...
U.S.
Offices
About
Profession... ...iggins Road Suite 500
Rosemont, IL
60018United States
Map
Phone:
847.849.
1900
Area OverviewChicago, the largest
market in the Midwest region and the third-largest
market in the U.S., provides a critical lin... ...ified economy.The Chicago real estate
market as a whole is the third larges... ...of space. Almost every major REIT and
national property owner has a presence in the Chicago
market, either through headquarters or branch
offices.
MarketsOfficeThe Chicago
office market, home of the original skyscraper, comprises 450 million square feet of
office space. Downtown Chicago, especially along Wacker Drive, has become the location for multiple
office developments and redevelopments that have reshaped the city skyline and redefined the
market. The strong development activity continues to attract new institutional ownership and enhance an already vibrant
market. RetailThe retail
market consists of approximately 500 million square feet of retail space. In the central business district, the
market is driven by opportunistic retailers who have recognized that the CBD provides them an interesting demographic of young professionals as well as mature empty nesters. Companies entering the
market and existing retailers are also creating opportunities for themselves and supporting reverse migration to the CBD. As a result, stores and retail centers have a long-term opportunity to capitalize on the creation of new residential properties.IndustrialWith
1.
1 billion square feet of industrial space, Chicago ranks as the second-largest industrial
market in America, serving as the logistical hub of the United States. Since Chicago is the only
market in the nation where all six class I rail lines converge, the industrial property sector benefits from a unique location within North America. The industrial
market also gains from the rare combination of a large population and unlimited green field space. The demographics make Chicago an attractive
market for industrial investors. In fact, every major U.S. industrial property investor has a presence in Chicago.InvestmentChicago’s
office prices remain highly affordable in comparison to other U.S. and
international markets. This situation reflects a developer-friendly environment, a lack of physical restraints, and the desirability of the
market. In contrast, stable capitalization rates can drive consistently-strong pricing in the industrial
market. This is a reflection of the attractiveness of the
market to institutional investors, and Chicago’s strategic location in the center of the country. Consequently, Chicago remains a vital
market for institutional buyers and is positioned well for the future.Avison Young in ChicagoAvison Young opened its first U.S.
office in Chicago in
2009, marking the launch of aggressive North American and
international expansion efforts. Due to the city’s Midwest location and prominent role in North American transportation, Chicago brokers have gained considerable industrial real estate experience while also facilitating major
office and retail sale and lease transactions. Avison Young’s Chicago
office also works closely with the company’...