatives listed above, the pros often times outweigh the cons of this type of lease. A blend and extend office lease ensures that the office property remains rented and the tenant gets a better deal than it had previously. It is easy to see why blend and extend leases are becoming much more common in the commercial real estate market-place.

What Is a Subordination and Non-Disturbance Agreement?

The subordination and non-disturbance agreement is one which will be signed at the time of the lease signing. Basically, this agreement states that should the landlord default on their loan, the rights of the tenant are subordinate to the lender. The non-disturbance portion of the agreement safeguards the tenant by stating that, even though the lender forecloses on a property, the tenancy and tenant’s rights under the lease will go undisturbed. This agreement acts as a way to cover any issues which could possibly arise in the future with a property that is in some way involved with a lender.

Is This Form of Agreement Common?

In commercial office space leasing, you will often find a subordination and non-disturbance agreement present within the paperwork. With real estate transactions such as this one, it’s important to consider all possible instances which could occur in the future and ensure that there is an agreed-upon solution stated in writing should such an instance occur. Office space tenants should not be hesitant to sign a subordination and non-disturbance agreement as it will safeguard their tenancy in the future and ensure that their lease term will go undisturbed throughout the length thereof.

The Importance of Reading the Agreement Thoroughly and Ensuring It’s Part of the Lease Agreement

When presented with the subordination and non-disturbance agreement, office space tenants should read through the agreement thoroughly and make sure that their rights under the agreement are known. A tenant representative can help the office space tenant to understand this document and explain in further detail the different components of it. With an agreement of this type as part of the lease arrangement, the tenant knows exactly where they stand should the lender choose to foreclose. It’s also readily agreed to by the lender, as the subordination portion benefits their rights to the property, especially when there is a tenant in possession of the property under the lease term.

The subordination and non-disturbance agreement is just one more necessary piece of the leasing puzzle which helps to outline the rights of the parties involved in the real estate transaction. It will not be put into the motion in most instances, however, it is vital to have this type of strategy in place should a loan default and foreclosure become an issue during the life of the lease term. Tenants should be sure to inquire with their tenant representative about any questions they may have related to this type of agreement prior to signing it.

What a Financial Analysis Accomplishes

A financial analysis is the answer to determining what your overall cost will be to lease a commercial office space. Far from simply considering annual lease amount, there are many other factors to review in order to ascertain that the lease is a financially responsible move for you and your company to make. In addition to looking at the base rental price, you must consider factors such as increases in operating expenses, caps on operating expenses, reduced rent periods, contributions by the landlord, parking fees and more. By looking into all of these added factors, you can make the proper determination as to whether renewing your lease or moving elsewhere is the right decision to make.

How to Perform a Complete Financial Analysis

When starting the financial analysis process, you’re going to want a little help with the calculations. Fortunately, there are programs for just this type of analysis. Some of the popular financial analysis help comes in the form of ProCalc, LeaseMatrix and more. By using these programs, you can get a correct number, as well as get the job done with ease. When performing a financial analysis, you’ll be considering the various features listed above, such as base rental payments, operating expenses and all other costs and considerations which will provide you with a final determination as to whether or not your leasing arrangement will be of benefit to you and your company.

What to Do with the Financial Analysis Results

When the tabulations are complete, the final step is knowing what to do with the results. You want to look at the bottom line and determine if this number will fit within your budget or not. It will be helpful in making the decision whether to stay and renew your commercial office space lease or lease an office at a new location.

If you have a tenant representative, your decision will be made much more easily. This advisor will go through the numbers with you and help you to decide which leasing option will benefit you the best. Making the right decision is a matter of going through the financial analysis, step-by-step, and figuring out whether it pays to stay in your current office space and renew your lease or move on to a new location which will be more cost-effective and better for your company overall.

Wheeling, Illinois is a village located in Cook and Lake counties. With a population of 37,648 per the 2010 census, Wheeling has a good residential base, which is a selling point for businesses looking to lease office space there. Located 30 miles northwest of Chicago, this suburban location is ideal for those business owners who wish to be outside of the city yet close enough to head into town when they so desire.

