North Michigan Avenue Office Space

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North Michigan Avenue is a downtown section of Chicago which is known for its lively character and wide array of business opportunities.  Also called The Magnificent Mile, the name pretty much says it all.  Many who have businesses on North Michigan Avenue rent commercial office space there and find that being located on The Magnificent Mile does wonders for their bank accounts.  Hotels, shops and dining options galore are along every step of the way on North Michigan Avenue.

Business Atmosphere

Companies and corporations which rent office space on North Michigan Avenue not only get clients due to the foot traffic of the area but also since it is in the heart of the city and many modes of transportation can get customers to their destination, i.e. your business.  The Metra train system stops on North Michigan Avenue as does the CTA, which is a good option if you are flying in from O’Hare International Airport.  Also, one can drive in and park in one of the many parking lots or garages in the area or take a taxi to the North Michigan Avenue destination of choice.  For those who want a more scenic tour of the area on the way to The Magnificent Mile, a trip on the water taxi is ideal.

Other Businesses Within The North Michigan Avenue Area

So many businesses in the Chicago-area have leased commercial office space on North Michigan Avenue.  After all, business opportunities are plentiful and customers can get to the locale with ease.  In fact there are 56 hotels, 124 restaurants and hundreds of stores in the area.  Companies and corporations which take advantage of all the North Michigan Avenue area provides include American Express, Fidelity Investments and multiple banking institutions.  There are also plenty of smaller businesses operating out of North Michigan Avenue buildings including the Wrigley Building and John Hancock Center.

About the Residents

Those who live on North Michigan Avenue often occupy high-end real estate.  There are many different luxury condos and loft condos available to those who want to be in the midst of all of the city action.  Many residents of The Magnificent Mile work in the city and do most of their daily shopping and eating on North Michigan Avenue due to the convenience and opportunities abound there.  This feature warms the hearts of business owners who lease office space on North Michigan Avenue as they will gain a good influx of customers from those who live, work and play in the area.  Therefore, commercial office space renters get business from both those within The Magnificent Mile and others who travel in to the area to do business with establishments located therein.

Things to Do

Eating and shopping are two primary things to do on North Michigan Avenue as the possibilities are almost endless.  There are also plenty of historical landmarks to visit while on The Magnificent Mile including the Drake Hotel, Palmolive Building and the site of Fort Dearborn, to name a few.  Architecture lovers will appreciate all that North Michigan Avenue will display in the way of unique structures.  Sightseeing tours and seasonal festivals also draw quite a crowd into the area.

Dining and Shopping Options on North Michigan Avenue

One of the best things about North Michigan Avenue is the diversity which residents and visitors can enjoy in the way of dining and shopping options.  From light fare options to full-course dining adventures, there is something for all to enjoy with regard to dining in The Magnificent Mile area.  Every step of the way on North Michigan Avenue you will find restaurants taking advantage of leasing space in this highly coveted commercial locale.  Shops large and small also open their doors onto North Michigan Avenue.  Salons, retail chain stores, high-end boutiques, electronics stores and more provide options for all who visit this area.  In fact, North Michigan Avenue has been named one of the best shopping avenues in the world in a book published by National Geographic.

Tenant Advisors, Inc.:  Your One-Stop Tenant Representation Firm

Leasing commercial office space on North Michigan Avenue is a wise move for businesses large and small.  Tenant Advisors, Inc. can help.  Our licensed and professional real estate agents will sit down with you and discuss your office space leasing needs.  From start to finish, our firm will go above and beyond to find that perfect office space rental option you deserve.  The North Michigan Avenue area will be the perfect locale for your company or corporation and provide you with the large clientele base an area of this type affords its commercial office space occupants.

Not only will Tenant Advisors, Inc. help you to realize the ideal office space rental situation but we will also aid you in negotiating the best lease terms as we represent tenants alone, never landlords.  This way you can have peace in knowing where our loyalties lie…which is with you, the tenant.  Also, our service is FREE!  Those businesses which utilize our services never pay a penny to do so.

Explore your North Michigan Avenue commercial office space leasing options today with Tenant Advisors, Inc. on your side.  Get started simply by filling out the contact form and we will get back to you promptly.  Find out all that The Magnificent Mile can offer to you in the way of reasonably priced office space leasing which is in the middle of downtown Chicago.  Contact us today!

