North Side Office Space: Thinking Outside the Loop
In a major market like Chicago, looking for office space perfectly suited to your business can be overwhelming. There are many options for space, but not every location offers the accessibility, market opportunities and affordability of the North Side. North Side office space in Chicago is still being offered at reasonable prices and includes amenities not found in the Loop. For many years, businesses would only consider offices located in the Loop. However, growth in Chicago’s surrounding neighborhoods is leading to more unique options for companies seeking new and creative spaces.
When beginning a search for an office in Chicago, it may be tempting to start in the Loop. This area, while indeed bustling and centrally located, has become oversaturated, leading to higher lease prices and less options for quality space. According to Crain’s Chicago Business, “downtown Chicago office vacancy fell for the third consecutive quarter, ending 2014 at its lowest level in six years.” The trend in commercial real estate has been to explore flexible spaces in areas that are outside of The Loop, as this increase in occupancy means fewer options.
Startups and tech companies have caught on to the opportunities available in Chicago’s neighborhoods, like the North Side. As the tech market here grows, companies are searching for spaces that will offer amenities to employees not found in downtown high rises. Ample parking, fitness centers and access to outdoor spaces draw these younger, more creative businesses to loft and single story flex spaces outside the Loop. Tech companies are growing quickly and require space that will grow with them or they will need to head to other areas. An example in a recent article points out that Food Genius, Inc., a small company that grew from two people to fourteen in three years, has moved five times in that short period. Now they are located in a more flexible space, in a North Side neighborhood, allowing them to be prepared for the next period of growth.
Not only are companies thinking outside the Loop, but they are also focusing outside of the suburbs. Once coveted for its space and ease of access and parking, suburban spaces are now becoming vacant, as more companies move to city locations to draw younger talent. As this recent Wall Street Journal article discusses, companies are seeking “urban amenities, proximity to public transit and sense of community – the same qualities young workers prize when deciding where to live and work”. Companies such as Continental Holdings, Hillshire Brands and Motorola are all leaving their long-standing suburban homes for newer, more community friendly urban spaces. With the transition back to the city, these companies are finding that talent that once turned them down for jobs because of the commute to the “burbs” or other arguments about their location, are now accepting offers for positions. Choosing a location in the growing north side neighborhood will ensure that you can utilize this pool of young, creative talent.
Within Chicago, advancements in transportation and roadways are contributing to growth in commercial and industrial real estate on the North Side. Illinois lawmakers are in the process of working on a $1.1 trillion spending bill that will allow for improvements to the CTA Red Line on the North Side, runway expansions at O’Hare airport and a long-overdue refurbishing of Lake Shore Drive (source). This kind of progress will only make Chicago’s North Side office space more attractive to companies seeking new space. Neighborhoods on the North Side are also amongst those offering “walkable living” to its residents. Newly planned transit-oriented residential developments will focus on car-free living and can draw a younger demographic. These kinds of investments in green living bring a desirable demographic for a solid labor force. One such development is planned for 3400 N. Lincoln Ave., which is located near the Bradley Business Center.
Are you ready to think outside of the Loop and move to Chicago’s North Side? The Bradley Business Center can offer your company a perfectly appointed, flexible North Side office space. When you choose Bradley you benefit from being located in a thriving neighborhood. O’Hare Airport, the Kennedy Expressway, public transportation, and a vibrant workforce are all found just steps from the the Bradley Business Center. We also offer great amenities, ample parking, access to public transportation, and flexible leasing options. Our 350,000 square foot center houses shared office, single story flex and corporate office space. We would like to invite you to contact our sales representative to see for yourself why the Bradley Business Center is the ideal place for you to work like you live.