Office Space in Chicago Northwest Suburbs

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Many business owners who are interested in leasing commercial office space in the Chicago area want to find a location right in the downtown area of Chicago.  However, there are other business owners who prefer renting office space in the suburbs of Chicago.  The Northwest suburbs of Chicago are extremely popular with both business owners who have small companies as well as business owners of larger corporations.  Office space for rent in towns such as Schaumburg, Arlington Heights, Itasca, Elk Grove Village, Wood Dale and Rolling Meadows is quite high in demand.  The good news is that there are plenty of commercial office space rentals available in these locations.

Why the Chicago Northwest Suburbs Market Is Ideal For Leasing Office Space

Finding office space to lease in the Chicago Northwest suburban region is easy enough to do as there are plenty of options to choose from in this area.  With that said, business owners eager to lease office space need to know just what makes renting an office in the Chicago Northwest suburbs a great idea.

First, by leasing office space in Chicago Northwest suburban area, the business owners are cutting down on the mass amounts of traffic and time spent searching for parking spaces as the suburban area offers ease of access and plentiful parking for both employees and business clients alike.  The ease of access to the business is a great reason to choose to lease an office in the Northwest suburbs.

Those who lease a commercial office space in the Northwest suburbs of Chicago will also find that there is plenty to do in this area.  From outdoor activities to shopping, those who work in this area will be able to engage in plenty of activities on their time off from work.

Also, when you lease office space in the Chicago Northwest suburbs, you are opening yourself up to many different amenities in the area.  Restaurants and hotels are frequent sights, even in a suburban area.  If you lease office space in Elk Grove Village or rent commercial office space in Schaumburg, you will have access to a wide array of dining and accommodation options.

Lastly, more and more clients are choosing businesses which lease office space in the suburbs rather than the city locations.  It is easier for customers to reach these suburban offices as opposed to city offices and find that the ride to and from is simply more enjoyable overall.  Therefore, by choosing a suburban location such as the Chicago Northwest suburbs to lease office space you are selecting a location which may see a great deal of customers.

Finding an office space property to lease in the Chicago Northwest suburbs is a wise move on the part of business owners.  This area is a prime location for small business owners as well as corporate giants.  Clients of businesses will appreciate the suburban nature of the location and find that it is easier to get to the business and purchase products and services from those companies which lease office space in the Chicago Northwest suburbs.

Chicago Office Space Search Options

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When it comes to choosing Chicago office space to lease, business owners have many options from which to choose the best one.  Leasing office space is not a task to take lightly and it is important to go into the process knowing the options with regard to office space leasing and the possibilities which go along with it.  The following will highlight some options which business owners may pursue when looking for that perfect Chicago office space to lease.

Tenant Representation Broker

For Chicago office space tenants seeking a new office to lease or an office lease to renew, the tenant representation broker is a best friend to have.  Even if you are a business owner currently in a lease, your tenant representation broker will be on your side whenever you need their help during the term of the lease.  Tenant representation brokers, or tenant representatives, are individuals who work with the commercial office space tenant to help them find the best commercial property to rent, secure the lease and even renegotiate lease terms when the time for lease renewal arises.

Craigslist

Craigslist is a website known by many.  It is a place to go online to find jobs, get concert tickets, buy household goods and even lease commercial office space.  There is a section on Chicago Craigslist specifically for commercial office space listings.  In this area, landlords or their representatives post listings of commercial real estate for lease and then prospective office space tenants can search the listings and contact the landlord if they are interested in leasing the office space from them.

LoopNet

LoopNet is a commercial real estate website which contains listings of commercial office space, restaurant rental space, retail space and more for business owners to peruse.  LoopNet allows business owners to narrow down the selection to the office space leasing opportunities which best fit their needs.  Chicago business owners can specify the Chicago area on LoopNet and highlight any other requirements they have for their future office space lease.