Getting Around Wheeling with Ease

Wheeling transportation options are plentiful. You can travel by train, bus or car, and get where you need to go with ease. The Metra line has a stop in Wheeling and the Pace bus line offers service throughout Wheeling as well. For drivers, there are many local roads which provide easy ingress/egress as well as I-294 which runs close to the village. Having multiple transportation options will help to get your employees and customers to and from your business. Therefore, ensuring that ease of access exists is a must for business owners contemplating a office space lease.

Things to See and Do in Wheeling

Business owners will appreciate that there are plenty of things to see and do in Wheeling. Shops such as Wheeling Flowers, Walgreens, Lynn Plaza Shopping Center and Radio Shack are some store options for individuals, especially business owners and their employees who wish to do a little lunch break shopping. For dining options, Wheeling offers restaurants such as Rise N Dine Pancake Cafe, Joe’s Pizzeria, Cooper’s Hawk and Saranellos, to name a few. These options will provide dining and shopping offerings for the business owner and employees before and after work but also for customers of the business.

For those who like to get outdoors, the Wheeling Park District offers 19 sites to choose from in the way of recreation. There is also the Chevy Chase Golf Course, Family Aquatic Center, Community Recreation Center and an outdoor ice rink in the winter.

Why Your Business Will Fit in Well in Wheeling

Wheeling is a village which will welcome your business, no matter what industry it may fall within. There is always room in Wheeling for business expansion and leasing Wheeling commercial office space there will help you to set up shop and start bringing in customers and clients. There is also a good, solid customer base in Wheeling. Not only will your business gain customers who are Wheeling residents but also those who live outside of town and come into Wheeling to do business.

Get Started Finding Your Wheeling Office Space

There has never been a better time than the present to open your business doors in Wheeling. An easy way to get started is to contact a tenant advisor to help you with the search. Not only will this tenant representative point you in the right direction with regard to a commercial office space lease but they will also help you to get the best lease terms when negotiating with your future landlord.

Wheeling is the ideal spot for your business, large or small.

Where Is Schiller Park Located?

Schiller Park is located northwest of Chicago. Getting to Schiller Park is an easy feat with plenty of major highways and local roads surrounding it. I-294, I-90, Lawrence Avenue and River Road are a few roadways which will get you where you need to go in and around Schiller Park. Public transportation options are available and O’Hare International Airport is close by. The suburban location of Schiller Park makes it a perfect spot for business owners who want a city-like feel but want the location to be outside of the Chicago city limits.

Restaurant and Shopping Options

When leasing office space for your company, you should always be mindful of what amenities are nearby, especially dining and shopping establishments. These will come in handy during lunch breaks and your employees will appreciate having restaurants and stores in close proximity to their work. Some of the dining and shopping options in Schiller Park include Bacci Pizzeria, Bella Sera, Panda Express, Starbucks, Dunkin’ Donuts, Walgreens, Spring and more. There are also many other types of service providers which will benefit your office employees and be convenient for your customers as well.

Recreation and Entertainment

Schiller Park has a variety of recreational and entertainment amenities. The Activity Center, Anna Montana Water Park and Bluthardt Recreation Center are popular spots. For those seeking out some outdoor recreation options, there are seven individual parks in the Village of Schiller Park which are perfect spots for spending your lunch break or enjoying after work. Schiller Park is also known for its annual events and festivals, including the popular Car Show and Family Fun Day.

Finding Your Schiller Park Commercial Office Space

Schiller Park commercial leasing options are available in various forms throughout town. Some business owners are seeking out a single office space setting while others are looking for larger office buildings to accommodate their entire company. Schiller Park offers both types of leasing options for commercial office space seekers. The close proximity to highways and the airport makes Schiller Park desirable for companies who see a lot of consumer traffic from those outside of the area as well as in the Schiller Park region.

Tenant representatives can help make the process of finding a new office space to lease easy. You want to pick the right location for your business and choose a lease which will accommodate your commercial office needs. Schiller Park has quite a few leasing options for businesses, in a variety of industries. Whether you are an insurance agent searching for a new commercial office or a doctor’s office in need of an extended office space lease, Schiller Park is a good place to look for leasing possibilities.

Oakbrook Terrace: Perfect Place to Live and Work

Oakbrook Terrace has a good combination of commercial and residential areas. Both residents and business owners choose Oakbrook Terrace because it offers something for everyone. Residents appreciate the friendly, safe community with plenty of housing options while business owners find that the leasing options, readily available amenities and location of Oakbrook Terrace suits their business needs well.

