Rosemont Office Space

by Uncategorized

The Rosemont office space market includes the communities of Rosemont, Des Plaines, Park Ridge, Mount Prospect, Schiller Park and the northwest tip of the City of Chicago.  The Rosemont office market is the smallest of the four Chicago Illinois suburban markets (the others being North, Northwest, and East-West Corridor) at 18 million square feet.

Commercial office space users are drawn to the area for a number of reasons:

  • Proximity to O’Hare Airport.
  • Location at the confluence of the Chicago expressway system.
  • Availability of public transportation (CTA train stops at Cumberland Avenue and River Road, as well as O’Hare Airport).
  • Proximity to most densely populated areas of Chicago provides access to an excellent labor pool.

As a result of these and other benefits, the Rosemont market is the home of several corporate headquarters, sales operations, and associations.

ACCESS/AMENITIES

Access to the highway system has been further enhanced by the addition of a southbound entrance ramp at Balmoral Road and the Tri-State Tollway (I-294).  Additionally, Balmoral has been extended to Mannheim Road and will eventually extend directly into O’Hare Airport. Also, a two-way interchange (northbound ingress and southbound egress) will be added on the Tri-State Tollway at Devon Avenue, subject to Illinois Tollway Authority Funding.  This will greatly enhance accessibility to and from the northern suburbs.

Access is further enhanced by excellent public transportation in the area.  The elevated passenger train has two stops in the Rosemont market (Cumberland Avenue and River Road) before continuing on to the airport.

Bus routes fan out through the Rosemont market from both train stations.  This greatly enhances access to labor.

All of the major hotel chains are represented in the Rosemont market, as well as a number of first-class restaurants. Also, the Rosemont market boasts the ninth largest convention center in the country a casino hotel complex will open in Des Plaines in 2012.

DEVELOPMENT

With the turbulence in the economy, Rosemont office building development plans have been put on hold.  Developers who are interested in starting projects are finding it difficult to secure financing.

TAXES & OPERATING EXPENSES

The Rosemont office space market is located in Cook County.  A portion of the market is within the city limits of Chicago.  Real Estate Taxes in the Rosemont market are approximately $5.00 to $7.00 per square foot.  Operating expenses are similar to other buildings located in the Metropolitan Chicago area of $5.50 to $7.50 per square foot.

RENTAL RATES

Rosemont office building asking rental rates for Class “A” range from $27.00 to $31.00 per square foot gross, including current taxes and operating expenses.  Electricity for lights and outlets will be separately metered in most cases.  Building standard construction allowances of $5.00 to $40.00 per square foot are also included in these rental rates.  Fully negotiated rates range from $24.00 gross to $30.00 gross.  Typically landlords will provide additional concessions beyond these rental reductions.  The range in rental rates is determined primarily by the cost of tenant construction, lease term, and the landlord’s motivation.

Rosemont Class “B” buildings ask between $18.00 and $24.00 per square foot, including taxes, operating expenses and construction allowances.  Negotiated rates range between $17.00 and $21.00 gross, again with additional concessions in most cases.

Class “C” properties advertise rates in the $13.00 to $20.00 per square foot range.  Negotiated rates range from $12.00 to $17.00 per square foot.  Several Class “C” properties offer below grade space.  This category represents the low end of the range outlined above.

VACANCY & MARKET CONCESSIONS

As of the 4th Quarter 2009 the vacancy rate is 23.9% with a base of approximately 18 million square feet; this amounts to approximately 4,409,968 square feet of direct office space available.  This rate does not include sublease space, which adds another 332,275 square feet to the suburban Rosemont/O’Hare market.

ABSORPTION

There has been very little absorption over the past several years.  We expect this trend to continue as the economy continues to struggle.

OFFICE SPACE AVAILABILITY

With many available office space options to consider, and little demand, the Rosemont market shall remain a “tenant’s” market for the foreseeable future.  So called “shadow vacancy” i.e. space still under lease to a tenant but not being utilized is increasing dramatically.  When these leases expire, this space will go back to the landlord as vacant space.

ROSEMONT OFFICE SPACE FOR SUBLEASE

As the economy continues to struggle, we anticipate more companies to attempt to sublease space and will need to offer discounts of 40-50% in most cases.  Currently there are over 332,275 square feet on the market for sublease in the Rosemont office market.

Helping You Lease Commercial Office Space In Rosemont, Illinois

by Uncategorized

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.

Commercial Office Space Leasing in Rosemont, Illinois

by Uncategorized

Rosemont

Nestled in between the City of Chicago and O’Hare International Airport is the Village of Rosemont.  Although outside of the city limits, Rosemont holds a similar energy and vibe as a large city with a small town aspect to it. The proximity of Rosemont to public transportation and Chicago itself makes it an ideal leasing spot for commercial business owners to choose.

Rosemont Is Readily Accessible To Those Near and Far

Whether you have clients flying in from out of state or taking public transportation to your office from Chicago, when you lease office space in Rosemont, you are helping to ensure that these individuals can get to you with ease. As mentioned above, O’Hare International Airport is close by as are many public transportation options, largely due to the fact that it is close to Chicago and reaps the benefits of this large city without having to be located within city limits. For those driving to Rosemont to patronize your business, the interstates offer easy access to allow them to get to and from your location.

Rosemont Is a Largely Commercial Area

Although there are residential areas within the 2.5 square miles of Rosemont, 75% of the area is commercial/industrial. This fact shows that you will have plenty of commercial neighbors nearby when you lease office space in Rosemont. There are many benefits to being in an area where commercial businesses are more prevalent than residential areas. One of the main benefits is that you can often have more room for growth in a largely commercial area. When you lease office space in this type of location, you will find that there are plenty of choices when it comes to commercial office space for lease.

