Chicago River North Office Space

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 Office Space In Chicago River   North

Located within the Near North Side community of Chicago, Chicago River North is a mecca of business and residential dwellings all mingling nicely to provide optimal locations for business owners and residents alike.  Businesses including art galleries, bars, restaurants and retail shops line the sidewalks and provide a wide array of services to clientele.

Business Atmosphere

In its downtown location, Chicago River North is the perfect spot for city businesses which want central locations and large amounts of customers walking in and out of their doors on a daily basis.  The area known as Chicago River North is nestled between Michigan Avenue, Chicago Avenue and the Chicago River.  Transportation by car, train, bus and taxi make it easy to get to the Chicago River North area to do business with local establishments there.

Other Businesses within Chicago River North

Chicago River North is second to Manhattan with regard to the amount of art galleries in an area within the U.S.  In addition to art galleries, there are many different restaurants, interior furnishing stores and other variety retail stores.

About the Residents

Chicago River North has a high residential population which is said to be 97, 811 residents.  Many of those who live in Chicago River North occupy high rises and condos.

Things to Do

Chicago River North is a well-known entertainment and cultural locale.  Bars and nightclubs are placed strategically throughout the neighborhood as well as many wonderful art galleries for residents and visitors to peruse.

Dining and Shopping Options in Chicago River North

With its central downtown location, it should come as no surprise that Chicago River North has plenty of dining and shopping venues.  No matter what type of store you are seeking out or cuisine which you desire, it is only a short walk away in Chicago River North.

Tenant Advisors, Inc.:  Representing the Interests of Tenants and Buyers

If you are looking to find office space for rent in the commercial real estate arena, look no further than Tenant Advisors, Inc.  We exclusively represent the interests of tenants and buyers and help you to make the best possible decisions when buying, leasing or subleasing Chicago River North office space.

We are licensed and experienced commercial real estate agents whose main priority is your successful commercial real estate leases and purchases.  There are no hidden agendas or any conflicts of interest to muddy the commercial real estate waters.  We take our job very seriously and work to ensure your complete satisfaction in finding and leasing/buying the Chicago River North commercial office space of your choice.

If you are searching for Chicago River North office space, now is the perfect time to get started.  Simply fill out our commercial real estate locator form and you will get results back within 24 hours.  Best of all, our services are free for you to use!

We know there is no time to waste when it comes to leasing office space in Chicago River North and we will pursue your commercial real estate options head on with you so that you find what you are looking for with ease and obtain fast results.  Not only will we help you find Chicago River North office space options but we will go through the process with you from start to finish and negotiate the best deal on the commercial real estate lease with your prospective landlord.  Again, at no cost to you.

Locate the perfect Chicago River North office space and start leasing commercial real estate TODAY!

Sublease Office Space vs. Direct Office Space Leasing

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Commercial real estate options are wide and varied for business owners.  There are many different leasing arrangements which owners of businesses can engage in so that they can carry on business in the best possible manner.  Two of the main types of leasing arrangements are subleasing and direct office space leasing.  The following will highlight each leasing arrangement and discuss the pros, cons and comparisons of each type.

Subleasing Office Space

When individuals enter into a sublease in order to secure office space they are entering into a transaction with the current tenant of the office space.  In order to sublet office space, the lease between the current tenant and landlord must allow such an arrangement to be entered into.  Should the business owner agree to sublet the office space from the current tenant, they will often find that there are certain obligations owed not only to the current tenant from whom they obtained the sublease from but also the landlord of the building.

There are certainly pros to entering into a sublease for office space.  The first deals with monthly rent.  One who sublets office space will often find that their rent is the same or less than what the current leaseholder is paying.  Also, business owners who want to get involved with a sublease agreement may be happy to know that the office space is quite frequently all set up and ready for them to start their business operations right away.  In addition, one who is in a sublease agreement may also find that they are not bound too stringently to the landlord of the building and have more leeway in what they do under the sublease agreement.

