Chicago’s Next Neighborhood to Watch
The South Loop real estate market has been exploding in the last couple years, but what is the next neighborhood to experience a boom? Perhaps the answer isn’t just one, but several. As businesses keep shifting their focus to downtown, neighborhoods surrounding the popular Loop, will boom: River West, River North, Goose Island, New City, Near West Side and Near South Side.
Get it Before it’s Gone
Large corporations – McDonald’s, Wilson Sporting Goods, Mars – have made the jump to the city, shrinking the amount of available space in the West Loop and other downtown areas. The surrounding neighborhoods mentioned above are at the early stages of popularity, and once they begin to trend, you’ll be glad you secured your spot. As with residential real estate, when you find a space you like you should move on it before someone else does.
The Trending Areas
One of the early signs that Goose Island is entering the early stages of popularity is the announcement Amazon will build its 51,900-square-foot Chicago warehouse there. The Clybourn Corridor is also undergoing a large transformation from its previous life as a booming industrial area. The area’s old Finkl Steel Mill site has plans for redevelopment, pushing the transformation of the Clybourn Corridor into the next phase. Warren Baker, a Chicago developer, already has plans to convert an old warehouse into a new, trendy loft office building, which will create an additional 65,000-square-feet of office space.
With Chicago being such an attractive option for corporations, the large amount of incoming developments will act as an additional lure to more businesses that are looking to move their headquarters closer to their employees.
With new buildings coming online in the coming years across Chicago, the profiles of many neighborhoods are going to change. Goose Island is reaching the beginning of its post-industrial life with a vibrant future planned. Developers have a vision for the man-made island, and they want to turn it into Chicago’s next top tech neighborhood. Properties are being purchased with plans to renovate the old industrial buildings into brand new, hip office spaces. Multiple large developments are already underway, however these large projects will take a few years to complete and fill-up with tenants. With the predicted facelift that Goose Island is slated to receive, there should be no shortage of tenants.
The downtown area is booming, and the effects of its popularity surge are beginning to spread outward. The fluid nature of neighborhoods will continue to cause shifts in popularity, making the coming year an exciting one to watch.