Large Amounts of Amenities Close By

Rosemont is also an area that has tons of amenities in the local vicinity. Restaurants, stores and even a convention center are located there which will draw customers in and make them likely to visit the area and more likely to visit your office for goods and services. There are also a good amount of hotels in the area, which is perfect for those office space tenants who have quite a bit of out-of-town clients to cater to. The Donald E. Stephens Convention Center is another enticing aspect of Rosemont as it plays host to a wide array of companies and consumers. MB Financial Park is an entertainment center in Rosemont which also adds to the attractive qualities of the area and brings individuals to Rosemont for a wide array of events.

The office space leasing opportunities in Rosemont are quite prevalent. By leasing a commercial office space in this village, you are setting up shop in a largely commercial area with plenty of choices as to building size, amenity offerings and availability of clients. Although outside of the large city of Chicago, Rosemont still possesses those city-like vibes, which makes for a great leasing location for your business. Whether you need a professional office to suit a few employees or an entire floor of an office building for a larger company, Rosemont has exactly what you need.

Rosemont Office Space

by Uncategorized

The Rosemont office space market includes the communities of Rosemont, Des Plaines, Park Ridge, Mount Prospect, Schiller Park and the northwest tip of the City of Chicago.  The Rosemont office market is the smallest of the four Chicago Illinois suburban markets (the others being North, Northwest, and East-West Corridor) at 18 million square feet.

Commercial office space users are drawn to the area for a number of reasons:

  • Proximity to O’Hare Airport.
  • Location at the confluence of the Chicago expressway system.
  • Availability of public transportation (CTA train stops at Cumberland Avenue and River Road, as well as O’Hare Airport).
  • Proximity to most densely populated areas of Chicago provides access to an excellent labor pool.

As a result of these and other benefits, the Rosemont market is the home of several corporate headquarters, sales operations, and associations.

ACCESS/AMENITIES

Access to the highway system has been further enhanced by the addition of a southbound entrance ramp at Balmoral Road and the Tri-State Tollway (I-294).  Additionally, Balmoral has been extended to Mannheim Road and will eventually extend directly into O’Hare Airport. Also, a two-way interchange (northbound ingress and southbound egress) will be added on the Tri-State Tollway at Devon Avenue, subject to Illinois Tollway Authority Funding.  This will greatly enhance accessibility to and from the northern suburbs.

Access is further enhanced by excellent public transportation in the area.  The elevated passenger train has two stops in the Rosemont market (Cumberland Avenue and River Road) before continuing on to the airport.

Bus routes fan out through the Rosemont market from both train stations.  This greatly enhances access to labor.

All of the major hotel chains are represented in the Rosemont market, as well as a number of first-class restaurants. Also, the Rosemont market boasts the ninth largest convention center in the country a casino hotel complex will open in Des Plaines in 2012.

DEVELOPMENT

With the turbulence in the economy, Rosemont office building development plans have been put on hold.  Developers who are interested in starting projects are finding it difficult to secure financing.

TAXES & OPERATING EXPENSES

The Rosemont office space market is located in Cook County.  A portion of the market is within the city limits of Chicago.  Real Estate Taxes in the Rosemont market are approximately $5.00 to $7.00 per square foot.  Operating expenses are similar to other buildings located in the Metropolitan Chicago area of $5.50 to $7.50 per square foot.

RENTAL RATES

Rosemont office building asking rental rates for Class “A” range from $27.00 to $31.00 per square foot gross, including current taxes and operating expenses.  Electricity for lights and outlets will be separately metered in most cases.  Building standard construction allowances of $5.00 to $40.00 per square foot are also included in these rental rates.  Fully negotiated rates range from $24.00 gross to $30.00 gross.  Typically landlords will provide additional concessions beyond these rental reductions.  The range in rental rates is determined primarily by the cost of tenant construction, lease term, and the landlord’s motivation.

Rosemont Class “B” buildings ask between $18.00 and $24.00 per square foot, including taxes, operating expenses and construction allowances.  Negotiated rates range between $17.00 and $21.00 gross, again with additional concessions in most cases.

Class “C” properties advertise rates in the $13.00 to $20.00 per square foot range.  Negotiated rates range from $12.00 to $17.00 per square foot.  Several Class “C” properties offer below grade space.  This category represents the low end of the range outlined above.

VACANCY & MARKET CONCESSIONS

As of the 4th Quarter 2009 the vacancy rate is 23.9% with a base of approximately 18 million square feet; this amounts to approximately 4,409,968 square feet of direct office space available.  This rate does not include sublease space, which adds another 332,275 square feet to the suburban Rosemont/O’Hare market.

ABSORPTION

There has been very little absorption over the past several years.  We expect this trend to continue as the economy continues to struggle.

OFFICE SPACE AVAILABILITY

With many available office space options to consider, and little demand, the Rosemont market shall remain a “tenant’s” market for the foreseeable future.  So called “shadow vacancy” i.e. space still under lease to a tenant but not being utilized is increasing dramatically.  When these leases expire, this space will go back to the landlord as vacant space.

ROSEMONT OFFICE SPACE FOR SUBLEASE

As the economy continues to struggle, we anticipate more companies to attempt to sublease space and will need to offer discounts of 40-50% in most cases.  Currently there are over 332,275 square feet on the market for sublease in the Rosemont office market.