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Entries Tagged as 'Chicago Office Space'

Coworking Irresistible Offers - Will you buy in?

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Coworking is the latest trend to hit the Office Space market. I thought it would be interesting to find out what they think they are selling. To do so I decided to track down the tag lines many coworking spaces are using. Here is a sampling of them. As you can see, the ideas that permeate are that "It's The People" who you can collaborate with and an "Alternative to the traditional workplace" are the most important ingredients.

Love Where You Work - Select Office Suites NYC

Individuality Without Isolation – Office Nomads Seattle

A Physical Social Network - WeWork NYC, SF & LA

Community Center for Independents – New Work City NYC

Where Entrepreneurs Work and Connect – Green Space NYC

Where Change Goes to Work – The Hub SF

The Workplace for the New Economy – NextSpace SF

Collaborative Office Space to Think, Work and Innovate – Co-Spot SF

A Nicer Place to Work – Citizen Space SF

Building the World We Want to Live In – Hub Seattle

A Coworking Boutique – The Mill Seattle

Space. Work. Network. – The Yard Brooklyn

Work. Learn. Make. – 3rd Ward Brooklyn

Rethinking the Workplace – WorkBar Boston

Better Work Starts with Better Coworkers - Independents Hall Philly

A Workspace Retreat from Traditional Office Monotony – Work/Playce Philly

You name your passion and we will help you find a way to make it grow – Spice Factory Chicago

Neighborhood coffee house built for mobile professionals, freelancers, creatives and anyone else who would like to get work done – Topics Chicago

A clubhouse for entrepreneurs, designers, and geeks – The Speak Easy Indy

A Place to Work & A Place to Grow – 151 Locust Atlanta

You know how you always wonder where all the cool kids hang out? Well, wonder no more - Lightbulb Charlotte

work FOR yourself, not BY yourself - Blankspaces LA

Boston Office Space , Chicago Office Space , Coworking office space , Flexible Workspace , Manhattan Office Space , New York Office Space , Office Rental , Office Space , Philiadelphia Office Space , San Francisco Office Space

Chicago Office Space Market Overview

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Chicago office space is readily available to provide a place for your organization to conduct business, whether in the retail, wholesale, goods, or services sectors. Known as the “Windy City”, Chicago sits along the south western tip of Lake Michigan and is home to famed Wrigley Field, home base for the Chicago Cubs baseball team and venue of many great sporting events and concerts. According to the 2000 Census, nearly 3 million people call this great city their home.  This metropolitan area offers a great venue for conducting business in goods, services, or industrial markets.

The Chicago commercial / industrial sector is steadily recovering from the hard economic times that faced the entire nation during 2009 and 2010. March 2011 indicated unemployment of 9.2%, down .3% from the previous month, and down a full point from one year ago. An estimated total of 162,000 non-agricultural jobs were added to the workplace during March 2011, indicating the market is once again growing to pre-recession levels. Chicago is home to a range of commercial activities including the healthcare, hospitality, and service markets. Industrial lease rates remained stable at an average of $3.91 per square foot net rate, down 0.05 from a year ago. Industrial availability declined leaving end the of the first quarter of 2011 reporting 124.8 million square feet (MSF) of the 1.2 billion square foot industrial market in Chicago ready for rental leases. Construction in the industrial sector continues with projects totaling almost 3 MSF in development.

Chicago office space for rent in the Central Business District (CBD) is considered those spaces inside the area known as the “Chicago Loop”. The skyline is dominated by high-rise building and the historic commercial center of Chicago rests inside this neighborhood. Bounded on the north and west sides by the Chicago River, on the south by Roosevelt Road, and on the east by Lake Michigan, the commercial and retail heartbeat of Chicago was born in this area but has grown in recent years to extend much further into the metro area. As of the 2000 census, only 16,388 people lived in this area which hosts little residential properly compared to the density of commercial and office in this community.

Chicago’s suburban office space market has begun to stabilize after experiencing the shakiness felt by most of the nation. The direct vacancy rate holds steady at 21.8% since the sharp increase experienced in 2009. The low demand market offers businesses seeking commercial office space for lease an opportunity to benefit from the renters’ market.  Asking lease rates have fallen to $21.14, down $0.92 from 2009’s second quarter figures, providing potential business owners the chance to negotiate historically low rental costs.