7 Office Space Tips

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Location, Location, Location

The perfect office space can lose its charm almost immediately if it’s in the wrong location. A myriad of factors must be considered before putting ink on a lease. Are you and your employees close to the space? Will clients be visiting your office and will it be accessible to them? These simple questions often make a large impact when finding the right office space to fit your business needs. A dream office loses a lot of its charm if the commute is over taxing.

 

Know What You’re Getting

Before signing a lease, make sure you know exactly what you’re getting! With so many factors to consider before choosing your space something can be easily overlooked. Commodities to solidify during negotiations include the parking spots received, the condition of the space upon move in, and what will you be able do to customize your space? Taking the word of your landlord is much less reliable than seeing it clearly laid out in the lease.  All parties need to be in understanding and agreement.

 

Office Size

The square footage is crucial when leasing your office. Take an honest look at the needs of your company as it is, and then try to predict the foreseeable future. Will you be holding meetings? A conference room will be needed. Looking to expand down the road? Account for this growth by increasing initial square footage so desks and cubicles can be added with ease. Consider your work environment: will you require larger collaborative workspaces or does something more reserved where employees can work privately better fit your needs?

Before signing your lease imagine breaking it. An infinite number of factors could lead a tenant to break a lease.  You may find yourself in this position. What fees or penalties will be assessed on breaking your lease? All things to consider before even signing.

 

Keeping Up With Appearances

If you anticipate clients in your office, try to imagine your office from their point of view. Their image of your company begins the moment they enter the building, how would you like them to perceive your company?

If image isn’t important and only employees will work in the space, certain amenities may not be as necessary. If clients will visit frequently, your image and the way your client perceives your company become more important. An elegant lobby area makes a strong impression. In your office, optional commodities such as signage and a reception area may cost more initially but the image portrayed to your customer can pay out in the long run.

 

Conveniences

Assuming you’ll be spending a fair amount of time at or around the office, consider the surrounding area where you’ll be spending all of this time. Simple things like a package pickup service or restaurant in the building can make time at the office more enjoyable, while hopefully allowing day to day operations to run smoother. When visiting a space initially, visit the convenience store, cafe, restaurant. Can you picture yourself getting lunch here regularly? Amenities like this, a workout facility or even a laundry service can really add to making an enjoyable workplace for you and your company.

Also consider the surrounding area, will you be in a more commercial district with lots of restaurants and amenities? Being close to public transportation, restaurants, and entertainment are all added benefits of the surrounding area, these can prove most important when choosing between two locations.

 

The Lease of Tomorrow, Today

The length of the lease may be the single most important factor when considering choosing your office space. Realistic expectations for your company are crucial when choosing the length of a lease. If you’re unsure of where the size of your company is headed, a more moderate short term lease may be more appropriate. If stable, steady growth is in the horizon then a long term, larger lease would prove more beneficial, as many concessions are proportional to term length. How many employees do you need to account for today versus how many will you need to account for tomorrow? Extraneous square footage could be a costly wasted space, but the opportunity to add more desks and employees may outweigh these costs. Not hiring an employee due to lack of room is an issue no business owner should face if they had considered their future before committing to a lease.

 

Reputations

The right broker can be the ultimate tool when working with a landlord over the course of your lease. A trusted broker is the best resource for helping you, the tenant, in finding the office space right for you. A reputable broker will be your go to advisor.  They are the best resource when it comes to landlords and any issues that could arise. With as much time and work as you’ll likely be putting in at your office, you want a broker that has your best interests in mind. With trusted brokers connected to landlords across the Chicagoland area, Tenant Advisors has become the most trusted resource by tenants in helping them find their perfect office space fit.

Office Space And Your Parking Space Needs

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Are you planning on setting up a commercial office space in the Chicagoland suburb? If yes, you need to consider a lot of things before you venture into it. One of the main things you need to put into great consideration is the amount of parking space. It is a known fact that Chicago and the surrounding suburbs lack abundant public transportation routes, therefore making it imperative for many employees to drive to the office. If that is the case, you need to provide enough parking spaces for your employees and customers.

YOU NEED TO HAVE AN ESTIMATE

In order to save yourself from the havoc of insufficient parking spaces for your Chicagoland office space for your business and your personal, you need to have a good estimate of the number of clients that visit you per day, and the total number of your employees. This will determine the amount of the parking spaces you need. With this information, your tenant representation broker can help you to get a suitable commercial office space for you.

HOW GREAT IS THE PARKING FACILITY?

