Chicago, a city renowned for its cultural institutions, architectural landmarks, and vibrant arts scene, offers an ideal setting for retail businesses to thrive. With its strategic location on the southwestern shores of Lake Michigan, Chicago provides unparalleled access to a diverse customer base, making it an attractive destination for retailers. The city's infrastructure, including Commonwealth Edison (ComEd) for electricity, Peoples Gas for natural gas, and the Chicago Transit Authority (CTA) for public transportation, ensures a seamless and efficient operation of retail businesses. Additionally, the city's proximity to major transportation hubs, such as O'Hare International Airport and Midway International Airport, facilitates easy access to suppliers, customers, and markets. Chicago's diverse economy, with no single industry dominating the workforce, also provides a stable and resilient environment for retail businesses to grow. The city's many amenities, including over 570 parks, world-class conservatories, and recreational spaces, further enhance its appeal to retailers and customers alike.
With 500 retail spaces for lease in Chicago, businesses can find the perfect location to suit their needs. Chicago's retail spaces offer a range of options, from small boutiques to large department stores, and are situated in prime locations, such as the Magnificent Mile and State Street, to maximize foot traffic and visibility. In addition to retail spaces, Chicago also offers a range of other property types, including restaurants, medical offices, and office spaces, each with its own unique characteristics and advantages. For instance, restaurants in Chicago can capitalize on the city's vibrant food scene, while medical offices can tap into the city's extensive healthcare infrastructure. Office spaces, meanwhile, can benefit from the city's thriving business community and access to top talent. With its diverse range of property types and locations, Chicago provides a unique and exciting opportunity for businesses to establish themselves in this world-class city.
What is the average cost per square foot for retail space in Chicago?
The average cost per square foot for retail space in Chicago is $31 USD per square foot, with an average size of 4,230 square feet and a maximum space size of 92,000 square feet, among the 500 available listings of retail space for lease in the city.
How do anchor tenants affect surrounding retail space leases?
Anchor tenants, such as department stores or supermarkets, can significantly impact surrounding retail space leases in Chicago, as they attract a high volume of foot traffic and create a draw for other businesses, resulting in increased demand and potentially higher lease rates for nearby retail spaces, with 500 available listings currently on the market, averaging $31 USD per square foot, and ranging in size from 4,230 square feet to 92,000 square feet.
