chicago office space listings

Shared Office Space Chicago

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chicago office space listings

Leasing office space in Chicago is a desirable goal for many professionals. You may be interested in renting office space in Downtown Chicago but not have the need for a single business office space setting. This is where shared office space comes in handy. Shared office space enables you to lease a private office or two but have access to many shared amenities with other tenants in the building such as receptionist services, mail services, conference room availability and more. Finding the right type of Chicago office space is easy to do when you know where to look and what type of office space to look for overall.

Choose a Chicago Location Which Suits Your Business Needs

Searching for a Chicago office space lease location takes time, especially when reviewing the various shared office space options. You want to pick a location which suits your business needs. If you are a professional business, you want to locate a shared office space where other tenants focus on similar types of business. However, if you have an industrial variety of business, make sure that your shared office space is along the same lines as this type of business. Shared office space works best when all tenants are involved with similar lines of work, i.e. professional services, industrial businesses, etc.

Select Office Space Amenities Which Boost Your Business

When Chicago business owners lease shared office space they have the opportunity to acquire shared office services as well. These amenities make doing business a whole lot easier. Some of the service amenities which business owners can acquire via shared office space include receptionist services, conference room reservations, mail service, tech services and more. Rather than having to pay an employee to complete these services for your business, when you lease shared office space, you will have access to these amenities as a benefit of your lease, although some locations may charge a bit extra per month for certain added extras.

Calculate Office Space Needs Properly

Another thing which will help you to find the ideal Chicago Loop shared office space is to make sure you calculate how much office space you need. This helps in the search by allowing you to zone in on the right properties and ensure that the office space that you lease is neither too small nor too big. Consider factors such as your current employee base, line of work, whether you want individual cubicle spaces within the shared office space or open areas and more. When you calculate your office space needs properly, you will find that choosing the right office space location is an easy task to achieve.

Finding Chicago shared office space to lease is a wise choice for many businesses these days. It offers business owners options of sharing office amenities and paying less for the lease than they would have to if they chose to lease a single office space or entire building for their company. If you want to locate shared office space, the downtown Chicago area is the prime location to search.

Commercial Office Space For Chicago Startups

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Chicago startups have a lot on their plates when it comes to getting their businesses up and running. These new business owners have to think about staffing their entity, getting their products and services in order and compiling a client base. Another extremely important factor for Chicago startup business owners to think about is where they are going to lease office space. Leasing office space is a wise choice for startups in Chicago as they can pay as they go and have the option of moving should they find that the location they select does not suit their needs. With that said, there are two locations in Chicago in particular which are popular with Chicago startups.

River North

River North is a popular neighborhood for Chicago startups to choose when they are eager to lease office space. This area is located north of the Chicago River and in close proximity to Michigan Avenue and the Loop. Retail shops, galleries and design firms are all over the River North area. The eclectic atmosphere of River North provides a great way for Chicago startups to not only gain clients through their own marketing means but also get new clients simply by making their presence known to those who are in the River North neighborhood for other reasons as well.

Startup business owners also like the River North area for office leases as it has a variety of office spaces available. Whether you need a single office in a high rise building or want to rent out a small commercial building in its entirety, either option can be found in River North.

West Loop

Another ideal neighborhood for startup business owners in Chicago is West Loop. Situated between the Chicago River, Ashland Avenue, Grand Avenue and Eisenhower Expressway, West Loop is an extremely popular place to open up one’s business. This rapidly emerging neighborhood of Chicago offers residents and visitors a little bit of something for all. Retail boutiques, restaurants, galleries, commercial offices and residences are all present and accounted for in West Loop. No matter which commercial genre your startup belongs within, there is a place for you and your business in West Loop.

The beauty of the West Loop neighborhood is that those who go there don’t just visit the area for one particular reason. They may come into the city and West Loop, in particular, for a bite to eat, do some shopping and take care of some business as well. There are plenty of office space leasing options in West Loop and the price ranges are reasonable for city office space, also.

Chicago startup company owners have a lot to manage with their new business. This process can be made much easier by knowing where to set up shop. Whether you like the River North vicinity or prefer the wide array of amenities which West Loop has to offer, your Chicago startup will fit in perfectly within either Chicago neighborhood. Startup companies find it easy to make their new commercial home in either West Loop or River North.

Leasing Office Space: Understanding the Common Area Factor

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When business owners find office space to rent, they may run into a difficult time understanding the common area factor and how it pertains to rentable vs. usable square feet. This can be confusing at first but once you get a handle on how these two measuring qualities relate and dictate the results, you will find that renting the right size office space to be an easily achievable goal.

What Is The Common Area Factor?

Many people have heard of the common area in a commercial building. It is the area of the commercial space which is shared with other commercial tenants in the office building. There are two common area factors, the floor common area factor and the building common area factor. The floor common area factor refers to the single floor only where the business tenant leases commercial office space while the building common area factor relates to those common areas which all tenants in the commercial office building have access to and are able to use. The total common area factor which you are given by the office space landlord for information prior to leasing the office space is the sum of both of these common areas.

Understanding Rentable Vs. Usable Square Feet

It is important to understand the difference between rentable and usable square feet prior to renting office space. Rentable square feet is the amount of square footage which you pay rent for. This includes all areas of the interior building space which you pay for such as the office area, restroom, closets, etc. Your commercial office space rent will be the rentable square footage multiplied by the square footage lease rate.

