Since 2008, downtown Chicago has attracted 88 suburban and 13 out-of-market companies, of which 32 have been headquarters relocations. If your company is thinking of making the move or you’re just curious about new neighborhoods, take this headquarters quiz and land on the best submarket for your team!
We’ve all seen it before. The meatpacking plant becomes the pioneering coffee shop becomes the hippest new neighborhood on the fringe. With 54 percent of the world’s population now living in urban areas and one million more moving to cities each week, the demand is there for these once-neglected submarkets to become cities’ greatest assets. For a prime local example, look no further than Fulton Market.
Unlike the sleepy, 9-to-5 CBD and over-saturated River North and West Loop submarkets, Fulton Market offers off-the-beaten-path edge just minutes from downtown and is beginning to host an ever-widening array of uses. How did it all start? As one of Oprah’s “Favorite Things.”… Read More
With ICSC Chicago Deal Making in the rearview mirror, JLL’s starting lineup of Retail associates sat down with us to talk trends, submarkets and their favorite places for retail therapy.
What part of the city do you live in and where do you like to shop?
I live in the western suburbs in Medinah. If I’m home, you’ll find me shopping at Oakbrook Center. When I’m downtown, I like to explore the stores on Michigan Avenue and State Street. If you’re looking to stay on-trend at a new, upstart retailer in Chicago, check out Shinola in Bucktown for watches, bicycles and leather goods.
What’s Chicago’s most up-and-coming retail submarket?
The West Loop. Expect to see larger national tenants testing the waters in the area, which has become a tech office mecca and is beginning to establish itself as a retail presence in Chicago. Everyone is swarming around the neighborhood, but the floodgates will really open once a big name brand takes that first step.
What’s the biggest retail trend nobody is talking about?
The pop-up shop. It’s an innovative way to use empty space and carries a low financial commitment for retailers looking to short-term test the success of particular locations. Canadian retailer Kit and Ace is trying one in the West Loop for one year to evaluate its prospects in the market.
What retailers will we see growing in Chicago in 2016?
Fast casual dining options will continue to dominate as a growth market in Chicago retail, with the biggest need in the West Loop. South African chain Nando’s has been a prime mover in this space with three locations already open around Chicago, and a unique example of an out-of-town retailer entering the city in a young market like the West Loop.
What’s your favorite retailer space in Chicago and why?
The Nike flagship at 669 N. Michigan Ave. Like other successful big brand flagships that “just do it,” the space and customer experience do a great job marketing the brand. The size and scale of flagships may not correlate to comparable in-store sales, but the positive effects on brand identity are immeasurable and difficult to achieve via online channels alone.… Read More
The downtown office market saw measured growth in the first quarter of 2015, with vacancy down to 12.7 percent and rent up 4.7 percent. But those numbers alone don’t tell the full story.
“The tech boom and suburban migration are not new phenomena, but both classes of tenants continue to drive leasing momentum,” said JLL Senior Vice President Nooshin Felsenthal. “It all comes back to job growth and companies’ desire to attract top-tier talent.”
Here are seven secrets behind downtown’s rising office market and its potential for landlord leverage:… Read More