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Latest "Chicago Commercial Real Estate" News:
Chicago Commercial Real Estate
Commercial real estate is defined as real estate that generates some type of income. This a broad category that includes such property types as shopping malls, hotels, apartment complexes, hospitals, industrial centers, factories and warehouses, and any number of other stores, restaurants, specialty shops or businesses. This type of real estate is generally zoned as such, not as residential, allowing for the development of the land into retail or business sectors.
Chicago commercial real estate developers often build warehouses, office buildings or rental units with the intention of generating income by leasing them out to other businesses or individuals. Developers also construct projects with the sole intent of selling once the project is completed.
One fast growing sector of the commercial real estate market is the mixed use building. These are high rises that house retail businesses on the lower floors and living units or condos and penthouses on the upper levels. The spaces, both retail and residential can be either leased or bought, depending on the developer's plan. Many newer luxury hotel and condominium developments like Trump International Hotel and Tower or the Ritz-Carlton are examples of these types of buildings. Living units for lease or for purchase are available and the lower floors of the buildings are devoted to retail shops, spas and other businesses.
The expanding needs of the medical services field is another growing commercial real estate sector in Chicago. Everything from full fledged medical centers to private office space for doctors and other health care providers are in demand. With an ever aging population, health care and related services are in need of increasing building locations, fueling a spike in commercial real estate devoted to that field. Along the same lines, more people are interested in either investing in, utilizing or living in resort communities, spas or other hospitality related types of commercial businesses and real estate.
Developers are also targeting the housing needs of college students and retirement age people with what are called niche properties. These are either apartment buildings, condominiums or planned communities with specific resident requirements such as age or income limits. Another big section of the commercial real estate market in Chicago is multi-family units. These could include town homes, duplexes or apartment complexes.
With more people accumulating more stuff, for lack of a better term, personal storage or warehouses are another form of commercial real estate development that is gaining in popularity. Developers are building stand alone storage units and also incorporating individual storage units or spaces into the lower levels of most new construction condominiums.
According to Crain's List, some of the major developers of commercial real estate brokers in Chicago are CB Richard Ellis Inc., Eastdil Secured LLC, Colliers, Bennett and Kahnweiler Inc., Jones Lang LaSalle Inc. and Mid-America Real Estate Corporation.
The bigger developers of commercial real estate in Chicago include Mid-America, Rubloff, Harlem Irving and Joseph Freed and Associates.
Some of the biggest expansions in commercial real estate were made by major retailers such as Wal-Mart, who actively built Supercenters in various locations. JC Penney, Ultra Foods, Menard's, Home Depot, and Lowe's have all expanded in the last year, and other chains such as Dunkin' Donuts and Starbucks plan to do the same.
Theaters have become a large part of the commercial real estate building boom in Chicago. Kerasotes is a well known name that has built several new multi-screen cinemas in the area while Muvico is a new name moving into the market.
As far as the biggest sale of commercial real estate property in Chicago, so far that title goes to a group of private investors from Anglo Irish Bank and Golub Company for an office building on 625 North Michigan Avenue for an impressive price tag of $93 million dollars.
The biggest commercial development goes to Center Point Properties for an industrial development on the old Joliet Arsenal that when completed will consist of 1.3 million square feet, cost an estimated $100 million dollars and span some 2,200 acres.
Looking at these examples, you can see that Chicago commercial real estate takes many forms and comes with a variety of price tags. Whether you are a business owner searching for new office or storage space, an individual wanting to invest in commercial property, or a developer planning a new project, Chicago has numerous options available. From the pricier downtown locations to the tracts further out, there is a large variety of commercial real estate waiting to be developed, leased or bought.
