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If you don't lease the space, I might! $1600 isn't that bad for Chicago, and how often does a well-built studio become available like that?! If you can pull in the business to cover the costs, do it! But, as I'm sure you know, it's tough here in Chicago because there are TONS of studios doing good recordings for good rates, so you'll have to really work hard to make your business stand out from all of the other places around here. $300 a day is good. I interned at a place here that charged $650 a day, and the recordings that came out of there were good but not special.
The only thing I have to say, and this is from being a partner at a studio for a few years:
Don't plan your budget based on having the place booked 5 days a week, because that's unlikely to happen for a while. Do the math based on having the place booked two days a week. If you can still sustain the rent/utilities/etc by having the place booked two or three days a week, then you should be great, but if you get excited (as I did) and do all of your planning based on what business COULD be as opposed to what business is LIKELY to be, then you'll get screwed. Just my very humble opinion. Good luck!
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