Office Lease Options: The Best Time To Exercise

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In commercial leases, there are many clauses for tenants to pay mindful attention to, in addition to reading the entire lease carefully, of course. However, the Lease Option clause is an extremely important one to be on the lookout for prior to signing a commercial office space lease. This is the clause which will tell you when, and if, you will be able to renew your lease when the time comes to do so. Even if you have no current plans to renew your commercial lease or are unsure as to whether you plan to stay in the location once your lease expires, it is always wise to ask for one of these clauses to be put into the lease, if it isn’t already.

Why Is A Lease Option Important?

There are a few reasons why tenants who lease office space should be sure to have a lease option included in their commercial lease. First, this type of option to renew provides the tenant with a future plan should they decide to stay in their office space and renew the lease for another term. It guarantees that you won’t have to pick up and move if you are not ready to when your current lease expires. Secondly, an option to renew in the lease will lay out the details of the cost of your rent when you renew and help you to be certain that the price at which you renew is acceptable to you. It provides you with a way to lock your current lease rent amount into place for the future. Lastly, with the cost it takes to relocate a business, you want to know that you won’t have to if you don’t want to. You can feel confident in knowing that you won’t have the expenses of relocation down the road.

When Is The Best Time To Exercise The Lease Option?

The best time to exercise a lease option to renew will depend on the language in your current lease (or the lease you are about to sign if this is your first time entering into a lease with the new landlord). The Lease Option clause will highlight when you must exercise your lease option in order for it to be valid. This will often depend on the state you are in and what the normal notice is for commercial tenants who wish to exercise their lease option with their landlords. Always pay close attention to the time period stated within the lease because if you fail to exercise your option to renew on time, your landlord basically doesn’t have to let you stay in the premises unless they want to overlook the delay in exercising the lease option and allow you to stay anyway.

Having a lease option in your commercial office space lease is simply a smart idea overall. Just because such a clause is included in the commercial office space lease does not lock you in to renewing your lease when the time comes. If you choose to move to a different location at the expiration of your current lease and not exercise the option to renew, you are free to do so. It is just a good idea to have such a clause in place should you wish to maintain your business at its current location for another lease term.

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Tenant Representation Commercial Office Space

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Commercial office space leasing is a highly sought after route these days for business owners, especially in the Chicago area. When company owners lease office space they are able to take advantage of various amenities and benefits which those who buy commercial real estate often go without. Before heading out on the search for the right office space to lease in the Chicago area, you simply must have tenant representation on your side. Tenant representation is when a tenant advisor or tenant representation firm guides the business owner tenant through the process and helps them with not only finding a commercial office to lease but also walks them through the leasing process to ensure that the tenant is well informed throughout the process.

Tenant Representatives Lead You in the Right Direction during Your Search

With the amount of commercial real estate options available these days, it is easy to stray off of the path and get lost in the options. With a tenant representation specialist by your side, you can be assured that you will stay on track until you locate the ideal office space to lease. Tenant representatives are well versed in this field and know how to take your helpful insight and what you want in a commercial office space lease and find that exact option for you.

The Help of a Tenant Representation Firm Makes Understanding the Process Easy

The commercial real estate leasing process is not always the easiest to understand. When you have a tenant representative by your side, any questions which you may have along the way will be answered. The tenant representative will walk you through the process and make sure that you get the commercial office space lease which will suit your business best.

Tenant Representatives Represent Tenants Only, Not Landlords

Another great thing about hiring a tenant representative to help you with the commercial office space leasing process is that these individuals represent tenants alone, never the landlords of the buildings. This ensures that your tenant advisor will have your best interests in mind the entire time. They are in the arrangement to help you to find the office space lease you need and get the best deal possible. Tenant representatives will be with you when you speak with the prospective landlords and make sure that at the end of the day, your best interests are served.

Going into the leasing process without a tenant representative by your side can be a troublesome event. When you lease commercial office space or start the search for an office to rent, you want to be well prepared. By having a tenant representative with you, the fact remains that you will be taken care of in your search for commercial real estate. Before you even start looking for properties, contact a tenant representation firm to see what services they offer. Your future tenant representative will guide you along the way and make sure that the future office space which you lease is one which you will be happy to have acquired.

