Illinois Commercial Real Estate Data, Information and Market Intelligence
Exploring the Dynamic Commercial Real Estate Market in Illinois
Illinois, the Land of Lincoln, is not only known for its rich history but also for its diverse and thriving commercial real estate market. Investors looking for opportunities in the office, industrial, retail, and hospitality sectors will find plenty to explore in this state. Here are some key insights into the commercial real estate landscape in Illinois:
Property Diversity: Illinois offers a wide range of commercial real estate properties, with a current inventory of 7,305 commercial properties available for lease or sale. This diverse portfolio includes offices, retail spaces, and industrial facilities, catering to various business needs.
Strong Industrial Sector: The industrial sector in Illinois is particularly robust and continues to grow. Established sub-markets such as O'Hare, Western Cook County, South Chicago, and more contribute to the state's thriving industrial landscape. The strategic location and transportation infrastructure make Illinois a hotspot for industrial development.
Chicago's Prominence: Chicago, the largest city in Illinois, stands as one of the top commercial real estate markets in the United States. It competes with major cities like Los Angeles, New York City, and San Francisco. Despite economic fluctuations and the challenges posed by the pandemic, key areas like downtown Chicago, Fulton Market, and locations near the United Center are experiencing continued growth, particularly in the commercial sector.
Asking Rates in Chicago: The current asking rates for commercial real estate in Chicago are as follows:
- Office: $29.16 per square foot
- Industrial: $7.57 per square foot
- Retail: As not provided in the search results
- Diverse Investment Opportunities: Avison Young US is a notable player in the Illinois commercial real estate market, offering investment and leasing opportunities across multiple sectors. These sectors include office spaces, industrial facilities, warehouse properties, retail spaces, multifamily developments, and even hospitality properties.
Abundant Opportunities: The North Central Illinois Economic Development Corporation reports that opportunities abound for real estate investors. These opportunities span various sectors, including industrial, technology, office spaces, agri-business, and the retail sector. Illinois offers a favorable business climate for those looking to invest in these domains.
In summary, the commercial real estate market in Illinois is a dynamic and diverse arena that beckons investors from various sectors. With Chicago as its epicenter, the state showcases its prowess in the office, industrial, and retail spaces, making it a prominent player in the national real estate landscape. Whether you're eyeing the vibrant cityscape of Chicago or the burgeoning industrial hubs, Illinois has something to offer for every savvy investor.