chicago office space listings

Office Lease And The Financial Components

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chicago office space listings

Before signing the documents on your next Chicago office lease, there are quite a few financial components you must consider. Since you want to be able to properly afford your annual office lease and also know just what you as an office tenant will be responsible for paying, it is important to ask questions prior to signing the lease. Some of the financial components as they pertain to office leases are listed below to help you in the quest for the most efficient office leasing experience.

Occupancy Costs

Before you sign a commercial office space lease, you should thoroughly evaluate occupancy costs. Check to see if the base rental payments will be fixed or escalated. In addition to the base rental payments which you are required to pay, there will also be other costs as well. Some of the additional costs which you as a commercial tenant will experience throughout the lease term include utilities, parking fees, janitorial fees, buildout costs and more. The lease may also include various rent provisions such as those associated with increased operating expenses. It is important to note that each and every commercial lease will differ as to what the landlord is responsible for paying and what the tenant must pay for on their own. Some
office space leases will be quite favorable towards the tenant as the landlord may pay for utilities, janitor expenses and more. Always read the lease carefully and have your tenant representative inquire with the landlord as to all of the inclusions within the commercial lease.

Determine Which Office Lease Is Most Beneficial To You

If you have a few different options available to you when it comes to office space leases, you want to pick the choice which is most beneficial to you as an office space tenant. In the end, you want to look at the net present value, which is the total cost which the tenant will be paying.  Tax factors should be kept in mind as well. It is also important to evaluate the rentable square footage as well as the usable square footage. By comparing the various costs of the office space lease options and the individual features of each one as well, you will be more likely to choose not only the most attractive option but also the best in terms of financial aspects.

Keep Financial Considerations at the Forefront of the Lease Decision

It is easy to get off track when considering the many commercial office space lease options and not put financial aspects at the forefront of the decision-making process. However, as a business owner, you have to ensure that you not only choose the right office space to accommodate your business but that you will also be able to pay for all of the associated costs. When reviewing various lease choices, make sure you know what the landlord is responsible for paying and what the tenant costs will be, in addition to the basic costs, such as rent. Doing so will allow you to make the right financial decision for your business.

Commercial Office Space

Commercial Real Estate

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Commercial Office Space

Business owners who wish to lease commercial real estate have plenty of choices these days. Since not all business owners require the same type of commercial real estate, it is good to know that there are various options available. Some individuals who own businesses do so in the retail industry whereas others work in a light industrial setting. Whichever industry one is hoping to find a new office home within, there is sure to be quite a few choices, especially in downtown Chicago and the surrounding suburbs. The following will highlight some types of commercial real estate and detail what things prospective commercial tenants should look for in a commercial real estate setting.

Office Space

Professional office space is high in demand in the Chicago area. Appraisers, insurance agents, attorneys, medical professionals and those in many other industries need professional office space to operate their business out of on a daily basis. Some office space for Chicago professionals consists of a single office whereas others may be a few floors in a large office building. When choosing the right professional office space setting, business owners must consider location, square footage, office amenities, parking and more. Before settling on a specific office for your company, make sure that your desired inclusions are a part of the decision-making process.

Industrial Real Estate

For those who work in a more industrial field, industrial real estate space is necessary for day-to-day business operations. As with professional office space, the Chicago area also holds many options for industrial business owners. When considering industrial real estate locations, one must look at the surrounding neighbors to ensure that it is industry-friendly, in addition to checking on local zoning regulations to ensure that industrial operations are allowed. The landlord of the prospective commercial real estate will be able to answer these questions for you. You should also make sure that the industrial real estate location you select will properly accommodate the size of your business and be feasible for all of your work operations.

Retail Space

Retail shops are in abundance in Chicago and the surrounding suburbs and do a great deal of business, no matter what the retail operations may be. If your retail store is looking for a new home in Chicago, you will find plenty of retail lease options in most areas throughout the city and on the outskirts as well. Some features which you should look into prior to leasing a particular retail space include square footage, amenities, parking options, layout, delivery entrances and more. Taking a closer look at the current retail space neighbors will also help you to determine whether or not a particular spot will be the most lucrative one for your business.

There are so many different commercial leasing options available to business owners in Chicago and the Chicago suburbs. No matter whether your business is professional, industrial or retail, there is a future commercial home for you in the Chicago area. The best way to ensure that your leasing choice is the right one is to have a tenant representative by your side every point in the search.

How Much Office Space Do I Need?

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Searching for commercial offices for lease is a time consuming task for many. For those who have gone through this procedure before, it may not be as tedious. However, if you are new to the office space leasing routine, you may be overwhelmed with how many things you need to do to get the perfect office space. Although deciding on the location is a prime consideration, you must also seriously consider how much space you will need for your next office lease. In order to determine the right amount of office space, the following will help.

Type of Business

The industry in which your business lies will often tell a lot about how much space you require when you lease office space. Certain businesses need a specific minimum amount of space in order to operate properly. The industry standards are ones you can look to in order to determine how much office space is necessary in your case.

Number of Employees

Another consideration to keep in mind when figuring out how much office space you will need is to factor in the number of employees. As you might imagine, if you are a small company with few employees, you may not need too large an office space. On the other hand, if your company employs hundreds of individuals, the office space amount will be greater.

