Commercial Real Estate in Chicago
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Overview of Commercial Real Estate in Chicago
The third largest city in the nation, Chicago is a powerhouse of economic, cultural, and technological advancement with a rich, deep history that ties all Chicagoans together. Home to several major sports teams, significant tourist attractions like Millenium Park and the Navy Pier, entertainment and leisure are a huge perk of life in the Windy City.
Home to 2.7 million people within the city limits and nearly 7 million more within the metropolitan area, Chicago is a large, sprawling city with heavy traffic, highly utilized public transit systems, and plenty of opportunity to commute to and from work in the city’s core.
For companies seeking office space in Chicago, a word of advice: get ready to compete. It’s a busy market that moves incredibly quickly, especially in the downtown area, and availability is scarce compared to other cities of comparable size, but, due to a low median rate of $33 per square foot/year, Chicago remains a viable market for first-time business owners and commercial real estate upgrades for established companies.
Economy of Chicago
With a median household income of $50,434, the city’s wealthy and affluent class occupy high rise condominiums, apartment complexes, and penthouses scattered throughout the downtown corridor. However, suburbs like Kenilworth, Clarendon HIlls, and Long Grove attract wealthy professionals who seek the quiet seclusion of suburban life while remaining within reach of Chicago’s restaurants, entertainment, and attractions.
Chicago has the nation’s third-largest gross metropolitan product, reaching nearly $700 billion last year. The city boasts the second-largest central business district in the United States, second only to New York City, with financial giants like Chase Bank calling the city home. Aerospace leader and Seattle native Boeing moved its corporate headquarters to Chicago in 2001; GE Healthcare, Walgreens, and Kraft Heinz also call the Windy City home and both Caterpillar, Inc. and McDonald’s have plans to move to Chicago in the near future, promising thousands of new jobs in the region.
Aside from the aforementioned large institutions putting down roots in Chicago, the small business environment in the city is booming. According to a recent survey, 2/3 of small business owners expect to expand their operations in the coming year - good news for entrepreneurs and small businesses looking to expand to a major midwest market.
Trends of Chicago
Chicago’s construction industry is exhibiting dramatic growth. 49 high rise developments are under construction within the north/south corridor from Uptown to Dearborn Park alone - and that’s not counting the booming efforts to house Chicago’s growing population.
Post-recession, the city’s manufacturing, education, and technology sectors have been completely revitalized, demonstrated by the influx of qualified workers moving to the city or starting their first jobs straight out of one of the city’s many universities and trade schools. Tourism in Chicago is also a major industry, employing almost 150,000 people and bringing in 55 million visitors to the Windy City last year.
Chicago has 5,893 commercial real estate spaces for lease, representing 47,952,131 sqft space.
2376 buildings are available for sale.
In the past 30 days, Chicago has had 522 spaces leased and 16 new spaces come on market.