Close to the center of Chicago but with more leafy, outdoor space, Lakeview has a population of almost 100,000, making it the largest of Chicago’s community areas. It contains several attractive smaller neighborhoods, including Wrigleyville, home to the Chicago Cubs. Located on Lake Michigan, Lakeville is also home to the Chicago Yacht Club.
The majority of Lakeview businesses involve the leisure and entertainment industries. About 30 minutes from downtown Chicago, the community has excellent service by city buses and the Chicago Transit Authority’s elevated and subway trains.
If you’re considering greater Chicago for your office needs, then you need to take a look at Lakeview. Contact us for advice and help with your office search – our services are free to tenants.
Lakeview, Chicago, Office Space: Lease Data and Trends
Lakeview, Chicago, currently has 1,032,608 square feet of office space. A little more than 40% of this is 50,000- to 100,000-square-foot sized properties, with the other 616,955 square feet in office space measuring between 100,000 and 500,000 square feet. Class A office space makes up 44.64% of the total available, Class B accounts for 24.85%, and Class C accounts for 30.51%.
The leasing market in the area surrounding downtown Chicago was hard-hit by COVID-19, and it has yet to recover properly. In Q1 of 2021, more vacancies and lower demand for office space made prices fall slightly. Sublease rates have also dropped 0.2% in this quarter, currently standing at an average of $24.51 per square foot.
The downward trend looks likely to continue for the remainder of 2021 due to an abundance of supply and scarcity of demand. In addition, a new 1.8 million square feet of space is about to come onto the rental market. Experts predict that the area’s leasing market won’t fully recover until late 2021 after employment rates return to post-COVID norms.
What Our Brokers Say About Lakeview, Chicago, Office Space
Lakeview is home to a wide variety of businesses, attracting a youthful and educated workforce. Initially a farming community, Lakeview once gained fame as America’s Celery Capital. Today’s primary sectors are in the sporting and entertainment fields. The Chicago Cubs baseball club, for example, is one of the area’s most prominent businesses.
DeskLabs, a Chicago-based shared office space provider, offers 16,000 square feet of co-working office space in the heart of Lakeview. A DeskLabs membership comes with many benefits, including complimentary hot and cold drinks and snacks, comfortable common areas in which to relax and network, a rooftop terrace, and a game room. These amenities, along with reasonable rates, combine to entice the younger workforce to Lakeview.
Top Commercial Buildings in Lakeview, Chicago
Illinois Masonic Medical Office: A 1993 building with a beautiful renovation, this sleek, modern structure offers 142,955 square feet of office space and sits on a 1.52-acre lot that provides plenty of parking.
2828 North Clark Street: This 175,000-square-foot building has eight floors and on-site parking that holds more than 400 cars. Its flagship occupant is Landmark Cinemas.
Sheffield Square Professional Center: This vintage 1916 building with a 2020 update offers 83,876 square feet of space, a free conference room, and valet parking for tenants and their guests.
Get to Know Lakeview, Chicago
Lakeview occupies an area of just over three square miles and has gained fame for baseball, the Lakefront Trail that runs alongside the Chicago River, and the Belmont Theater District, which boasts more than 30 theaters—many of them world-class. The area was originally home to Miami, Ottawa, and Winnebago Native Americans. Later settlers were people from Switzerland, Sweden, Germany, and Luxembourg. More than 40% of today’s buildings result from the property boom of 1889, making Lakeville’s property stock quite beautiful.
Today, Lakeview is proud of its residents’ diversity, which you will see reflected in area restaurants that offer delicious cuisines from around the globe. Lakeview is a young, active, and highly educated section of Chicago. About 40% of its current residents fall into the 25 – 39 age group, and 50% of residents hold graduate degrees. Home to the Chicago Yacht Club and Wrigley Field, the community boasts walking trails, fifteen public parks, six dog parks, and even a cat café.
In the unlikely event that Lakeview doesn’t have everything you need, downtown Chicago is just a short distance away.
Why Rent Office Space in Lakeview, Chicago?
Renting office space in Lakeview is an excellent idea because it is a vibrant area full of diverse, engaging, and well-educated people. Brimming with outdoor activities, Lakeview contains all the shops, restaurants, and entertainment anyone could want. On top of that, Lakeview’s central location just half an hour from downtown Chicago and Chicago O’Hare International Airport offers excellent public transportation options.
Nearby Neighborhoods in Which to Set Up Office Space
If Lakeview looks intriguing, remember that other areas surround it that you might want to consider in your search for a business location. Nearby communities with excellent office space include the following:
Ravenswood: This leafy residential neighborhood boasts independent stores and excellent restaurants. The district has trails that run along the North Branch Chicago River, and it is home to The Black Ensemble Theater, which specializes in musicals about the African-American experience. Office space includes the Ravenswood Professional Building, with 68,000 square feet of office and retail space.
Fulton Market: Formerly a warehouse district, Fulton Market is now a trendy business and entertainment neighborhood. Famous for its creative cuisine, Fulton Market also hosts great live music and is a top destination for people who love to shop for unique clothes and home furnishings. Office space is available at many locations, including 101 West Fulton, which offers 16,000 square feet of offices with elevator access and a conference room.
Contact us today to learn more about rental office space in Lakeview, Chicago, and the surrounding area. Our agents are on hand to explain available properties in the area and help you find an ideal new home for your business.