Spec suites have been around since the 1980s. However, in recent years the fully furnished turn-key spec suites have become very popular for landlords to build and tenants to lease. These spec suites usually feature large open office areas with modern systems furniture; interior huddle rooms or offices with glass fronts; a kitchen area and conference room. Most of the suites have an exposed deck and mechanical system that has been painted. Some even include floating ceiling clouds; special LED pendant lighting; and accent walls with bright colors or reclaimed wood paneling. These suites are designed to attract fast-growing companies that are expanding quickly.
Last year, Corporate Office Construction LLC built more than 25 spec spaces in the downtown Chicago Loop area. All of these spaces were leased very quickly upon completion and sometimes leases were in place prior to completion. With spec suites providing so many benefits for both landlords and tenants, it is no wonder that they are growing in popularity.
Landlord benefits
• Show prospective tenants possible office configurations and styles.
• Provides available move-in-ready space for tenants who need to move in quickly.
• Increases efficiency in the leasing process. Decreases time spent with prospective tenants who are unsure of the construction process and their needs.
• Improves old office space that may be hard to lease.
Tenant benefits
• Easy to visualize your business’s future office space.
• No upfront construction costs.
• Difficult design decisions made for you.
• New furniture can be a huge upfront expense. Many times, these costs can be built into the lease and paid over the lease term.
• Ability to move into a new space quickly with less planning and downtime for the business.