There are also cons to subletting office space rather than obtaining it outright from the landlord.  As mentioned above, although some sublease agreements can be less strict for the business owner, the opposite may be true at times as well.  Some business owners who rent office space this way find that their hands are tied to not only the current tenant but the landlord due to regulations regarding the building.  Although some aspects of the primary lease will not apply to them in their position as a subletting entity since the contract was between the landlord and primary tenant, certain points under the lease will apply to them due to general building rules.  Lastly, certain tenants sublet their office space rental to others in order to make some money in the end and this may produce less than favorable results for the business owner who sublets the property from the initial tenant if they have to pay higher rent than the primary tenant is paying.

Direct Office Space Leasing

For those who choose to rent office space directly from the landlord of the building, this means that there is a contract only between two parties, the landlord and tenant (business owner).  This type of lease can be for a year or a period of five years as commercial office space leases will vary.  With this type of lease there is no confusion as to which party is responsible for what aspect of the office space rental arrangement as it will be set out in the single lease between both parties.

The pros of a direct office lease are quite plentiful in number.  First, the tenant in direct office space leasing will know exactly what is required of them during their tenancy.  Also, the landlord will know who is paying them and who to go to when they need to discuss rental matters which makes things easier for both parties.  Direct office space leasing can also help to lessen costs for the business owner as they won’t have to pay increased rates sometimes requested by tenants eager to sublet their office space to make a quick dollar.

As for the cons of direct office space leasing, business owner tenants may find that the terms of the lease are less flexible than they would be had they sublet the office space from a current tenant.  For example, the business owner may be able to sublet a place for a year whereas those tenants who enter into direct office space rental may be locked in to a longer lease term and be unable to change the length of the lease.  Also, those who obtain direct office space leases may not be able to get into the office space right away or find that the office space has a lot of work to be done to it before the business owner can set up shop.

Which Leasing Arrangement Is The Better Option?

After having reviewed both options, subletting and direct office leasing, you may be wondering which is the best bet for you.  The answer to this question is that it all depends.  It will depend on your line of business, the current availability of subleases or direct office leases in your area, what lease terms you are seeking out and how much each type of lease arrangement will cost you.  To make the best decision, consider your current business operation status and review both sublease and direct office lease opportunities in your area.  Just make sure to thoroughly understand your role in either the sublease setup or direct office lease arrangement prior to signing the contract so that you can make a well informed decision in the end.

Leasing Office Space in Class A, B and C Buildings

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When you find yourself searching for a place to  set up your business or a new office building to move into, you have two options:  leasing office space or buying office space.  Many business owners opt for the former type of business setup, leasing, for many different reasons and find that leasing office space is preferable.  When you set out looking for office space to lease you will come across different varieties of buildings.  These are designated as Class A, Class B and Class C buildings.  The following will highlight what each type of building consists of and compare and contrast the varieties to help you to determine which type of office space is the right one for your commercial needs.

Understanding the Different Types of Buildings

As mentioned above, there are three different types of office buildings from which you can choose the best one.  Class A buildings are ones which are modern in construction and more technologically advanced when compared with the competition, and offer more amenities.  They have high quality attributes inside and out.  They are also located in more desirable commercial locations.  With all of these beneficial traits, you will find it no wonder that Class A buildings are often the most expensive type to lease.

Class B buildings are a bit different from Class A buildings.  While they are still modern in construction and have a good amount of amenities, they are not as high tech as their Class A counterparts.  They are also usually over 10 years old in construction and are not in as good of a commercial location as Class A buildings are.  With that said, they are less expensive and still great options to consider for those who are looking to lease office space.

The last type of office building which can be leased is a Class C building.  Class C buildings are the oldest of the bunch, usually 25 years old or more, and are often in desperate need of renovations.  These buildings are functional yet have the least desirable characteristics of the bunch and often house tenants who may not have the best of credit.  However, the rent is quite cheap on office buildings which fall within this category.

