Vernon Hills Office Space

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Located about an hour’s drive from Chicago, the Village of Vernon Hills is home to approximately 20,100 individuals who crave a small city feel with all of the amenities of a big city.  Many companies and corporations have established their businesses within Vernon Hills due to the vast commercial opportunities and availability of commercial real estate options throughout the area.

Business Atmosphere

Vernon Hills is situated close to I-94, I-90 and I-290 which enables clients to access Vernon Hill offices and businesses with ease.  Train transportation is offered by Metra’s North Central Service, which features transportation between Antioch and Chicago.  Buses also travel throughout Vernon Hills on the Pace bus line.  O’Hare International Airport is a short drive away as well.

Other Businesses within Vernon Hills

When you open up your business in Vernon Hills you will be in good company.  Some of the big name companies and corporations which will be your neighbors include CDW, Zebra Technologies, American Hotel Register Company and Rust-Oleum, Corp.  Every year more and more businesses are finding out that Vernon Hills is a commercial real estate goldmine and they too are opening up shop in this village.

About the Residents

Vernon Hills residents are diversified and community-oriented.  The median income for Vernon Hills residents is $71,297 and the median home value is $196,500.

Things to Do

For those who like outdoor recreation, the Village of Vernon Hills is ideal.  Augusta Park, Big Bear Lake, Little Bear Lake and Oakwood Park are just a few of the many parks and lakes located within Vernon Hills.  The Cuneo Museum and Gardens is a popular spot for residents and tourists alike to visit.

Dining and Shopping Options in Vernon Hills

There are plenty of shopping and dining options throughout Vernon Hills.  If you are interested in a big mall setting, the Westfield Hawthorn is a popular choice.  For those who like smaller shopping centers the Rivertree Shopping Center and Hawthorn Fashion Square are two good options.  Restaurants including Famous Dave’s, Ruby Tuesday, Tasty Thai, TGI Fridays and more provide good variety for all.

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 Vernon Hills commercial 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 Vernon Hills commercial office space of your choice.

If you are searching for Vernon Hills 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 Vernon Hills 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 Vernon Hills office space for lease 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 Vernon Hills 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 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.