Near North Side, the oldest part of the city, is one of central Chicago’s three main sections along with the Loop and Near South Side. Near North Side, as the name suggests, is located north and east of the Chicago River. Famous areas include the Magnificent Mile, Navy Pier, and Gold Coast. The neighborhood is also commonly called River North.
Near North Side is home to the Wrigley Company, which is headquartered in the Wrigley Building; the Tribune Company, which is headquartered in the Tribune Tower; and Potbelly Sandwich Works, which is headquartered in the Merchandise Mart complex. Google, Etihad Airways, and Qatar Airways all have offices here as well.
Near North Side Office Space | Lease Data and Trends
Near North Side office rental prices vary depending on which neighborhood one searches for space. Overall, landlords generally charge an average of $37 per square foot for rent, which is a few dollars higher than the $34/sqft Chicago office space average. Class A spaces in this area go for an average of $38/sqft, and Class B spaces cost an average of $32/sqft. Some areas of Near North Side tend to be more expensive, such as North Michigan Avenue, where commercial spaces cost about $41/sqft to rent. On the low end is Goose Island, where spaces cost an average of $30/sqft.
What Our Brokers Say About Near North Side Office Space
Near North Side is bordered by North Avenue to the north and the Chicago River to the east. The area houses an impressive number of institutions of higher education, landmark skyscrapers, and museums. Some universities include Northwestern University School of Law, Loyola University Chicago, Moody Bible Institute, Northwestern University Medical School, and Kendall College. Landmark buildings include Chicago Water Tower, Trump Tower, Tribune Tower, St. James Cathedral, and John Hancock Center. Museums include the Chicago Children’s Museum, the International Museum of Surgical Science, and the Loyola University Museum of Art.
When locals and visiting business people aren’t working in one of the area’s seemingly endless famous skyscrapers that function as a commercial space or shopping in Chicago’s famous Magnificent Mile, they might look for something to eat. Particularly because Near North Side is so large and contains so many different neighborhoods, it offers a lot of culinary choices. Look up Sapori Antichi Bar Italiano, The Purple Pig, Beacon Tavern, or Beatrix Streeterville.
Transportation options in the Near North Side area seem almost endless. Near North Side is one of Chicago’s most walkable neighborhoods, so commuting by foot to get some exercise while getting to work is a viable choice for a lot of people, except during the harshest parts of Chicago’s cold winters. Near North Side is also very bikeable. Those who would rather take public transportation can use the Chicago Transit Authority (CTA), nicknamed the L. The main section of the CTA serving Near North Side is the North Side Main Line, or Howard Branch, which operates Red, Purple, and Brown Line trains. This area also has plenty of bus lines and taxi services for convenient travel. Midway International Airport and O’Hare International Airport are located nearby for convenient national and international travel.
Find Near North Side Office Space for Rent | Popular Neighborhoods
Near North Side is a large area containing many different neighborhoods that vary in character, pricing, economy, and opportunities. Here are some of Near North Side’s popular neighborhoods.
North Michigan Avenue: North Michigan Avenue, or The Magnificent Mile, is a primarily commercial district known for its shopping opportunities and its great views of Chicago’s skyline. This 13-block strip provides space for numerous landmarks, media firms, and advertising agencies. Notably, the Chicago Tribune operates here. It’s also the home of the Magnificent Mile Association.
Goose Island: This neighborhood is 1.5 mile-long artificial island that is accessible by Division Street and Halsted Street. It’s one of the less affluent areas of Near North Side where office space seekers will find lower rental prices.
River North: River North is bordered by Chicago Avenue on the north, Michigan Avenue on the east, and the Chicago River to the south and west. It houses the headquarters of Groupon, ConAgra, and Motorola Mobility. Google and Yelp have regional offices here. Trump Tower, the House of Blues, and the Wrigley Building are all here as well.
Gold Coast: This historic district is full of mansions and high-rise apartments. North Avenue, Lake Shore Drive, Oak Street, and Clark Street form the boundaries of Gold Coast. It includes the Astor Street District.
Near North Side | Neighborhood History
Near North Side is the oldest part of Chicago. In the 1780s, Jean Baptiste Point du Sable built “Eschecagou,” the first known permanent settlement. Today, this area in Near North Side on the banks of the Chicago River is marked by Pioneer Court. In 1976, the Jean Baptiste Point Du Sable Homesite was designated as a National Historic Landmark.
Important to Near North Side development was New Yorker William B. Ogden. He purchased property in the area in the 1830s and began a project intended to extend the waterfront by digging a canal. When Ogden arranged for the city’s first railroad to cut through an area then called Kilgubbin, German and Swedish farmers began settling in Near North Side.
Soon after, the McCormick family began building homes in the east of Near North Side, bringing more affluent people to the area. The McCormick family became rich and famous for inventing the McCormick Reaper, which changed the agricultural industry. Near North Side was actually originally called McCormickville because of them. Even today, their descendants control the Chicago Dock and Canal Trust.
In 1920, Michigan Avenue Bridge opened, paving the way for the creation of a luxury shopping district. In the 1950s, the name “The Magnificent Mile” was first coined to describe the section of North Michigan Avenue famous for its numerous stores. This was when many of the area’s fancy apartments were first built as well. In the 1980s, developers built many of the skyscrapers Near North Side is still famous for today.