Why Leasing Executive Suites Is A Great Business Decision
Owning an office space has lost its traditional allure in the face of unstable real estate costs — especially in prime business districts. Apart from the physical location, capital investments on construction, furnishings, communications and computer equipment, labor costs, maintenance costs and taxes that come with owning and maintaining an office space can overwhelm even the most bullish types. Thankfully, executive suites provide a viable and cost-effective alternative.
Who are the best candidates for leasing executive suites?
Startups, consultants and independent professionals who want to upgrade their professional image, reputation and capabilities but want to maintain a home-based working setup will be pleased with the premier addresses, fully outfitted workstations, dedicated mailing services and on-demand availability of meeting and conference rooms offered by a third-party office space provider. Large and mid-sized corporations who want to test the viability and market conditions of a new location are best served by the short-term leases, flexible add-in options and networking opportunities present in an executive suite setup.
Over and above these benefits, the most often cited reason for deciding to lease executive suites is the fact that they get the advantages of a superior business location, an image upgrade, and top of the line equipment in an all-inclusive package that amounts to less than half of what it would normally cost leasing or owning a traditional office. This allows small and growing businesses to cost-effectively implement their expansion plans while keeping their overhead costs and risk exposure low.
Accordingly, the stress of maintenance, bookkeeping and supervising duties are minimized and transferred to the office provider. This is particularly important to business owners and independent professionals who can then focus on revenue generation and customer servicing activities instead of getting bogged down by administrative and clerical work. Time is better spent and distributed, stress is reduced and efficiencies are maximized.
Of course, all these conditions will apply only if prospective renters know what to consider in choosing among lease options. As in any industry, bad eggs are a reality. In order to avoid getting trapped into leasing a poorly conceived and managed office space, practice prudence in setting leasing time frames. While there are plenty of benefits in leasing offices long-term, most growing businesses are best served with shorter leases not exceeding twelve months. Physical location is also a factor, as in the more prestigious the address, the more costly the lease will be. It is also wise to ask the company of the types of businesses that are already housed in the space. Choose one with renters that are in complementary industries, since they can help open up further business opportunities. Finally, review the lease agreement carefully before signing anything. Keep track of all the inclusions of the package and their costs, and avail of add-in services that match current and medium-term business needs.
In this day and age, getting ahead involves seizing opportunities that present concrete benefits, encourage innovation and offer value beyond the traditional. Leasing executive suites is one such opportunity, rife with benefits that lie in wait for those smart enough to seize it. If you are considering leasing an executive suite in the downtown Chicago area, contact us to learn how Chicago Office Centers can present you with that opportunity you’ve been waiting for!