As for usable square feet, this calculation relates to the amount of space you put to use. This will also include the doors and structural walls as well. If you share restrooms with other tenants, you will have to pay a portion of the price for those facilities in addition to any other common areas.

Ensuring That Your Square Footage Calculations Are Accurate

The aspects of common area factor, rentable square feet and usable square feet can be a bit confusing, even when provided with the general overview of such concepts. The best way to ensure that you have a good grasp on these concepts and that you know exactly what you are renting and what you are ultimately paying for, having a tenant representative by your side is essential.

The tenant representative will explain these factors in great detail for you and help you to negotiate with your landlord to ensure that you are getting exactly what you are paying for. These concepts can be even trickier if you lease more than one floor of an office building and need to know what you are paying for and whether or not your commercial office space budget will allow for such rentals.

Many get the hang of the common area factor, usable square footage and rental square footage after leasing office space a few times. However, having a tenant representative along to help will definitely make the leasing process much simpler for most office space tenants.

Understanding The Cost Of An Office Space Build-Out

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When searching for a commercial building or office space to lease, you may not find exactly what you had in mind when you started off. With that said, there are ways to take commercial office buildings and turn them into what you had envisioned in the first place, with the landlord’s permission, of course. This can occur in the form of an office build-out. An office build-out entails taking a current commercial establishment and tailoring it to suit the needs of your company. The following will help you to understand more about the office build-out and calculate how much such an adjustment will cost.

Why Office Tenants Need an Office Build-Out

One might think that when you lease an office space that you take the office space as is and are not able to alter the space in any way. This is often not the case. Many commercial tenants lease office space on the condition that certain alterations are made to the premises prior to or while they are leasing the space. These tenants often need something known as a build-out, where the office space is expanded upon and altered to suit their needs. This may be so that it can suit their specific industry needs or because it simply needs to be larger or sectioned differently.

How Much an Office Build-Out Costs

An office build-out will vary in cost but there are general estimates which are common with today’s commercial office space construction. For example, if you are interested in leasing office space and need a partial build-out for something such as paint and carpet, the current rate for both of these updates is approximately $8.00/sf. On the other hand, if you require a full build-out, the price per square foot will be in the general vicinity of $30-$40/sf.

Who Pays For the Office Build-Out?

Many times the landlord will pay for the build-out costs. This is especially the case when the lease term is for three years or more. For those instances when the landlord will allow the build-out to occur but refuses to pay for the costs, the tenant may pay for the costs on their own or ask that the rent rate be reduced for a certain amount. These build-out costs and requests for such alterations are often done during the negotiation stages of the office space lease process. One way to ensure that your bargaining power is the best that it can be is to have a tenant representative alongside of you when you meet with your landlord to discuss the build-out options available to you and see if the landlord will contribute to these endeavors.

An office build-out provides commercial office space tenants with a beneficial way to get the office space they want with the amenities and space they desire. Many landlords in the commercial arena are open to build-out negotiations and know that it is a good way to draw tenants in and have them lease their premises as opposed to going elsewhere. If you are looking to acquire an office space lease with build-out potential, bring along a tenant representative to ensure that the negotiations go as well as they should.

chicago office space listings

How To Choose A Commercial Office Space Tenant Representative

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As a business owner searching for a commercial lease for your company, you have to make sure you take every safeguard possible in the leasing journey. You want to choose a commercial office building which meets your needs and get a lease on the property which benefits you as the tenant. Although you can embark on the search alone, it is much better to do so with a commercial tenant representative by your side. The following will highlight how to choose a commercial tenant representative to help you in your search.

Review Your Options Before Settling On a Specific Tenant Representative

The first thing you need to know is never pick the first tenant representative who comes along. There are plenty of options when it comes to this type of professional. Even if you narrow it down to a single tenant representation firm, you want to have a few options in front of you prior to picking the tenant representative who will represent your commercial leasing interests.

Choose a Commercial Tenant Representative Who Will Listen To What You Want

Although you want your tenant representative to be a go-getter, you also want your commercial tenant representation professional to listen to what you are saying. If you have a certain commercial office setting in mind to lease, you want your tenant representative to hear what you want and apply it in the search for the ideal office space to lease. You can usually get a good feel for this aspect in the initial meeting with prospective tenant representatives. If you feel as if these individuals are listening to what you want in an office space lease and are going to help you get that type of commercial office space to rent, then rest assured that this is an individual who will take your ideas and run with them.

Find a Tenant Representation Professional Who Knows the Target Area Well

You should also pick a tenant representation professional who knows the desired office space lease area well. The commercial tenant representative should know the target area so well that they will be able to take you around to the various options quickly, efficiently and with ease. Also, when your tenant representative is familiar with the desired locale, chances are that they will know what is common in that area with regard to lease terms, pricing and landlord requirements. When your tenant professional knows the surrounding vicinity, you can feel confident that they will steer you in the right direction and help you to find the perfect commercial office space to lease in a stress-free manner.

Searching for a commercial office space to lease with a commercial tenant representative by your side simply makes sense. This professional knows how to direct you to the right potential leasing options, help you find the perfect office space to rent and make sure that your lease terms are acceptable to you. When you have a commercial tenant representative help you out with locating commercial real estate to lease, you can have the confidence in knowing that you are in good hands the entire way through the leasing process.