Location Allows Ease of Access

As a suburb of Chicago, one who lives and/or works in Oakbrook Terrace will find that they are close enough to Chicago to visit when they like and getting to/from Oakbrook Terrace is a simple task. If you choose to drive to/from Oakbrook Terrace, major roadways such as I-88, I-355 and I-294, as well as plenty of smaller roads, are close by. For flights, O’Hare International Airport is not too far away, which is a nice convenient option, especially for business travelers.

Shopping and Dining Options Are Plentiful

When you live and work in Oakbrook Terrace, it’s good to know that you won’t have to go too far for shopping and dining options. Popular stores such as REI and AT&T, in addition to small, locally-owned boutiques and shops, meet the area residents and employees shopping needs while dining options include Jimmy John’s, Subway, Giordano’s, Caribou Coffee, Devon Seafood & Steak and more ensure that one will have a wide array of food options to choose from for all of their meals. Having these service providers in town is a great aspect for residents and commercial entities.

Recreational Activities Keep Residents and Business Owners/Employees Entertained

There are many recreational activity opportunities for residents and business owners in Oakbrook Terrace. The Drury Lane Theater is a popular spot as well as various parks throughout the city. During the summertime, there are outdoor events which keep the whole family entertained. Fitness centers are also found in town which is a great option for before/after work and on the weekends.

Commercial Leasing Opportunities in Oakbrook Terrace

Businesses can lease an office in Oakbrook Terrace in various locations throughout the city. The convenient locale of Oakbrook Terrace is in a suburban area but still close to Chicago which makes it ideal. Whether your business calls for a single office setting, shared office space or large office building, there is a spot for you to lease in Oakbrook Terrace. Your tenant representative can help you to locate the perfect lease for your business and help you to get well on your way to opening up shop in Oakbrook Terrace with ease and efficiency.

Leasing office space in Skokie, Illinois is an attractive concept for a wide array of business owners. The area is in a central location outside of Chicago and, although a village, the population of Skokie is just about 65,000. Having a large residential base makes it an ideal spot for business owners who want a location with plenty of potential clients. Skokie enables many different types of business owners to lease commercial office space and gain the clientele they need there.

Why Skokie?

Since there are many Chicago suburbs which offer plentiful commercial office space for lease, some may ask what makes Skokie the ideal choice. One benefit of leasing commercial office space in Skokie is the location of the village. Skokie is close to Chicago and has plenty of public transportation options available to clients, business owners and their employees. It is also in the midst of I-94 and I-90 which makes travel by car easy as well.

Skokie also has a firm commercial base in place. Stores, restaurants, professional offices and even industrial entities are within the Skokie area. Many business owners feel that competition is not good. However, when you have other businesses close by, you are getting foot traffic from their customers who may ultimately become your customers as well. Leasing Skokie office space means that you will be surrounded by other commercial neighbors which will add to the attractiveness of the area.

The suburban atmosphere of Skokie is an ideal notion for business owners looking to lease commercial office space as well. The city is great for many businesses but others choose a suburban locale to get out of the hustle and bustle of the city. Many times, a suburban office space lease also means that more individuals outside of the city will be eager to choose your business over one that may be in the downtown area due to ease of access and more. Skokie is a wise choice for those seeking out a suburban office space lease.

What Type of Business Owners Benefit from Leasing Office Space in Skokie?

Many varieties of business owners will reap benefits from leasing an office in Skokie. Those who need a commercial lease but don’t want one in the city will benefit from leasing Skokie office space. Also, business professionals who live in the suburbs of Chicago will find that getting to and from a Skokie office is easier than getting to and from a downtown Chicago building. As for business genres, professional offices and office space suited for light industry as well will be available to Skokie business tenants.

Leasing Skokie office space opens up many options for business owners and their employees and clients, also. The location of a Skokie office lease is convenient, the surrounding business neighbors are large in number and the atmosphere is a perfect one in which to do business, no matter what your business may be. There are plenty of options with regard to Skokie commercial leases and your tenant advisor will be able to point you in the right direction in order to find the best one.

