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.

Rosemont Office Space

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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.

Bensenville Office Space

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Overview

Located on the outskirts of Chicago and close to O’Hare International Airport, Bensenville offers residents, employees and business owners access to the city in an easy manner while not needing to live within the city boundaries.  Business owners enjoy the close proximity to the city without the hassle of customer parking issues and downtown city traffic.

Business Atmosphere

Bensenville is nestled nicely between some of the large interstates surrounding Chicago such as I-90, I-290 and I-294.  This makes it easy for clients of the business as well as employees to reach the leased office building with ease.  Public transportation including the Metra rail service, city bus lines and taxi service enable those who take public transportation means to easily reach Bensenville office buildings.

Other Businesses in Bensenville

Tax specialists, aerospace companies, financial institutions, restaurants, retail stores, florists, doctors, lawyers, accountants and more have businesses within Bensenville.  The business offices and buildings vary in size and structure.  Some business owners choose to buy their office space while others find that leasing commercial office space is a better move to make.  The diversity of the businesses within Bensenville will allow your business to fit perfectly within the village.

About the Residents

The village of Bensenville has a population of 20,138 according to a 2000 census and has a wide diversity of residents living there.  The median family income was noted at around $59,008 and home values were stated to be $160,200.  Many Bensenville residents work in the village while others make the short journey into Chicago and surrounding areas for work.

Things to Do

Bensenville residents have plenty to do within the village.  The Redmond Recreational Complex offers ice skating, a 1.2 mile walking path, free summer concerts and more.  The Bensenville Theatre is the ideal spot for catching a movie with friends and loved ones.  Hockey lovers who live and/or work in Bensenville are sure to enjoy one or more Chicago Steel hockey games in town.  It really doesn’t matter whether you like indoor activities or ones of the outdoor variety, Bensenville has a little something to offer to everyone.

Dining and Shopping Options in Bensenville

Bensenville has a variety of choices regarding dining and shopping.  Some of the popular restaurants in Bensenville include Cancun Mexican Restaurant, Tomato’s Pizza, Market Place Café and others which make dining in Bensenville a good choice.  Shopping options vary from small boutique stores to popular name corporate retailers.  In Bensenville, you are sure to find the exact type of cuisine and retail store you are seeking without having to leave the village.

Tenant Advisors, Inc.:  Office Space Leasing Made Easy!

When you lease commercial office space in Bensenville, you should not go it alone.  Having a tenant representation firm by your side allows you to have peace of mind in commercial business leasing and ensures that you will do it the right way the very first time.  Tenant Advisors, Inc. is a tenant representation firm which can meet your office leasing needs with ease.

Our FREE service is offered by professional and reputable staff members who are extremely knowledgeable in the area of commercial office leasing.  In addition, our company knows what business owners want in an office lease and will find the perfect spot for you to lay down your business roots.

Tenant Advisors, Inc. provides representation for tenants alone which allows you to feel at ease knowing that landlords are not our clients, only tenants.  This loyalty to you, the tenant, is essential to making your transaction go as smoothly as it possibly can.

Contact Tenant Advisors, Inc. today and let us help you find the perfect commercial business spot for you.  Fill in a few pieces of information on the contact form and we will be in touch shortly!  It is easy to do and will be beneficial to you in the end.

Office Space Rental To Suit Your Needs In Schaumburg

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Schaumburg Office SpaceOverview

Located in the northeastern part of Illinois, Schaumburg offers business owners the opportunity for growth and prosperity due to the large amount of potential clients in the area.  Residential and commercial premises lie within the boundaries of Schaumburg and there is a little bit of everything within the village borders.

Business Atmosphere

Within close proximity to both O’Hare International Airport and the bustling city of Chicago, Schaumburg offers plenty of opportunities to business owners large and small.  Metra provides access for employees and clients to get to and from the business with ease.  Travelers can also use the highways and roadways, which are quite driver-friendly, to get around town.

Other Businesses within Schaumburg

Two of the big corporation names in Schaumburg include Motorola and IKEA.  The Woodfield Mall is another prominent feature within Schaumburg, as it is the second largest mall in America.  For those who want to get in touch with their historical entertainment side, the restaurant and entertainment venue Medieval Times is located within Schaumburg as well.  Other small businesses, restaurants and shops fill the village of Schaumburg, offering various options to Schaumburg residents and those who reside in surrounding areas.

About the Residents

For companies which are considering renting office space in Schaumburg, there is certain to be plenty of business to go around.  With the population hovering approximately above 75,000, opportunities for business are certainly available for those who choose to lease or buy office space in the village of Schaumburg.  The median income for families within Schaumburg comes in around $85,000, per a 2008 estimate.

Things to Do

When you lease or purchase commercial office space in Schaumburg, your employees are certain to love the area as well since there is plenty to do.  Whether it is watching the minor league baseball team play at Alexian Field or doing some shopping at the Woodfield Mall, the entertainment aspects of Schaumburg will not only draw people in to the village but keep them there as well.

Dining and Shopping Options in Schaumburg

You won’t have to worry about what to do on your lunch break when you lease office space in Schaumburg as there are plenty of dining options in the area.  Some of the popular choices include Outback Steakhouse, Pizzeria Uno, P.F. Chang’s, Rainforest Café and more.  If shopping is what you are in the mood for, head over to Woodfield Mall for a variety of stores or visit IKEA for all of your furnishing needs.

Tenant Advisors, Inc.:  Helping Tenants and Buyers Find Office Space

Tenant Advisors, Inc. is the best choice for business owners who are seeking out commercial real estate to lease or buy.  Schaumburg has plenty of options in the way of commercial office space for rent and we can guide you every step of the way so that you and your company find the best office rental space available.

We will fully identify your business needs so that the commercial office space you choose is the ideal choice.  Our licensed and professional real estate agents will show you the properties available for lease and purchase throughout Schaumburg and highlight the pros and cons of each locale.

It is important to have a tenant representative to help you find the perfect office space to rent or buy.  Our reliable staff will walk you through the process, help you to understand the lease or purchase agreements and get you settled into your new commercial office space perfectly.

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 well on your way to obtaining the commercial office space rental or purchase you have been searching for all along.