The City of Chicago has a reputation for being an international hub for commerce, finance, technology, and telecommunications. The city’s metropolitan area houses some of the headquarters of Fortune Global 500 and Dow 30 companies, including the aerospace conglomerate Boeing and multinational fast-food giant McDonald’s.
Since the city has the third-biggest labor pool in the US, it has also become a favorite site for several web startup companies. Because of this, other budding entrepreneurs plan to look for office space in Chicago to start their operations. If you plan to build your company in the Windy City, here are several tips for finding an affordable space to use for your office.
Rent A Co-Working Space
If you have no intention to commit to actual office space but feel more comfortable working in a professional set-up, a co-working space could be your best solution. Compared to virtual offices that allow your company to work anywhere you please, these spaces will require you to work with other business owners. Some of the benefits of co-working offices let you avail of high-quality work areas at half the actual cost of an entire office rental. It also enables you to expand your network since you will have to interact with other professionals and small business owners renting the same space.
Look For A Virtual Office
Several small businesses can operate even without a physical office and make do with a virtual office space. It means they can find a place with a valid address, working phone number, and your company’s website, but you do not have to maintain a physical workplace. By choosing this option, you will gain your client’s trust since you have the same legitimacy as an office-based business. If you need this kind of office space, you can ask your real estate agent to help you find a virtual office space in Chicago.
Sublet Your Rented Space
Since the price range of physical office spaces can get expensive in metropolitan cities like Chicago, some businesses can look for ways to afford the rental fee. Some small companies opt to rent unused areas from more prominent companies. Other companies, on the other hand, choose to rent a larger space then open it up for subletting to smaller businesses so they can earn from the space rental. You may also ask your real estate agent to find a company that plans to let go of their current lease and offer to take over the contract at a fraction of the cost.
Find Unconventional Office Spaces
If your company employs several people, find a space that can accommodate everyone to ensure smooth operations. But if you want to cut down on your rental expenses, you may opt to look for a storefront or an old warehouse that you can easily convert into an office. The rental rates for the places are usually lower compared to the usual workspaces in major cities in the country. It is also cheaper to look for these places in the outskirts of Chicago’s CBD for a further price reduction.
Renting a low-cost office space in Chicago can be less complicated if you will consider any one of these options. It will allow you to lessen your operational expenses so you can use it for other critical costs in the company. These real estate solutions for your office space needs will help you sustain your company until you are ready to move into a more prominent location.