CoStar

CoStar offers various real estate products to commercial business owners who are interested in finding new office space to lease.  Not only do the CoStar products provide the business owner with commercial office space listings in Chicago but they also provide informative content on property analysis and so much more.  CoStar is ideal for the realtor who wants to present information to their client on the general area and leasing options available in that area.

A Tenant Representation Broker Is the Way to Go

When looking for Chicago commercial office space to lease, you don’t want to waste time.  You want to choose an entity to help you which will be precise, dedicated and affordable.  A tenant representation broker possesses all of these things and is the best individual to choose when you want to secure the proper office space lease for your company, gain help throughout the term of your lease and have someone by your side when it comes time to renegotiate your current lease.  The tenant representative will represent the office space tenant alone and not represent the landlord in any way.  When you choose a Chicago tenant representation broker to help you in your search, you are picking the best option in order to get exactly the property you want, in a locale you desire and at a price which you deserve.

Office Lease Renewal Process

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When business owners obtain a lease on commercial office space for the first time, they probably don’t think about the office lease renewal process as it often seems so far in the future.  However, the expiration of an office space lease term can pop up more quickly than you think.  Before you enter into a lease renewal, you should first know more about the office lease renewal process so that you get the best deal possible and enjoy all of the amenities and inclusions which one should expect in an office space lease renewal.

How the Office Lease Renewal Process Works

The office lease renewal process is much different than a residential lease renewal.  Office lease renewal procedures get put into motion many months prior to the actual end of your current office space lease.  There is much more involved than just reaching an agreement on future rent payments.  Usually the office space tenant will contact the landlord to inquire about the lease renewal and try to negotiate on the terms of the future office space lease.  The landlord will then come back to the office space tenant with their thoughts on the future lease and what they are willing or not willing to change.  This can be a timely negotiation process and may get a bit tense at times.  The best way for a commercial office space tenant to handle a lease renewal is to have a tenant representation consultant on their side throughout the process.

Tips for Making the Lease Renewal Process Much Easier

Although the office space lease renewal process can be burdensome for office space tenants, there are certain tips which will provide the tenant with peace of mind and confidence throughout the dealings.  Here are some tips to keep in mind throughout the lease renewal process:

  • Obtain a tenant representation consultant:  As mentioned above, having a tenant representation advisor with you every step of the way will help you to get the new lease terms you need and deserve.  A tenant representation firm is well versed in this area of commercial real estate and will work along with you to negotiate the proper terms of the new lease and get you what you want in your future lease with your current landlord.  The tenant representation advisor will cut through all of the real estate lingo and outline the terms and offerings with clear cut verbiage and easy to understand language.
  • Make a list of what you want prior to meeting with the landlord:  In order to be prepared for your meeting with your landlord, it is always good to have a concrete list of what you wish your new office space lease to contain.  You want to be exact in your criteria requests so that there is no doubt in anyone’s mind as to what you want in the way of your future office space lease.  Your tenant representation advisor can help you make this list and ensure that you get everything out of the future lease that you want.
  • Be willing to negotiate:  It is a good idea to go into the meeting with your landlord with the knowledge that you will probably not receive everything you want out of the lease renewal negotiations.  Therefore, you have to be prepared and willing to negotiate so that you and the office space landlord can come to a good agreement in the end.

The office space lease renewal process can be much easier if you have a tenant representation advisor by your side, you make a list of what you want with regard to your future lease and you are willing and able to negotiate to ensure that your company can stay in the current office space for many years to come.

Chicago Office Markets

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Chicago is a big city which offers plenty of office space rental options for business owners big and small.  There are a variety of Chicago office markets to choose from and depending on your area of business and what you look for in a Chicago office market, the perfect rental space is sure to await you.  The following will highlight some of the primary Chicago office market areas which might peak your interest.

West Loop

West Loop is a central downtown Chicago area nestled in between Lake Street, Eisenhower Expressway, Kennedy Expressway and Ashland.  The West Loop area has both residential buildings and commercial establishments within its borders.  Whether your business is a restaurant, art gallery or retail shop, you are bound to feel at home in West Loop.