After your broker has found you the commercial office building that fits into your requirement then it becomes pertinent for you to check it out. You might need to take a tour around the building for you to confirm the parking capacity, whether it has extra parking advantages among others. It should be noted that some buildings have overflowing parking spaces and short term parking spaces, however, these are enforced separately. Information might not be given to you if you fail to ask, thus, you need to ask questions based on the strict adherence to your parking requirement.

RESERVED OR OPEN PARKING SPOTS?

Some landlords in the Chicagoland area provide reserved parking spots system i.e. leaving some parking spaces specifically for a set of people. To save yourself from the presumption that all the parking spots are open to everyone, you need to ask questions! Ask questions as to whether the parking spaces are reserved or not. If the former is the case, and a price is attached to it, then you should be ready to negotiate your price and terms.

SPELL OUT ALL THE TERMS RELATED TO THE OFFICE SPACE CLEARLY

Most of the time, office space tenants often fail to explicitly state the terms of the lease of both the building and the parking spaces in their lease document. You should ensure that all the necessary terms of the office lease are explicitly stated in the lease document for future and legal use.

TENANT ADVISORS WILL SAVE YOU THE STRESS AND MONEY

Instead of wasting your money and productive time to tour, negotiate, and to ensure the due process for your smooth office space lease, you can just hire Tenant Advisors, Inc.. Tenant Advisors, Inc. is a commercial real estate firm in the Chicagoland area that provides aggressive and unbiased representation to office space tenants throughout Chicago and the surrounding suburbs FREE for the tenants. You will pay us no money to represent you; our bill will be paid by your landlord. Also, it should be of a greater interest for you to know that we neither own any real estate nor represent any real estate owners, just tenants only! That means you can count on us for unbiased interest.

Our highly skilled and ever reliable staff will walk you through the process, help you to understand the lease or purchase agreements. They will also ensure that all the necessary terms including the terms and the consideration of the parking spaces are included.

Contact us today by filling out our form and we will get back to you within 24 hours. With our FREE service, you can be on your way to obtaining the office space of your choice.

Chicago Office Space Lease Negotiations

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Understanding Blend & Extend Leases 

Business owners who are searching for office space for rent have quite a few options available to them. Long-term leases, annual leases and month-to-month options are the most common types of leases. With that said, most leases are longer-term in the 3-7 year range, and they reflect the market conditions that were in effect at the start of the lease term. So, what happens when a company’s need for office space changes midway into its lease term? or what happens when market conditions change dramatically, but the company still has considerable time left in its lease term? Is he stuck? The short answer is: not necessarily. A relatively new type of lease has emerged which business owners have found to be advantageous to their leasing situation, and that is the blend and extend lease. These leases relate to tenants and landlords who are in a current lease relationship, and want to extend the lease for an additional term while in the midst of their current lease. When a blend and extend lease is initiated, the parties also get to alter the terms of the lease which is an additional benefit to such a lease. The following will highlight more information regarding the blend and extend office lease and cite the various pros and cons of such an office space rental agreement.

What You Should Know About a Blend and Extend Lease

The first thing which commercial property owners and renters need to know about is that there must currently be a lease in place between the landlord and business owner tenant. As the purpose of a blend and extend lease is to get an early renewal with lease term changes it goes without saying that there must be an active lease agreement at the time in which a blend and extend lease is discussed.

You should also be aware of why a blend and extend commercial property lease is desirable. Commercial office leases are often lengthy in duration and this makes altering terms more difficult as when compared to an annual lease. With that said, landlords do not like to take chances of having their office space be empty once their current tenant’s lease expires. With a blend and extend lease, tenants benefit by negotiating for a more favorable monthly rent and lease terms and landlords benefit by ensuring that their current tenant remains in the premises for years to come.

The Pros of a Blend and Extend Office Lease

There are many benefits on both sides of the lease relationship associated with an office space blend and extend lease. The landlord favors a blend and extend lease as it guarantees them that their office space will not be vacant for long periods of time. In today’s economy, office rental demand is on shaky ground as are many other business-related aspects and the landlord can have peace of mind knowing that its tenant will be in the office space for years to come. This will increase the chances that the landlord can cover the mortgage payment every month and not have to worry about paying a real estate agent to find replacement tenants for them.

For the tenant, a blend and extend lease works in their favor by providing them with the opportunity to renegotiate the lease terms and oftentimes renew the lease with a less expensive monthly rent. The rent is not the only thing which the tenant can renegotiate in a this kind of lease. Rental abatement, options to renew, expand or contract and office space improvements are also negotiable points in the new and revised lease.

