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Chicago Office Space Market Overview

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Chicago office space is readily available to provide a place for your organization to conduct business, whether in the retail, wholesale, goods, or services sectors. Known as the “Windy City”, Chicago sits along the south western tip of Lake Michigan and is home to famed Wrigley Field, home base for the Chicago Cubs baseball team and venue of many great sporting events and concerts. According to the 2000 Census, nearly 3 million people call this great city their home.  This metropolitan area offers a great venue for conducting business in goods, services, or industrial markets.

The Chicago commercial / industrial sector is steadily recovering from the hard economic times that faced the entire nation during 2009 and 2010. March 2011 indicated unemployment of 9.2%, down .3% from the previous month, and down a full point from one year ago. An estimated total of 162,000 non-agricultural jobs were added to the workplace during March 2011, indicating the market is once again growing to pre-recession levels. Chicago is home to a range of commercial activities including the healthcare, hospitality, and service markets. Industrial lease rates remained stable at an average of $3.91 per square foot net rate, down 0.05 from a year ago. Industrial availability declined leaving end the of the first quarter of 2011 reporting 124.8 million square feet (MSF) of the 1.2 billion square foot industrial market in Chicago ready for rental leases. Construction in the industrial sector continues with projects totaling almost 3 MSF in development.

Chicago office space for rent in the Central Business District (CBD) is considered those spaces inside the area known as the “Chicago Loop”. The skyline is dominated by high-rise building and the historic commercial center of Chicago rests inside this neighborhood. Bounded on the north and west sides by the Chicago River, on the south by Roosevelt Road, and on the east by Lake Michigan, the commercial and retail heartbeat of Chicago was born in this area but has grown in recent years to extend much further into the metro area. As of the 2000 census, only 16,388 people lived in this area which hosts little residential properly compared to the density of commercial and office in this community.

Chicago’s suburban office space market has begun to stabilize after experiencing the shakiness felt by most of the nation. The direct vacancy rate holds steady at 21.8% since the sharp increase experienced in 2009. The low demand market offers businesses seeking commercial office space for lease an opportunity to benefit from the renters’ market.  Asking lease rates have fallen to $21.14, down $0.92 from 2009’s second quarter figures, providing potential business owners the chance to negotiate historically low rental costs.

The Chicago Metro area hosts nearly 107.3 MSF of commercial rental space.  Chicago Office spaces are available in all sizes from openings in serviced executive suites to large commercial office buildings. No matter what your needs, Chicago has the right venue for conducting business and the market is perfect for making a move now while rental rate are low and vacancies are available.

The Loop Retail Historic District and the upscale Magnificent Mile compliment the shopping malls and huge department stores, offering resident a cornucopia of retail opportunities for shopping and retail jobs. One of the largest art museums, the Art Institute of Chicago offers special shows as well as regular business hours. The Goodman Theater, Chicago Theater, the Joffrey Ballet, Civic Opera House, Lyric Opera and Chicago Symphony Orchestra provide a range of performances year around. The Chicago Cultural Center provides enriching events and the huge Harold Washington Library offers an extensive literary collection. Grant Park, featuring Buckingham Fountain and free Grant Park Symphony concerts, is an oft visited leisure area, among the many Chicago has to offer. Annually, a two-week long food fest, the Taste of Chicago, is attended by more than 3 million hungry food samplers. With public and private schools and a variety of state and private colleges, business owners find opportunities for education that outshine many other cities. The Chicago River offers waterfront fun and Lake Michigan completes the variety of waterside activities. There’s always a lot to do in Chicago for all ages.

If you are considering Chicago commercial office space rental for your business, consider making your move now. There are plenty of opportunities for small businesses as well as large organizations in the Windy City of Chicago.  You can find help locating the right Chicago office space for rent by contacting OfficeFinder, a free service to help you in your office location process.

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