Chicago has a long-established entrepreneurial ecosystem and is home to the second-largest central business district in the United States. Historically industries including commerce, technology, telecommunications and transportation have been major players in Chicago’s economy but a growing tech community is turning the city into a hub for innovation.
Tenants looking for class A commercial office space or creative office space have a wide variety of neighborhoods to choose from mostly oriented around the "loop" where most business addresses are located. However, the Northwest suburbs and East-West corridor provide large markets for commercial space outside the downtown core.
As for the city itself, it is often known as the best food city in America. Time Out Magazine went one step further and ranked it the best city in the world for having it all, 2 years in a row! Chicago has that perfect balance of a large city lifestyle, great transportation, food, culture, and overall happiness.
TenantBase is a technology enabled office space brokerage built specifically for tenants. We make the commercial office space search and lease process easier by combining our unique technology with experienced local commercial real estate advisors.
The Fulton Market area of Chicago features a unique blend of commercial space that comfortably houses everything from vast corporate headquarters to smaller, flexible spaces for tech startups. Google leases over 500,000 SF of space between two separate properties in Fulton Market while McDonald’s now occupies the former home of Harpo Studios. That isn’t to say the area is exclusively for large corporations as many young technology companies are also flocking to the neighborhood as well.
Businesses can find ample commercial space in Fulton Market at $40 SF gross that typically ranges anywhere between 5,000 SF for older space and 100,000 SF in new construction. The majority of the local office space is either loft or coworking space which makes it attractive to the startup community. Many of the local surface lots are disappearing to fuel the new construction but employees can still find parking in the area’s garages.
River North was once known as an industrial center for much of Chicago and the surrounding area. Times have changed and River North is once again in the middle of a neighborhood transformation where marketing and advertising firms are quickly making room for other types of creative firms, technology startups, and interior design companies.
The office space in River North is primarily Class A+, loft space, and coworking space that averages 5,000 SF. Median rents are approximately $35/SF in older buildings as much of the new construction focuses on low to mid-rise, high-end residential properties. There is also a growing availability of first-floor retail space in much of the new construction.
Several financial firms and law offices call Chicago's West Loop home due to its enviable location and variety of commercial space. West End properties feature office space that ranges from smaller facilities to expansive 500,000 SF spaces. Rents average $40 SF for older properties and $75 SF gross for higher-end newer construction. Price points have risen dramatically in the last few years as vacancy rates have dwindled down to single digits. Parking in this professional area is in-building and runs expensive relative to other areas in Chicago.
One of the many benefits of working in Chicago’s West Loop is its accessibility. Traffic in the area is relatively normal by Chicago standards but the West Loop neighborhood has ample public transportation options to ease the daily commute. Ogilvie Transportation Center is centrally located in West Loop and provides easy Metra access for commuting to and from the region’s many suburban neighborhoods. The Clinton and Morgan Stations also make commuting by the “L” train a convenient option for the West Loop workforce.