Office Equipment

Also consider the office equipment which your business uses. Many business owners forget about accommodating their large office equipment such as printers, fax machines and more. You want to have ample space for all of your office equipment and not have to find spots to fit it in at the last minute.

Private Offices or Shared Office Space

Whether you want private offices or shared office space will also help you to figure out how much office space you need. You should also determine if you want all of the private offices to be similar sizes or if some of the corporate officers or company heads will get larger offices and then have smaller offices reserved for other employees. Shared office space may help you to limit the overall amount of office space that you need, especially if you share amenities with others in the corporate office building. For example, if you share a reception area and a conference room with other companies in the general office building, this may limit the amount of space you need for your individual office space lease.

Calculating the right amount of office space is essential in order to acquire the best possible office. Not only will choosing the perfect amount of space for your leased office premises accommodate your company in the best manner but it will also save you money in the long run. You don’t want to lease more office space than you need. Doing so can cost quite a bit of money, money which your company simply can’t stand to lose. Determining the right amount of office space will ensure that you get the office your company needs for the price it can afford.

Commercial Office Space And The Changing Office Trends

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Commercial office trends are seeing some drastic changes these days. Not only are companies as a whole undergoing transformations but the individuals who work for such companies are taking it upon themselves to pursue new varieties of working environments. The changing office trends are so prominent that it can be stated there will be major implications with regard to future office demand.

More Telecommuting Means Demand for Smaller Size Office Space Increases

In the past, telecommuting existed but was not as popular or readily available as it is today. More and more individuals are taking that step to turn rooms in their homes into home offices. There are many more ways to telecommute in a wide array of commercial industries. When more people select telecommuting as their employment option, this means that the demand for smaller sized office space increases.

As companies see their workforce working from home more often, they don’t need the large offices and corporate monstrosities which were once so necessary. This means that more commercial office space tenants will be seeking out small office space as opposed to large office buildings to ensure that they are not spending unnecessary cost on too large of an office building. In addition, competition will often be fierce when it comes to securing smaller office space as the demand for smaller office space increases.

Shared Office Space Amenities Increase in Demand

Shared office space is another office trend which is making an appearance in various industries. Shared office space is where commercial office tenants have their own set office area but share business necessities such as a receptionist, mail room, conference room and more. The existence of shared office space means that the commercial office space tenants will not have to pay extra to have their own individual amenities nor will they have to make extra space for a receptionist, for example. Shared office space is quite popular these days as it provides the necessary amenities to office space tenants and allows the tenants to save money in the long run.

Large Office Space Demand May Decrease

As the need for smaller office space increases, the need for large buildings and offices will lessen. The rationale behind this is simply that a business owner doesn’t want to pay for space which they don’t need and won’t use. Business tenants find it more practical to lease the right amount of office space and not acquire square footage which won’t be put to good use. This may leave large office space owners looking high and low for business tenants who still need a good amount of space for their company and their employees.

Although the aforementioned trends may seem like a serious concern, there will still be large companies with in-house employees which need the large office space for their company operations. However, there is certain to be a transitioning movement in the office space leasing area whereby smaller office space may be higher in demand in the coming years as opposed to the demand of the past.

Office Space Rentals: Changes and Trends in Office Space Density

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In the past, many different service and product providers would have offices which were large and all encompassing. Whether it was rows of office cubicles or a vast array of individual offices, many of the offices of yesterday were quite larger than many company facilities today. There have been quite a few changes with regard to office space density, largely due to business owners wanting to cut costs. The following will explore the changes and trends in office space density and highlight what the features of office space density are likely to consist of in the future.

Office Space Density Has Decreased As Costs Have Increased

Although there are many more office space facilities being built, many of the individual offices for various companies have been decreasing in size. Cost is a big factor in this regard. It is costly to pay for employee space as well as employee workspace materials. Many companies are downsizing as they simply can’t afford to have large offices due to the high cost associated with these areas. Utilities cost more as do office furniture purchases to properly accommodate many employees. The business owners have had to look to other alternatives in order to be able to afford operating their workspace. Fortunately, with technology on our side, many other options are readily available with regard to properly staffing a company while keeping office space density to a minimum.

Cloud Computing Enables Companies to Downsize With Regard to Office Space Density

Cloud computing is one technological advancement which has allowed business owners to cut back on their office space density. Cloud computing is a type of shared service option which makes it possible for businesses to get the services they need without having to have a bunch of extra employees taking up office space. The options available with cloud computing keep increasing and businesses are taking advantage of these features on an increasing basis.

Telecommuting Options Have Increased For Employees

Another change which is seen with regard to office space density is the increased availability of telecommuting options. Many company owners realize the advantages to having employees work from home and employees love the convenience associated with telecommuting. Basically, it is a win-win situation for all involved. This is another trend seen with the reduction of office space density and one which is quite popular for both business owners and their employees.

The Future of Office Space Density

The trends currently seen with office space density do not seem like they will be dwindling any time soon. As more business owners face the high costs associated with a large employee base, they will keep exploring options as to how they can reduce their office space density. Telecommuting options are bound to increase as are cloud computing services. Business owners are figuring out that by utilizing these options, they can decrease costs all the while having their staff properly in order and doing business with ease. Reducing office space density is possible and there are bound to be countless amounts of additional resources available to business owners who wish to decrease their office space density while maintaining their current operations effectively.