Chicago Office & Commercial Space
The cultural heart of the American Midwest and the third most populous city in the United States, Chicago has gained a reputation for providing residents and visitors with a one-of-a-kind experience, fusing the warmth and congeniality found in so many of the smaller communities throughout this region of the country with the fast-paced, vibrant urban experience prevalent in New York, Boston and other coastal cities. Those interested in office space for rent in Chicago can take advantage of the numerous commercial districts, economic centers and thriving neighborhood communities throughout the city. Business owners who are pursuing a lease on commercial space for rent in Chicago can rest assured that they will be poised to distinguish themselves on a city, region, state and national level. Rental property is widely available throughout the city at large.
Chicago Economic Overview
With a population of nearly three million inhabitants, it should come as no surprise that Chicago is one of the most important economic hubs in the United States. With a lively financial sector and a variety of large companies located here, Chicago is widely considered to be one of the most balanced economies in the country and is currently home to the nation’s second largest business district. In addition to these large corporate enterprises, the city hosts a vibrant small-business scene, featuring a myriad of entrepreneurs and business owners across a wide range of industries and niches. Chicago is, at its core, an epicenter of diversity and a magnet for those seeking to establish themselves in this region of the country. The estimated median household income of local Chicago residents is nearly $45,000, approximately $18% below state averages. This is not surprising, due primarily to the fact that many of the area’s more affluent residents have relocated to one of several suburban communities situated on the outskirts of the city in order to raise their children in a more quiet, peaceful environment. It is estimated that roughly 19% of the local population within Chicago currently lives below the poverty line.
Chicago At A Glance
The city of Chicago was founded in 1833, featuring a resident population of 200 citizens. Over the course of nearly two centuries, the city has hosted some of the nation’s leading industrialists and economic heavyweights, helping to propel it to the forefront of innovation, industry and culture in the country. Thanks to a well-developed public transportation system and a thriving commercial sector, the city hosts nearly 50 million domestic and international visitors on a yearly basis. Although Chicago’s population does not mirror larger cities, such as New York and Los Angeles, it remains one of the most densely populated cities in the country as a whole. Notable landmarks in Chicago include the Chicago Water Tower, Millennium Park, the Art Institute of Chicago and the Field Museum of Natural History. Chicago has also gained renown as one of the most popular destinations for trade conventions in the country. Chicago ranks 3rd (behind Orlando and Las Vegas) in the country in terms of the sum total of conventions hosted annually.
Chicago has maintained a dominant influence throughout the Midwest United States for well over 150 years. In the 1830s, intensive real estate speculation and perceived investment opportunities led many businessmen from the coastal cities of the eastern United States to establish a presence here. By 1880, Chicago was widely considered to be the country’s most important rail center and was attracting prominent industrial and cultural figures from across the country and world. In 1960, the growth of suburban communities surrounding Chicago proper was catalyzed by the onset of controversial blockbusting tactics. As globalization and other revolutionary economic reforms began to occur in the second half of the 20th century, many of the lower skilled laborers in Illinois were forced to find new occupations or develop new skills in order to maintain financial security. Today, Chicago has become renowned for its wealth of ethnic and cultural diversity as well as a thriving local economy that spans across a plethora of industries and interests.
Chicago began to experience a significant influx of both European and domestic immigrants following the close of World War I. Although large numbers of German and Irish migrants had begun arriving in Chicago well before the arrival of the 20th century, the city’s population grew rapidly in the 1920s and 30s, featuring a significant influx of African Americans, Mexicans and Puerto Ricans. As is common with many of the larger cities in the country, Chicago is home to a wide cross-section of the area’s demographic mix. Income levels vary significantly depending upon the neighborhood in question. Nevertheless, Chicago remains a welcoming and receptive community for those hoping to immerse themselves in the colorful dynamic of this metropolis.
Trends Of Chicago
Although manufacturing centers across Illinois were significantly affected by the 2008 financial crisis, the city of Chicago has largely recovered from this economic wound, continuing to develop one of the most important financial centers in both the country and the world. Chicago has also invested significantly in education, transforming the city into a popular destination for both domestic and international students across a variety of disciplines. Chicago’s tourism industry continues to expand and develop, thanks in large part to the abundance of cultural institutions, sporting attractions, and city hotspots that have gained recognition from those living outside of the city. Demographically, Chicago continues to diversify, and it is expected that the number of foreign-born migrants in the city will continue to grow.
Where To Lease In Chicago
Depending upon the specific characteristics and the available resources of the business in question, the city of Chicago features numerous areas that may be conducive for establishing a business. Michigan Avenue remains one of the most well trafficked roads in the city and is home to a variety of companies across a wide range of sizes and industries. Due to the fact that Chicago is home to a number of universities, many areas of town, such as Lincoln Park, feature an array of unique coffee shops, fashion boutiques and eateries, sustained in part by the abundance of young individuals living nearby.
Learn More About Chicago
Real time and historical data on commercial real estate listings in Chicago.