Determining Which Variety of Office Space Is Right for You

When you look into the various types of buildings for your new office location, you may wonder how to pick the right class of building.  This can be done by considering a few different aspects including cost, desired location, requested building amenities and age of the building.  If you have the budget, and image and amenities are important to you, then a Class A building may benefit you greatly.  However, if you are short on funds or trying to budget in the way of lease payments, perhaps the Class B or Class C building would have to do.  When it comes to location of the office building, business owners usually want to be in a prime location as this will benefit the business by attracting employees and customers, and making the existence of a large client base more likely.  However, keep in mind that location will cost you and you may have to settle for a Class B building in order to save on the lease payments.

You may also have certain desirable business amenities in mind when you are searching for a new office building location.  Think about what amenities are necessary and which ones are just luxuries which you may not absolutely need.  If you need a good amount of amenities in order to benefit your business and make it more financially sound then choosing a Class B or Class A building is advisable.  On the other hand, if you simply need an area to set up shop and do not have to have an office building with stellar amenities, the Class C building may work for you.

Also, the age of the building may be an important deciding factor for you.  A newer building will be more eye catching to clients who come to see you and will boast greater safety features than some of the lesser counterparts.  In addition, a building which is newer will often mean that you will have less calls to make to the landlord in order to fix problem, (HVAC, services, etc.).  Again, newer buildings will be higher cost ones in terms of lease payments so keep this in the back of your mind when reviewing the options.

Knowing the differences between the types of office buildings up front will help you to select office space which is most in keeping with your business needs and financial abilities.  You can zone in on the right type of office building and obtain a lease for office space which is affordable, contains your desired amenities, is not too old and is located in the perfect commercial business locale.

Oak Brook Office Space: Market Profile

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Oak Brook Office Space

Located in DuPage county about 20 miles west of downtown Chicago, this beautiful suburb makes the ideal location for companies looking for a mix of business incentives and after work quality of life.

Business Environment

Oakbrook provides business owners office properties set amongst the highly desirable east-west I-88 corridor.  Your company will benefit from low taxes and operational costs, a skilled and productive workforce, and fast access to both Midway and O’Hare airports.  The Oak Brook Office market encompasses over seven million square feet of class A, B and C office space in over 100 commercial office buildings.  Additionally, the market has over one million square feet of industrial and flex rental options in fifteen commercial buildings.

Your Corporate Neighbors

Thinking about moving your company’s offices to Oak Brook?  You’re in good company.  Prominent national and international businesses calling Oakbrook home include McDonald’s Corporation, Ace Hardware, Blistex, Lions Club International, Papermate, and Federal Signal Corporation.

Residential Profile

If you’re looking for a true live-work community, Oak Brook is for you.  Property owners here are not charged property tax, but still have access to excellent police protection and medical services.  The city has a population of approximately 8,700 full time residents, has a median household income of $169,000 and a median home value of approximately $635,000.

Recreation & Entertainment

After work’s done, it’s time to play, and Oak Brook offers abundant opportunities for recreation of all kinds.  If you’re looking for a place to host your next business event, The Oak Brook Sports Core has 269-acres of meticulously groomed fields and green spaces that can accommodate groups of any size.  The Sports Core also boasts a clubhouse that can accommodate up to 300 guests.

During time off, you’ll enjoy fast access to a polo field, library, forest preserve with more than 23,000 acres of preserved forest lands, and the Oakbrook Park District, complete with a family recreation center, aquatic center, and racquet club.

Shopping & Dining

Oakbrook is home to the Oakbrook Center, the areas #1 shopping destination as rated by Illinois shoppers.  And from its location at the intersection of Interstates 88, 294, and 290, the excitement of downtown Chicago is just a quick drive away.

More Information

Want more information on Oak Brook office space?  We have up to the minute data on rents, vacancy rates, and available spaces.  Contact us today for your free market survey.

Leasing Office Space Guide

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It’s no secret that commercial real estate values have declined in the economic downturn.  Landlords have suffered from increases in vacancy rates and tenant defaults.

While this is bad news for landlords of office buildings, it’s good news for prospective office space tenants.

Increased vacancies mean more office space rental options and increased defaults means those office tenants with strong financials have the potential to leverage their security in exchange for lower rental rates and lease concessions.