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Why Leasing Chicago Commercial Real Estate Has Its Benefits

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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 Rentals In The Elgin Area

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In a location approximately 40 miles northwest of Chicago, Elgin holds the answer for business owners who wish to lease commercial office space in an area without the hassle and congestion of the city. The Elgin area offers a wide array of leasing options for business owners, including those seeking professional offices, retail and even light industry office space rentals. Even with its suburban location, the Elgin area is easily accessible to those who travel from in and around the city of Chicago.

The Location of Elgin Makes It Ideal for Business Owners to Lease Office Space There

When you open up your new business in Elgin or relocate your currently operating business to the town of Elgin, you will be leasing commercial office space in a prime location. Office space rentals in the Elgin area is easily accessible via routes such as I-290 and I-90 which makes getting to your leased office premises easy as can be. Public transportation is right at your doorstep with the Pace bus line and three Metra stations close by. Even with the access which you will see associated with Elgin, you will also feel comfortable being in a suburban location without all of the traffic, hustle and bustle of the city of Chicago.

Elgin Offers Plenty of Amenities and Activities to Business Owners and Their Staff

When not working hard at your leased office space in Elgin you will be sure to appreciate the amenities and activities which are available to you throughout the town. Head over to State Street Market to do some shopping or drop by Porter’s Pub for a bite to eat after work. No matter what you crave, food and dining options are readily accessible in Elgin. There are plenty of outdoor activities such as golfing and hiking to take part in after work and on the weekends. If indoor activities suit you better, the Elgin Opera and the Elgin Public Museum are two stops to make.

Elgin Provides a Peaceful Locale Where Business Employees Will Enjoy Working

Some people like the constant activity associated with big cities while others prefer suburban locations to help them feel relaxed while engaged in their daily work. If you fall within the latter category, Elgin is the perfect location for you. When you lease office space in Elgin, you are renting a commercial office in a locale that has peaceful written all over it. You will still see a good amount of business when you open up your business door in Elgin but you will benefit by the calmness of the surrounding area and the ease in which you can park your car as well. Traffic is continual in Elgin but not overly burdensome as it is in many areas throughout Chicago.

The city of Chicago provides a lot of options for business owners but not every business owner wishes to lease office space in the city. If this sounds like you, looking into Elgin office space for lease is advisable. The area provides ease of access for commuters, excellent amenities and activities and a nice scenic setting as well.

Commercial Office Space In The Waukegan Area

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Chicago is a popular city for business owners to rent office space within. With that said, not every business owner wants to bring their business to a big city such as Chicago. One may look for a populated area where business will be good but opt to rent office space in smaller cities. If this sounds like your current situation, taking a look at the Waukegan area for office space rentals is a good idea. The Waukegan area offers city-like amenities in a suburban location. With a scenic lakeside setting and easy access to and from the location, business owners will find it a wise idea to rent office space in Waukegan.

Easy Commuting To and From Waukegan

Waukegan is a suburb of Chicago but still offers easy commuting to those who live outside of the area but work in Waukegan. Interstate travel gets you to Waukegan with ease and there are plenty of side roads to travel down to reach your leased office space in Waukegan. Public transportation options are also available to those who would rather use this means of travel as opposed to driving themselves to the Waukegan area. No matter how you travel to reach the Waukegan area, accomplishing this goal is easy to do.

Scenic Location

With its location close to Lake Michigan, one can appreciate the fact that the scenery in the Waukegan area is truly spectacular. Whether you are driving into work and taking in the sights or planning some activities to take part in outdoors after work, the scenic location of Waukegan is sure to appeal to you.

Amenities Close By

Most business owners don’t want to rent an office in a location where there are few amenities close by. You want to take advantage of amenities in the local area as will your employees who need to run errands and grab a bite to eat on their lunch breaks. In Waukegan, there are plenty of retail stores and restaurants to take advantage of around the town and you, your employees and customers as well will all appreciate the amenities which are found in the local vicinity.

Plentiful Commercial Office Space Leasing Opportunities

If you find that the information listed above makes Waukegan and the surrounding area sound even more appealing to you than before, you will love the fact that there are plenty of commercial office space leasing opportunities available throughout the city. Professional office buildings, retail store options, restaurant locations and light industry facilities are all available to be leased in Waukegan. No matter what area of business you are in, the ideal leased office space awaits you in the Waukegan area.

Waukegan and the surrounding areas offer business owners everything they could possibly want in a suburban location. Leasing office space in scenic Waukegan allows you the freedom of a suburban location with all of the great amenities of the big city. Whether you need to rent a small office space or a large corporate building, you will be able to find the ideal space in Waukegan and neighboring communities.