Tenant Advisory Group has a diverse client base ranging from law firms, accounting firms, medical, technology, media, service, schools, government and nonprofit organizations.
Click here to see a partial list of past clients and read what they have to say about us.
What size businesses do you work with?
We work with businesses ranging from large, national corporations to private, family-held, single location operations. However, our specialty is companies with 20 to 200 employees.
What is the difference between a leasing agent and a tenant rep?
The leasing agent holds the lease to the property and represents the interests of the property owner. Tenant Advisory Group is a tenant representative, working on your behalf and representing only your interests. So, the leasing agent is working to get the most money out of you to benefit the property owner, while we negotiate fair terms that provide you, the tenant, with the best possible deal.
How do you get paid? How does commission work?
Our clients, as tenants, don’t pay us a thing. Tenant Advisory Group is paid by the property owner once the lease is fully executed through a fee that will already be paid to the landlord’s broker. In other words, a fee is paid regardless of whether you use a broker or not.
What if I just want to renew my lease?
It’s always a good time to have your lease reviewed by a professional. More often than not, the Tenant Advisory Group team is able to find ways to improve your existing lease situation.
Can you help me with real estate needs outside of Chicago?
While Tenant Advisory Group concentrates in the Chicago market, Bill and the rest of the team also have experience representing tenants throughout the United States. We have experience with and access to over 65 of the top markets in the U.S.
What other services do you offer?
While we call ourselves commercial real estate brokers, we try to be much more for our clients, offering strategic consulting services and providing advice and information on everything from finding property to negotiating the lease or purchase, to the actual build out and move in process.
What upfront costs need to be considered outside of rent?
There are a number of additional costs that must be considered when moving office space. Much of this will result from the design and build-out of the new space, including architectural fees, phone and data setup fees, construction costs and project management fees. Moving costs must also be factored in, as should any expenses related to decorating. For more on planning an office move, click here.
Who pays for these additional upfront costs?
The terms of the deal will determine which party pays any additional costs related to the new lease. You may opt to have the landlord cover the moving and build-out costs but ultimately will result in a higher rental rate as well as a larger security deposit. For more information on lease negotiations, click here.
What monthly costs need to be considered outside of rent?
Electricity, phone and data costs are generally not included in the rental rates of commercial office space. Electric costs for Chicago-area properties are approximately $1.25-$1.75 per square foot.
What are the benefits of signing a long-term lease?
Generally the longer the terms of the lease the lower the rental rate. Landlords typically provide some months of free rent and a tenant improvement allowance for a longer-term lease. Conversely, shorter leases may result in higher rental rates and fewer upfront costs will be covered by the Landlord.
What is a ‘Personal Guarantee’?
Personal Guarantees are common for newer businesses, as well as those with less stable financials. Under a Personal Guarantee, the signore guarantees to pay the rent throughout the term. Sometimes this guaranteed amount can ‘burn down’ over time.
What is ‘Modified Gross Rent’?
The tenant will pay rent plus any annual escalations of taxes and operating expenses. Whether the rate is structured as “gross rent” versus “net rent”, the tenant will ultimately pay the same. A net rent rate will be quoted as lower since the outside taxes and operating expenses will not be factored in.
Aside from a broker, what other professionals should I consult with?
It’s imperative an experienced real estate attorney reviews the lease or sales contract before signing. For more information on why you need a real estate attorney, click here.
Tenant Advisory Group, LLC. is a licensed independent commercial real estate brokerage firm with an A+ BBB rating, focused on helping tenants and buyers get the most out of their business space. We partner with our clients, providing education and advice based on our in-depth knowledge and years of experience.