However, in order to effectively capitalize on these opportunities, you need to employ the right strategy.

These 10 steps will keep you on the right track.

Assemble key Decision Makers and Advisors

Before you begin analyzing your office space needs, assemble all your key internal decision makers.  This should include anyone with insight into your company’s forward trajectory and growth plans, including finance, human resource, and IT professionals.  Getting everyone on the same page from  day one will not only save valuable time down the road, but often these professional will  shed light on issues that might have otherwise been overlooked.

During this initial assemblage, you should also retain the services of a tenant representation broker.  Having one professional represent your interests provides for one single point of contact, allows for more effective negotiations, and ensures your commercial real estate broker is representing your interests rather than the landlords.

Determine Future Space Needs

Working with your professional space planner, carve out a future needs assessment.  You should be considering factors such as growth or reduction plans, projected budgets, anticipated technology requirements, as well as branding and image issues.  If you’re trying to create a ball park figure in your head, assume approximately 200 square feet per employee for general office space, with professional service firms such as attorneys usually using about 400 square feet per professional.

Handling this upfront is more important today than ever.  Many companies have gone through staff reductions and you may have extra space (and extra money) available right under your nose.

Additionally, this upfront planning can protect your company’s future.  For example, you may want to negotiate a right of first refusal on contiguous space.  If you don’t assess your space needs, you could miss an opportunity.

Create Your Real Estate Plan

Now that you’ve examined your potential space needs, get a summary down on paper.  Include information such as your cost parameters, ideal lease term length, ideal locations and building types (Class A, Class B, Class C), and organizational issues.  Do you need creative office space?  Do you need lots of perimeter offices?  Understand these needs now.

You should also address parking needs, security and access issues, office hours, timing, signage, and the need for tenant improvements.

Organize your list by priority.

Creating this plan upfront will avoid you touring space that won’t work for your business.

Present Your Requirement to the Marketplace

Now it’s time to put your tenant representative to work.

Armed with your detailed space needs, your broker will survey the market and come back with relevant options.  Since you’re working with just one broker, they will be able to confidently approach the entire marketplace on your behalf to ensure your hearing about every possible opportunity.

Tour the Marketplace

Now is the time to get out and look at space.  Bring your real estate plan and evaluate your needs and goals against the available space.

Shortlist and compare your top choices

After you’ve had an opportunity to tour all potential buildings, shortlist your top choices and create an apples to apples comparison.  Make sure you consider both the financial and logistical factors.

Request Proposals

This is where you begin to trade paper and negotiate your deal.

As we discussed, it’s a good time to be a tenant.  High vacancy rates are forcing many landlords to drop prices and increase their tenant concessions.

There is a flip side to this.  Landlords have been burned during the recession.

There is close scrutiny on financial statements and an increased wariness of unproven businesses.

You have to approach this stage properly or you can end up with a bad deal or no deal at all.  A good tenant rep is an invaluable asset during this stage.

Sign your Letter of Intent and Negotiate Lease Documents

Once an agreement has been reached, both you and your landlord will sign what’s known as a Letter of Intent.  This is generally a non-binding document that outlines the major lease points.  Your attorney will use this to begin drafting your final lease documents.  It’s a good idea for your broker to work in concert with your attorney to ensure the spirit of the language reflects the negotiated terms.

Navigate the Construction Phase

After your lease is signed, you’ll need to begin the work of improving your space.  It goes without saying that if you’re moving into a raw space that needs to be completely built out, this will be significantly more complicated than moving into a built-out space that needs minimal improvements.

If you’re looking at building out space, a good project manager can be an invaluable resource.  They can help you review construction bids, as well as bids from furniture and IT vendors.  They can also manage the construction process, coordinate inspections, and track progress against your projects completion dates.

Supervise Project Completion and begin Occupation

In this last stage, you’ll want to ensure the practical completion of the project, meaning, your contractors have done the job they said they were going to do, and the job is up to standard.

You’ll also submit your Code of Compliance Certificate to your landlord.  They will require this before you occupy the space.

You’ll also want to give your space on final walk through to make sure everything is in its place.