The Chicago Metro area hosts nearly 107.3 MSF of commercial rental space.  Chicago Office spaces are available in all sizes from openings in serviced executive suites to large commercial office buildings. No matter what your needs, Chicago has the right venue for conducting business and the market is perfect for making a move now while rental rate are low and vacancies are available.

The Loop Retail Historic District and the upscale Magnificent Mile compliment the shopping malls and huge department stores, offering resident a cornucopia of retail opportunities for shopping and retail jobs. One of the largest art museums, the Art Institute of Chicago offers special shows as well as regular business hours. The Goodman Theater, Chicago Theater, the Joffrey Ballet, Civic Opera House, Lyric Opera and Chicago Symphony Orchestra provide a range of performances year around. The Chicago Cultural Center provides enriching events and the huge Harold Washington Library offers an extensive literary collection. Grant Park, featuring Buckingham Fountain and free Grant Park Symphony concerts, is an oft visited leisure area, among the many Chicago has to offer. Annually, a two-week long food fest, the Taste of Chicago, is attended by more than 3 million hungry food samplers. With public and private schools and a variety of state and private colleges, business owners find opportunities for education that outshine many other cities. The Chicago River offers waterfront fun and Lake Michigan completes the variety of waterside activities. There’s always a lot to do in Chicago for all ages.

If you are considering Chicago commercial office space rental for your business, consider making your move now. There are plenty of opportunities for small businesses as well as large organizations in the Windy City of Chicago.  You can find help locating the right Chicago office space for rent by contacting OfficeFinder, a free service to help you in your office location process.

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Report: Office Rental Markets Improving

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The Real Deal March 31, 2011 Office rents and absorption will rise over the next two years in urban and suburban business districts, according to Cushman & Wakefield's office market forecast released today. Though office rents remain low in the U.S., the report determined that a lack of new supply coupled with rising demand will force rents upward in half of all central business districts - or urban business centers - by 2013. And while 2010 saw just 2.2 million square feet absorbed in cities, by 2012 that number should grow more than six-fold to 13.9 million square feet. New York City will lead the charge, along with Washington D.C., Boston, Seattle and Chicago, as those areas will combine to account for nearly two-thirds of that space. Suburban office vacancies will also decline between now and 2013, but at a slower rate than those of central business districts. Almost half of all suburban markets will see office rent declines between now and 2013, and five areas - including Miami - will see office rents dip below 2010 bottoms.

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Shadow Office Space and the Office Market Recovery

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Over the past nine months we have made numerous posts on the effect that shadow office space will have on the office space market recovery. In a recent article from CNBC some numbers show the effect that shadow office space will have on the market. According to Co-star shadow space is adding as much as 7 percent to the Los Angeles office vacancy rates and over 6 percent in Chicago. This is likely to be the case in most markets. The problem with shadow office space is that before the market can see a full recovery, shadow office space will need to be absorbed.  Typically, shadow office space is space that a company still has under lease, but is not in use. Before these companies who have shadow space will go out into the market to lease additional office space, they will need to fill their shadow space.

Additionally, Grub and Ellis is predicting that as the market recovers shadow space will account for about 1/3 of the increased demand in 2011 and 1/4 of the office space demand in 2012, thereby dampening the office space market recovery. The good news is that we are starting to see positive absorption. As the jobs come back, the office market will improve.

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Tenants Slow to Make Decisions

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According to a report by the real estate firm Studley, Chicago’s downtown office lease transactions are only about one-half of what its historical long term average has been. Completed office space transactions reached 1.1 million square feet in the 2nd quarter and 7.2 million over the past 12 months leaving the Class A vacancy rate in the Chicago CBD at 18.5%. With a market size of 120 million square feet of office space in the Chicago, Downtown area, this transaction rate is close to a complete stall.

Tenants are still slow to make decisions and transactions are taking longer to complete.  There are a number of larger tenants in the market now who will have to make a decision within the next several months as to what to do with their expiring office leases. The gap between landlord and tenant expectations are narrowing and deals are becoming easier to make.  As the economy picks up, these tenants will be making decisions and hopefully Chicago Office Space will see some better activity.

Chicago Office Space , Office Space , Office Space Negotiations