​Millennial​ ​Values​ ​In​ ​A​ ​Modern​ ​Office​ ​Space

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The millennial generation, traditionally defined as individuals born between the years 1982 and 2004. Why are they important? Well, they entering the job market and will continue to with for years to come. Let’s perspective, a child born in 1982 would have graduated college around 2005; born in 2004? Expect to be graduating and entering the workforce around 2027. 

At Tenant Advisors, we posed the question : what does this generation value in a workplace?

We spoke with millennials that recently entered the workforce to discover what inspires and fuels their passion in competitive work environments.

Data Analyst: office size 75-100 people

 “ I work at a company that has outgrown its office space, currently we’re forced to have to maximize office space by sacrificing efficiency.

A lack of common space is detrimental, the only place you have is your desk area. If you need to take a phone call, we don’t really have anywhere in the office you could step aside to.

On the flip side – the office is in a great location. It’s very convenient to hop on the El and get to work in 30 minutes.

Our office has a great view of the city, we also have great facilities available in the building. Often times I’ll take advantage of the gym”

Inside Sales: office size 750-1,000 people

“ I think my favorite thing about my office is the layout and location. I am incredibly close to public transportation and am able to utilize the CTA to get to the office quickly, my commute is usually like 45 minutes.

My office has great amenities, they have a great common areas and a nice kitchen.

What I love about my office is the open collaborative, layout.

You can talk and interact among your coworkers, being able to get advice or ask for help from someone close by is really nice.

Something I think could be improved on is the aesthetic, I think the office could be better decorated. Don’t get me wrong, it looks really nice as is, but some fresh paint or new artwork would make a big impact in my opinion. Some more colors in the office would really brighten up the place and I would argue inspire creativity “

Financial Planner: office size 200-300 people

“ A lot of the work we do is collaborative and involves usually a whole team of people working together. Our meeting rooms are great, they are linked up with great technology so we can video chat among other offices really without having many problems.

Our clients depend on us to have a quick turn around so not having to worry about this or that going wrong, knowing we have reliable equipment allows us to better tackle the problem at hand.

Something I would improve on in my office would be to reconsider cubicles. Often times I find it acting as a barrier for productivity, often sending emails to people across the room.

I understand it’s how a lot of offices have been traditionally laid out, but this doesn’t necessarily mean this is the way it needs to be, ya know?”

There you have it, a first hand account from rising young professionals. For all your Chicagoland Office Space needs, Tenant Advisors will guide you every step of the way. Give us a call today at (312) 224-8763, we look forward to hearing from you.

Office Space in O’Hare

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Office space leasing options are prevalent throughout Chicago.  There are so many areas within Chicago which cater to local businesses that it is sometimes difficult for business owners to narrow down the options to choose just one location to open up shop within.  One such area which sees a lot of commercial office leasing options is O’Hare.  This area has plenty of businesses, hotels, restaurants and more, especially since the airport is so close.  The following will list some insightful information regarding the O’Hare neighborhood and why it is highly sought after by business owners who want to lease office space in O’Hare.

Location Is Ideal

Located on the northwest side of Chicago, O’Hare is popular with business owners who want to lease office space as it is on the outer edge of Chicago which means that traffic and parking is not as difficult to deal with as it is in the center of Chicago.  Located close to the airport and the major expressways, it is easy to get to leased office spaces in the O’Hare area.  It is also minutes away from the inner portion of Chicago which means that the downtown area is close by.

Plenty of Things to Do

Although the O’Hare region has a good showing of industrial and professional businesses within it, there are still things close by if you are looking for something to do away from your leased commercial office space.  Take a short trip to the Lincoln Park Zoo, have lunch outdoors or simply take in the unique architecture.  O’Hare is filled with history and more in addition to being a great option for leasing commercial office space.

