Tenant Representation: What It Is and Why You Need It

by Uncategorized

Commercial office tenants have a lot to think about when it comes time to secure a new lease on an office building or renew their current commercial office space lease with their landlord.  There is so much to consider that commercial office tenants sometimes become overwhelmed and due to such feelings may make mistakes in securing their commercial office space lease.  This is where tenant representation can help.  The following will highlight what tenant representation is and why you, as a commercial office tenant, need this on your side.

What Is Tenant Representation?

Tenant representation is when a tenant representation advisor helps commercial office space tenants with their commercial office space needs.  The tenant representation advisor will help the office space tenants find an office to lease, help them secure the office space lease and aid them in every step along the way when it comes to negotiating with the landlord and getting the office space needed.  They also help office space tenants with their lease renewal negotiations.  The tenant representation professional will discuss the various office space needs with the office space tenant and then narrow down the office space lease options in the area to the ones which meet the needs of the office space tenant.  Tenant representation advisors will also help the commercial office space tenant with the real estate documents and make sure that the office space tenant knows what they are leasing and getting the terms they deserve.

Why Do Commercial Office Tenants Require Tenant Representation?

There are quite a few reasons why commercial office tenants require tenant representation.  First, commercial leases can be a bit difficult to understand at times.  By having a tenant representation professional by your side, you will be able to rest easy knowing that your office space lease will be beneficial to you and be able to understand exactly what it contains within the document.  Secondly, those who are looking for commercial office space to rent may not know where to begin the search.  When you use the services of a tenant representation firm, you will get right to the best office space leasing possibilities and make it much easier to find the perfect office space to lease in a quick manner.

Also, tenant representation professionals will protect you from being overwhelmed by your future landlord or taken advantage of by your future landlord.  When the landlord of the office space you wish to lease sees that you have a tenant representation firm on your side, they will automatically know that you are a force to be reckoned with and everything should be on the up and up.  Finally, when you use a tenant representation advisor for all of your commercial office space lease dealings you will be able to have that peace of mind you deserve and be able to focus on other matters, such as carrying out your daily business dealings.

Tenant representation professionals provide commercial office space tenants with an easy way to get the lease they deserve quickly and efficiently.  These professionals know the commercial leasing business well and will help you in your future leasing dealings.

How to Find Office Space with LoopNet

by Uncategorized

In today’s commercial real estate industry, there are many options when it comes to locating and buying or leasing commercial real estate.  One popular commercial real estate go-to website is LoopNet.com.  LoopNet provides a place for sellers and landlords of commercial real estate to highlight their office space options and find interested parties to buy or lease their commercial office space.  It is also an excellent place for business owners to look when they are interested in leasing office space.  The following will highlight some easy ways to find office space with LoopNet.com.

Zone In On a Specific Locale

One of the great aspects regarding LoopNet is that you can zone in on a specific locale on this commercial real estate website and find the area in which you want to rent your next office building space.  Being able to zone in on a specific locale on LoopNet limits the time spent searching aimlessly and gets business owners to their commercial real estate options quickly and easily.  Whether you are searching for office space in a small town or large city, chances are that you will be able to find quite a few options on LoopNet to meet your needs.

Determine Your Office Space Specifications

In order to provide business owners looking to lease office space with the most expeditious ways to search, LoopNet allows searchers to put in specifications such as price, square footage and any other keywords which may help to limit the offerings to only those properties most desirable to the searching party. Prior to looking on LoopNet, determine what specific cities you want with the office space and then enter in the key terms on LoopNet to bring up the best options for your commercial real estate needs.

Consider Your Desired Budget

When you search on LoopNet for commercial office space to lease or buy, you can narrow down the choices to your desired price.  When you have a budget in mind you will be able to easily locate those office space options which fit within your price range.  There are many offices for lease as well as for sale which are reasonably priced and perfect for a wide variety of commercial business types.

Research Your Options through LoopNet

In addition to locating offices for sale and lease on LoopNet, you can also research the commercial real estate locales to determine if such a location is perfect for your business dealings.  There is also a way to look at sales comps which will give you a feel for what other businesses locations have sold and leased for which will provide you with a good estimate on property values and more.

If you are seeking out commercial office space for lease or commercial office space for sale, using LoopNet will work to your advantage.  Not only will you be able to pull up available commercial office space properties but you will also be able to learn about the local area as well as sales comps in that area.  LoopNet is the go-to website for business owners seeking property to lease or seeking property to buy, no matter what the location is or what the business owner’s budget may be.

Top 10 Mistakes Companies Make When Leasing Office Space

by with No Comment Uncategorized

Leasing commercial office space is a wise move for business owners to make.  With that said, there are certain times when the company leasing the office space makes an error when it comes to leasing an office building or office space.  Here are the top 10 mistakes which companies make when leasing office space:

Leasing Office Space Which Is Too Small

One big mistake which some companies make when they lease office space is to choose an office which is too small to accommodate their business and employees.  It is extremely important to consider how large of an office you need to lease and stick with that figure when looking at and ultimately leasing offices.