The Cons of a Blend and Extend Commercial Office Space Lease

As with any negotiations, there may be some less than favorable aspects of a blend and extend lease. With regard to the landlord, although the blend and extend lease provides the landlord with a longer lease term in which the tenant is required to stay in the building, the landlord may have to accept a lower monthly rent payment as well as agree to office improvements and other concessions. As for the tenant, it may receive a more favorable monthly rent under the blend and extend lease, but it will be locked in to the office space for a longer period of time and not be able to move from the office should it desire to do so a few years down the road.

In The End A Blend and Extend Lease Is a Good Option

When all is said and done, a blend and extend lease can often be a good option for both landlord and tenant to consider. If the landlord/tenant relationship is a good one and the office building location works well for the tenant, then there really is no reason to ignore the blend and extend lease option. Even with the few potential negatives listed above, the pros often times outweigh the cons of this type of lease. A blend and extend office lease ensures that the office property remains rented and the tenant gets a better deal than it had previously. It is easy to see why blend and extend leases are becoming much more common in the commercial real estate market-place.

Helping You Lease Commercial Office Space In Rosemont, Illinois

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Overview

Rosemont is an ideal location for those who want to live and work in close proximity to Chicago yet still remain outside the city limits.  Situated to the northwest of Chicago, Rosemont offers close access to multiple modes of transportation, residential options and commercial opportunities.  When businesses decide to lease commercial office space in Rosemont, they are gaining access to a vast array of clients and optimum office space.

Business Atmosphere

Rosemont affords a great business atmosphere to small companies, medium-sized commercial entities and large corporations.  With the convenient locale close to Chicago and the major highways around the city, clients can reach the businesses and the businesses can stand out to the crowd as well.  Whether there are customers flying in through O’Hare or traveling by train via the Metra to get to a business establishment in town, it can easily be stated that Rosemont is the commercial hub of the Chicago metropolitan area.

Other Businesses within Rosemont

There are many top names in the commercial business industry which have their headquarters located within Rosemont.  Some of the more well-known names include U.S. Foodservice, Banco Popular North America and Culligan.  Many hotels are stretched throughout Rosemont as well including Wyndham, InterContinental, Hilton and Marriott.  Smaller companies and shops also line the streets of Rosemont, providing a plethora of commercial options for residents who live there and those who come from outside of the village to do business.

About the Residents

Approximately 4,200 individuals call Rosemont home, according to a 2000 census.  The median income for households within Rosemont was $34,663.  Those who live in the village find ease of access when it comes to shopping and entertainment options in Rosemont and don’t even have to go into the city of Chicago in order to acquire the things which they need.

Things to Do

When businesses lease commercial office space in Rosemont, not only will they have access to residents of the village who need goods and services but also those individuals who come into Rosemont to engage in the entertainment options there.  Rosemont is home to the Donald E. Stephens Convention Center, Rosemont Theater and the popular Allstate Arena.  When people are coming and going they are sure to need some commercial goods and services from those who lease office space in Rosemont.

Dining and Shopping Options in Rosemont

With all of the great entertainment venues which are located within Rosemont, it should be no surprise that dining and shopping options are plentiful as well.  From upscale steak restaurants such as McCormick & Schmick’s to contemporary American fare restaurants like Chicago Fire Oven, visitors, business owners, clients and residents are sure to find a cuisine which suits their tastes.  For shopping options, the many different shopping centers in Rosemont and department stores such as Target are sure to please.

Tenant Advisors, Inc.:  Helping Tenants Find Ideal Commercial Office Space

With all that Rosemont offers to residents and visitors, it is no wonder that business owners clamor to be a part of it all.  Tenant Advisors, Inc. can help to make your office space leasing dreams a reality.  Our real estate agents are some of the best in the business and can help you and your company to choose a commercial office space setting which will work for you.

Don’t head into the unknown of leasing commercial office space by yourself.  This can only lead to confusion, stress and many times disappointment for the business owner who goes it alone.  Tenant Advisors, Inc. has the know-how to guide you on the path to finding the perfect office space rental.

Our staff will identify your Rosemont commercial office space leasing needs and show you properties which fit within your parameters.  We will not waste your time taking you around town to show you office space which simply does not suit your needs.  Tenant Advisors, Inc. will zone in on the necessary requirements with regard to desired office space rental and get you in that new office in no time.

Contact us today by filling out our short form.  We will respond promptly to your request so that we can get started working for you.  And, did we mention that our service is absolutely FREE TO YOU?  Now is the perfect time to take advantage of our free service and find the commercial office you have always wanted.