As the fifth largest city in Illinois, Naperville is a larger suburb with all of the amenities of a big city. Naperville residents live in an area that has all of the comforts and business owners enjoy these wonderful attributes as well. Those who lease an office or office building in Naperville get to enjoy a large consumer base and many luxuries which go along with opening business doors in this Chicago suburb.

The Commercial Population Is Wide And Varied in Naperville

With more than 141,000 individuals living in Naperville, it stands to reason that there would be plenty of businesses in the area as well. Not only do the businesses located within Naperville cater to the local community but they also are major national and international production companies. With names like Nicor, BP America and OfficeMax, one can see that the large corporations are well represented. However, there are also many smaller professional offices, retail shops, cafes, restaurants, health and beauty providers and more. As a business owner looking to lease office space, Naperville offers you the well-rounded business environment to make your company flourish.

Naperville Has Transportation Options Galore

Business owners often like to lease office space in a larger city due to the transportation avenues which these larger areas provide. Naperville is one of these cities. Although it may not be as big as Chicago, it is a city which still has a wide array of transportation options available to those who live and work in Naperville. I-88 and I-55 provide interstate access to residents and business employees as well as those going to and from Naperville for business and pleasure purposes. There are also a number of state routes which enable individuals to get around town and beyond. Metra, Pace and Amtrak services are also offered in Naperville.

Business Owners Have A Good Local Community Base

Choosing to lease office space in Naperville will yield great results for many reasons, especially since business owners in this city have a fantastic community base. There are plenty of local residents nearby who are ready, willing and able to patronize your business. No matter what professional services, products or other service offerings you provide, the local consumer will be there to help your business succeed. In addition, there are many surrounding towns in the vicinity and individuals from those areas can reach Naperville and your business with ease. Leasing an office in a city where you know you will find loyal and continual customers is a must these days in business. Naperville is one of these cities where businesses do very well and the customers are there to greet business owners on a daily basis.

Finding the right office space to lease in Naperville is easy to do. When you have a tenant representative, this journey is even that much easier. Your tenant representative will help you to choose the ideal Naperville office space to lease and make the leasing process easier as a whole. Leasing an office in Naperville simply works and works well for business owners, no matter whether the business is a small professional company or large national company.

Business owners in Illinois have a lot of options with regard to office space lease locations. If leasing an office in a suburban location is your ideal notion, the Village of Itasca might be the perfect choice. Situated in DuPage County, Itasca offers scenic features in addition to being a lucrative place to operate a business. There are many factors which make Itasca a wise choice for business owners in Illinois.

Office Space Leasing Is Available In Itasca

Office space leasing is a popular and common option these days. To purchase a commercial building or even single office takes money and commitment to the future, which many business owners either do not have or are not willing to make at the time. The answer is office leasing and Itasca has plenty of office space leases available to company owners who wish to lease an office, rent a floor of  a commercial building or even lease an entire office building, for those companies which are larger in size.

Commercial Businesses Will Be In Good Company in Itasca

A business owner who selects Itasca as their business lease destination will be in good company. Many businesses open up their doors to the public in Itasca and there are various business entities which lease their office locations. Some of the companies which rent or own office space in Itasca include Arthur J. Gallagher and Co., Peters & May USA, Inc., Guenther Gallery & Design and more. In addition to professional companies and service providers, Itasca has retail stores, dining establishments, health and beauty providers and more.

Easy to Get Around Town in Itasca

If you lease an office in the downtown Chicago area, you may find that transportation via car is difficult at times due to traffic, small roadways and more. When you lease an office in Itasca and drive to and from work, your travel time will be much less and the drive will often be more pleasant and less stressful overall. It’s extremely easy to get around Itasca, which is a good selling point for employers and employees and a great reason to lease Itasca office space.

Dining and Shopping During a Lunch Break Is Readily Available

When you choose to lease an office in a certain area, in this case Itasca, you want to be sure that there are stores and restaurants close by. Many employees don’t want to go far to get something to eat at lunchtime and others want to take advantage of shopping during their free time from work. In Itasca, leased office space is often located close to restaurants and stores, which means that your employees can patronize these establishments on their lunch break and get back in time to continue their workday. This is a win-win situation for both employer and employee.

Itasca holds a lot of leasing options for Illinois business owners. With the right tenant advisor and a feel for what you want in a leased office space, you will find that locating the perfect office space for lease is not only possible but highly likely.