Leasing an Office That Is Too Big

It is also not advisable to lease an office which is too big for your company.  Leasing an overly large office space can be a costly mistake.  Not only will your company pay more for the rent but it will also cost more with regard to the utilities being paid on a monthly basis.  An office space which is too large can be burdensome to the business owner and the employees.

Obtaining an Office Lease Which Is Outside of Their Financial Means

It is easy at times to get off track and become smitten with an office space which is simply not within the financial means of the company.  This can be a costly error and put the business owner in a financial crunch when it comes time for the monthly commercial lease payments.  Always know what is within your budget and what isn’t when shopping around for an office space to lease.

Choosing an Office Space That Is In an Inconvenient Location

Business owners who lease office space should always choose an office which is in a convenient location.  This relates not only to public transportation but also relates to the surrounding businesses and population.  The office space for lease should be close to other commercial businesses and be in a spot which is sure to attract the usual clients in addition to those who simply are in the neighborhood and happen across the business.

Not Choosing the Office with the Right Amenities

Another mistake which companies sometimes make regarding the leasing of office space is to choose an office which does not have the right amenities.  For example, a business that has 50+ employees should not choose an office space location where there is only one bathroom.  Looking into the amenities before leasing an office is important to ensure that the office space has all the right amenities included.

Obtaining an Office Lease That Is Restrictive In Its Terms

Commercial leases have a tendency to be strict in some of their terms.  However, companies will often find that some office space leases are more restrictive than other ones are.  Always review the lease thoroughly to make sure that you are agreeable to all of the terms in the lease as once you sign it you are bound by the terms and must adhere to them throughout the duration of the lease.

Choosing an Office Space Too Quickly

Some companies may jump into leasing office space too quickly.  The business owner may think that the office space may get leased to another or they may be so eager to find an office location that they sign the lease and find out later that it may not be the best choice.  Therefore, it is important to shop around and not jump into leasing office space without thinking it through and making sure that the office space chosen is the best of the bunch.

Selecting an Office to Lease Where Parking Is Not Readily Available

An additional mistake which companies may make when leasing commercial office space is to choose one where parking is not readily available.  Although this is not a deal breaker for all companies by any means, it can be a bit cumbersome for those companies which see a lot of customer traffic and need ample parking for their customers.

Choosing an Office to Lease That Is Non-Conforming with One’s Business

It is important to make sure that the office space a company chooses to lease will be conforming to their business.  Some companies may choose a business location which is not suitable for their business and find themselves in a tough spot when they move in and acknowledge this fact too late.

Not Reading the Fine Print on the Office Space Lease

Lastly, company officials and business owners can make the mistake of not reading the fine print on their commercial office space lease.  There may be certain terms which restrict their business in some way and make the leased premises less than perfect for the needs of the company.

By having an idea as to the top 10 mistakes which companies make when leasing office space, business owners can make sure that when the time comes to lease commercial office space they take all measures necessary to avoid making these mistakes in their next business leasing transaction.

Chicago office space

Chicago Office Space Search Using Craigslist

by Uncategorized

Chicago office space

There are plenty of avenues to pursue these days when searching for Chicago office space.  Whether you are looking to rent a small, two-room office or a large corporate center, you are sure to find it in Chicago.  But the question which many people ask is how do they go about getting the office space they want in Chicago.  One way to do so is to use Craigslist.  Many business owners and landlords use Craigslist to lease Chicago office space.  Since there may be a risk of scams when it comes to online real estate dealings, it is a good idea to follow the tips listed below so that your Craigslist search for Chicago office space can be as productive and secure as possible.

Use the Search Option

In order to find your Chicago office space options as quickly as possible, go to the Chicago main page of Craigslist and use the search option first and foremost to get the most direct responses to your inquiry.  Simply type in phrases such as “Chicago office space lease” or “office space Chicago” and you will find a good deal of options coming your way.

Read the Ad Carefully

Once you have found the Chicago office lease options, you can then go through and narrow down the choices.  First review the ads which are most on point with your leasing request and see if the advertisement provides you with enough information at first glance.  When reading over the ads, make sure that they offer full insight into the properties and provide specifics regarding what type of Chicago office space is being offered for lease.  As soon as you have pinpointed the best of the bunch, you can then get on to contacting the landlords or leasing agents who posted the ads.

Obtain Concrete Contact Information from the Landlord or Leasing Agent

When you first contact the landlord or leasing agent, make sure that they can provide you with concrete contact information as this will allow you to get a better feel for their legitimacy.  Ask for email addresses, phone numbers and the name of their business.  Once you have this information you can do a little independent research online to ensure that they are legitimate and are truly offering Chicago office space for lease and not gaining contact with you for the purposes of a scam operation.

Ask For Pictures of the Chicago Office Space

Another way to check the validity of a Craigslist Chicago office space listing is to ask for pictures of the location prior to meeting with the individual who posted the Craigslist advertisement.  By getting photos of the office space listing ahead of time you can get more of a feel for the property and also be more confident that the location is truly for lease and not a scam.  When you get the photos and the address of the Chicago office space, use the Internet to do some background research and this too will make you feel more at ease prior to seeing the office space for lease in Chicago.

All of these tips will help to make your Chicago office space search using Craigslist a more favorable and efficient one overall.

Chicago Office Markets

by with No Comment Uncategorized

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.