Various Sections within O’Hare Which Cater To Businesses

Within the O’Hare area, there are a few different towns/areas, many of which are ideally suited for businesses large and small to lease office space.  Some of the towns include Bensenville, Des Plaines, Rosemont and Park Ridge.  Bensenville office space rentals are widely available as is office space for rent in Rosemont.  If you are a business owner seeking office space leasing options in Des Plaines or office space for rent in Park Ridge, you too will find options in these O’Hare area cities.

Local Amenities Make the O’Hare Area A Great Place to Work

When you lease commercial office space in O’Hare, you are renting an office in a location where there will be plenty of amenities available to both you as a business owner and your employees as well.  Office space in Bensenville, Rosemont, Park Ridge and Des Plaines is usually close to a wide variety of restaurants and shops, which is perfect for employees to take advantage of during their lunch break.  For those office space rental businesses which see a lot of out of town clients, there are also a good amount of hotels in the area, especially due to its close proximity to O’Hare International Airport.

Leasing commercial office space in the O’Hare area is simply a great idea.  The amenities are plentiful, the access to the commercial office space in this locale is easy and both the business owner which leases commercial office space in O’Hare and the employees who work for the business will enjoy the convenience which this location offers.

Benefits Of Leasing vs. Purchasing Office Space

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Benefits of Leasing vs. Purchasing office space.  Economic uncertainty and market volatility are causing many of companies to question their commercial office space needs.   What’s the right decision for your business?  Should you lease office space or purchase office space?  The short answer is, well, it depends.  Not sure if leasing is right for you?  Comparing the benefits of leasing office space against your company’s commercial real estate needs can help.

Some of the benefits vs. purchasing office space include:

Increased Flexibility. Leasing office space provides flexibility that you lose when you purchase an office building or office condo.  You have the opportunity to expand as you grow and to sublease office space should you downsize.  By leasing, you also maintain the flexibility to move the business when the lease expires, without the headache of a building sale.

Smaller Initial Cash Outlay.  When leasing office space, depending on your market, credit standing, and negotiated terms, your initial cash outlay will generally consist only of first and last months’ rent.  Purchasing commercial real estate requires a down payment—often as high as 25 percent of the purchase price—as well as the expense of appraisals, building inspections, loan fees, and property improvements.  For example, an office building listed for sale at $4,400,000 is also listed for lease for $30,000 per month.  At 25 percent down this represents a $1,100,000 cash outlay, versus a $60,000 initial lease deposit – a difference of 95 percent.

Tax Benefits.  Because an office lease is a business expense, it is fully tax deductible.  This includes all financial obligations to your landlord.  So if your landlord passes through property taxes or janitorial fees, you can deduct the costs.  Office building owners can write off some costs as well, but generally over much longer periods of time.  For example, property improvements must be written off over a period of 39 years.   Office space renters also have less tax paperwork than owners.  Please note, tax laws are fluid and nuanced, so it is vital to consult with your attorney and tax professional to understand your unique obligations.

Less Dependence on Credit. While your credit can affect your office space rental, particularly the initial rent and security deposit, the effects are more severe when purchasing.  If you do not have good credit, you may fail to qualify for a loan, or if you do, high interest rates will put a strain on your monthly expenses.

Improved Location and building quality.  Leasing allows you the benefit of upgraded facilities and prime locations.  Real Estate 101 teaches us that all property should be put to its “highest and best use.” In layman’s terms, this means that areas of high demand will produce large projects capable of meeting the demand, putting the purchase of Class A office buildings and low-rise suburban office complexes beyond the size and price limits of most businesses.

Reduced responsibilities. Owning commercial office property means maintaining it.  This can include leasing vacant space, managing janitorial issues, property maintenance, and security, among other expenses.  Even if you hire a property management company to handle day-to-day operations (which can be expensive) this can still be a time consuming process.  Leasing simplifies your life and allows you to focus on your core business.

Opportunity Costs.  Money spent purchasing your office space is money that is not invested into your business.  This can be especially critical for newer businesses that need money to grow and invest in its people, business and infrastructure.

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.