Office Space, Hyde Park, Chicago
Founded in 1853, Hyde Park is located on the shore of Lake Michigan and houses several museums and universities, including The University of Chicago. Hyde Park has been home to many notable people, including Mary Todd Lincoln, Muhammad Ali, and President Barack Obama, whose Presidential Center is currently under construction in town.
The majority of Hyde Park businesses are on 53rd, 55th, and 57th streets. Downtown Chicago is 6.8 miles, or about 14 minutes, away and connected by CTA buses and the Metra Electric Line.
If you would like to rent office space in greater Chicago, give Hyde Park a serious look. Contact us, and we will help you in your search—our services are free to tenants.
Hyde Park, Chicago, Lease Data and Trends
The total office space for rent in Hyde Park, Chicago, is currently 423,410 square feet. Just over 12% of this space is properties measuring between 50,000 and 100,000 square feet, and the remaining 387,620 square feet are properties in the 100,000 to 500,000 square-foot range. Of the total office space, 61.64% is Class A, and 38.36% is Class B.
The leasing market in suburban Chicago has yet to recover fully from the impact of COVID-19. Rises in vacancies and a fall in demand for properties have resulted in prices falling slightly in Q1 of 2021. Although rents rose 0.6% during the previous year, they peaked in Q3 of 2020 but have been dropping since then. A significant reduction in sublease rates has led to a fall of 0.2%, for the quarter, to an average of $24.51 per square foot.
The trend for the remainder of 2021 will likely be downward for rents because of the surplus office space supply and low demand. Vacancies are likely to increase due to 1.8 million square feet of office occupancy soon opening. The job market forecast suggests that significant recovery will not happen until late 2021 after the country more fully recovers from the effects of COVID-19. After this, the leasing market is likely to pick back up again.
What Our Brokers Say About Hyde Park, Chicago, Office Space
Hyde Park businesses are plentiful and varied, and they attract employees from all over the world. The most important industries are education and leisure. The University of Chicago alone employs almost 8,000 people, which is pretty impressive considering that the population of Hyde Park is less than 28,000.
Founded in 1889, Hyde Park enjoys respect as one of Chicago’s most highly educated neighborhoods. It is full of museums, theaters, cinemas, and fine restaurants, all of which employ significant parts of its workforce. Hyde Park is home to the University of Chicago, Catholic Theological Union, Lutheran School of Theology at Chicago, and McCormick Theological Seminary.
University CoWork dominates co-working office spaces, which the company opened in 2018 to tap into the local talent and help support underdeveloped areas across Chicago. Recent initiatives include that company’s Virtual Accelerator, which allows University CoWork members to connect with business opportunities globally. It also holds regular matchmaking events to help small businesses all over the world.
Top Commercial Buildings in Hyde Park, Chicago
Hyde Park Bank Building: Dating to 1929, this building’s current occupant is its flagship Hyde Park Bank location. This 10-floor structure is about 110,000 square feet. K. M. Vitzthum & Co. initially designed the Classical Revival-style building’s architecture.
The Harper Court: This 261,010-square-foot building sits on 2.65 acres of land. Built in 2013, it received an update in 2020. In a central location with 12 floors and 769 parking spaces, this build serves as a convenient hub for commuters.
1424 East 53rd St: Dating to 1963 on just under half an acre, this pinnacle office building in Hyde Park now offers almost 30,000 square feet of mixed-use office space.
Get to Know Hyde Park, Chicago
Hyde Park was the site of the World’s Fair of 1893. Today, the buildings house The Museum of Science and Industry, the largest science museum in the Western Hemisphere. The University of Chicago, one of the world’s ten best universities and home to an astonishing 100 Nobel laureates, calls Hyde Park home. Its campus boasts museums, theaters, libraries, and a wide array of other amenities that an $8.6 billion endowment can buy. If these aren’t enough, downtown Chicago is just a short drive away—or you can leave the car at home and hop on public transportation.
Why Rent Office Space in Hyde Park, Chicago?
Why should you rent office space in Hyde Park? Because it is a great business base, of course. Hyde Park is a stone’s throw from downtown Chicago and less than 40 minutes from Chicago O’Hare International Airport. But that’s not all! You can also find plenty to do in Hyde Park for out-of-office hours. Hyde Park boasts world-class restaurants, famous museums, fabulous architecture, theaters, and so much more.
Nearby Neighborhoods to Set Up Office Space
If Hyde Park is the kind of place that would work for your office, perhaps some of the surrounding areas would also serve you well. Here are some nearby neighborhoods that offer excellent office space.
Bridgeport: Home of the Chicago Red Sox and the birthplace of five Chicago mayors, Bridgeport is famous for its ethnic diversity. Prime office space includes the Bridgeport Art Center, a 1911-era 500,000 square foot property with gorgeous views of the river and the Chicago skyline.
Bronzeville: Often referred to as Chicago’s “Black Metropolis,” Bronzeville is the birthplace of the Marx Brothers, Gwendolyn Brooks, Louis Armstrong, and many more luminaries alike. The streets are full of shops, restaurants, and beautiful buildings, including the only rowhouses that Frank Lloyd Wright ever designed. Office buildings include 4655 South Dearborn Street, dating to 1922, which now offers almost 100,000 square feet of interior space.
For further information on office space for rent in Hyde Park, Chicago and the surrounding area, contact us today. Our agents can advise you on your options and help you search for the perfect office space for your business.