Leasing commercial property in Chicago is a good opportunity for any business, but at the same time, it can become a challenging task for those who don’t know all the pitfalls in this area. I have helped many businesses navigate the rental process and understand what to pay attention to, as I understand all the intricacies associated with finding the perfect office space. It doesn’t matter if you’re a startup looking for an inexpensive coworking environment or a large company wanting a prestigious address downtown to confirm your status. This guide will help everyone go through this journey step by step.

Understand Your Needs

Before you start actively diving into the still unknown leasing process, you need to take a few minutes to think and understand what exactly your business needs are. You should consider all important factors – the number of people who work for you, the type of activity you’re engaged in, and what is the ideal location in Chicago specifically for your business. Is it important for you to have an office in the bustling city center, or would a space in a quiet suburb work (and in turn save you a considerable sum on rent)? Answers to these questions will help make your search more effective and faster.

Research the Market

You need to start by familiarizing yourself with the commercial real estate market in Chicago. There are certain main areas such as the Loop, River North, and West Loop; accordingly, they have their own characteristics and rental rates. According to recent reports by CBRE and JLL, rental prices can vary significantly depending on the neighborhood and building quality. To better understand how this works, I suggest looking at the table below for a quick comparison of key areas in Chicago:

These figures are based on the latest CBRE data intended to help you understand what to expect in different parts of the city.

Identify Your Lease Type

There are different forms of commercial leases – gross, net, or modified gross lease, each with its own set of responsibilities. For example, in a gross lease, the landlord covers most expenses, while in a net lease, you may be responsible for property taxes, maintenance, and insurance. When you understand all these differences, it will be crucial for determining budgeting and long-term lease planning.

Get Professional Help

Navigating the commercial real estate market in Chicago is difficult, and partnering with a local expert can significantly help you. An experienced broker or commercial real estate consultant can improve your understanding of the market, help negotiate better terms, and save you time and money. This is where platforms like MatchOffice come to the rescue. They connect you with trusted professionals and a wide selection of verified properties that meet the needs of your specific business.

Evaluate the Space

Once you have a shortlist of potential properties, it’s time to visit them. Look not just at the nice wrapping (visuals) — consider factors such as accessibility, parking availability, proximity to public transportation, and the overall work environment. Talk to building managers and ask detailed questions about lease terms, maintenance policies, and any hidden costs that may not be immediately obvious. Such a conversation will help you avoid unwanted problems in the future.

Negotiate the Lease

Negotiations are an important part of the process. While some landlords may offer standard terms, there is often an opportunity to discuss aspects such as rent-free periods, tenant improvement allowances, and extension options. I always advise my clients to negotiate as if every dollar matters — ultimately, the terms of your lease can have a significant impact on your income over time. And if you manage to save or bargain for better office rental conditions, it will be a long-term benefit for you.

Final Thoughts and Next Steps

The commercial leasing process in Chicago requires thorough research, careful planning, and strategic negotiations. It may seem complicated, but by breaking this process down into stages and seeking expert advice, you can find a space that not only fits your budget but also creates conditions for your business’s future growth.

If you feel ready to take the next step in finding the perfect office space specifically for your business, I encourage you to consider platforms for finding available locations. They are created precisely to simplify your journey, connect you with reliable brokers or direct property providers, and help you choose the best rental opportunities in Chicago. I am confident that you will succeed. Believe in yourself and your dream.