River North

The River North is another popular downtown Chicago office market.  This area is sectioned between Chicago Avenue, State and the Chicago River.  Likened to New York’s SoHo, River North is a popular art locale where galleries and unique shops fill the streets.  Although largely art-related, many other businesses have opened up their doors in River North such as furniture stores, clothing boutiques and more.

East Loop

The East Loop neighborhood of Chicago has both residential and commercial tenants within its boundaries.  There is a little bit of something for everyone in East Loop which makes it a great place to live and/or work.  For those who take public transportation, the Metra is nearby, and for individuals who prefer to drive themselves, there are plenty of parking garages to choose from as well.  East Loop offers plentiful options and is readily accessible to residents, business owners, business employees and clients.

Central Loop

Central Loop neighborhood is in the heart of downtown Chicago.  Filled with hotels, businesses and entertainment options, Central Loop is an ideal spot for business owners who want to be in the middle of everything.  Easy public transportation options in the area ensure that employees and customers can get to and from your business.

North Michigan Avenue

North Michigan Avenue, also known as the Magnificent Mile, offers a wealth of shopping, lodging and dining options.  Business owners who lease office space on North Michigan Avenue see a good deal of client traffic and have many great opportunities related to the popularity of this area.

South Loop

South Loop is sectioned in between the streets of Jackson, Roosevelt, Michigan and the Chicago River.  Filled with residential options such as condominiums and lofts as well as commercial office space for those who want to lease or buy, South Loop is a great spot for residential and commercial reasons alike.  From small boutiques to large restaurants, South Loop can accommodate all types of business owners.

If you are searching for Chicago office space, you have plenty to choose from in any of the aforementioned downtown neighborhoods.  Office space leasing is readily available in all of these areas and there is certain to be the ideal office space waiting for you in downtown Chicago.

BOMA Standard for Measuring Office Space

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Before you even think about renting office space, chances are that you want to have the measurements so that you can obtain the proper size office space for your company or corporation.  Therefore, it is essential that you not only have approximate office space measurements but exact office space measurements.  The Building Owners and Managers Association (BOMA) has created the proper standard for measuring office space.

Usable Area for Measurement Purposes

In ascertaining measurements, the usable area is the part of the office which can be occupied.  When determining the usable area of office space one should measure starting at the side of office space and corridors (those with a permanent wall) and move to the partitions centers.  You then take all usable area measurements and add them together to get the total amount of usable area.

Floor Rentable Area for Measurement Purposes

The floor rentable area is the area of the rented premises which the tenant can use.  The measurements for this area are taken from the inner finished surfaces of outer walls, without taking into account corridor walls or structures in the area.  Rentable area and usable area can be converted to one another by using the common area feature in measurements.

Common Area for Measurement Purposes

The common area of a building relates to the areas which are not technically included in the office area but can still be used by office space tenants.  In other words, adding the pro rata common area space to the floor rentable area space will provide the gross rentable area.

Common Area Factor for Measurement Purposes

An important calculation is the common area factor which creates a ratio of the rentable area to usable area of office space.  This loss factor or load factor shows what percentage of the office area can be used as the office space.  The R/U -1 ratio will dictate what part of the office space can be used by the tenant.

Reasons for Measuring Office Space

The calculations for measuring office space may seem a bit confusing at first but when you put the measurements into their proper ratio format, you will see that the resulting measurements are quite easy to come by.  There are a few different reasons why office space tenants would want to calculate the measurements of prospective office space.

First, by doing so, the business owner can determine how much the rental will cost and if it will be worth the money based on the amount of office space being rented.  Secondly, by measuring office space the future commercial office space tenant can ensure that there will be plenty of room to accommodate all employees and carry out the business in an efficient manner by doing so in a proper amount of office space.

Before you lease office space, it is important to determine how much space you will be getting in a particular rental.  By using the BOMA standard for measuring office space, you can ensure that your future rental is the perfect one for your needs.