Can you afford commercial real estate on the Chicago Magnificent Mile? If you can, your business will be in good company, and you can make a lot of money!
A festival of restaurant dining, theater and jazz experiences, shopping, hotels and entertainment, Chicago’s Magnificent Mile is abuzz with activity from Spring through Fall, and those merchants and commercial vendors who are lucky and wealthy enough to rent space in Chicago’s most productive real estate market, are the fortunate recipients of some pretty hefty income.
The Magnificent Mile stretches from Randolph Street to North Avenue and from Lake Michigan to the North Branch Canal, and it is Chicago’s most expensive commercial real estate.
The landscape is flush with fancy hotels including the Inter-Continental, the Ritz-Carlton, Hilton, Omni, Le Meridian, Hyatt, Wyndham, the Westin, the famous Whitehall and many other world-renowned hotels share this prestigious real estate, and the Greater North Michigan Avenue Association manages the business district.
Within this precious Chicago real estate, street festivals, garden shows, food festivals and other events are planned, all to bring local residents and tourists to spend their entertainment dollars.
Along this stretch of expensive real estate you can also find posh, formal restaurants like Les Nomades, and NoMi intriguing international restaurants where you can find Brazilian, East Indian, French, Italian and cuisines from many countries around the world.
The Chicago Shakespeare Company is also in residence in the Magnificent Mile of Chicago Real Estate, as are a number of jazz clubs and galleries like Kenneth Probst, Peter Bartlow and R.S. Johnson, selling fine art, antiquities and much more.
Water Tower Place, the Shops at North Bridge, Chicago Place and the North Michigan Shops also offer commercial real estate opportunities in well-advertised storefronts, malls and real estate centers.
If you are looking for commercial real estate in this area of Chicago, be sure you employ a reputable broker. Rents are high and real estate is precious. Options to extend commercial leases and expansion options to take on more space will come at a premium in this real estate market.
Upscale brokers like Gordon McAdam, Property Management companies like Zeller, and Executive Suite brokers like AMATA deal in finding and leasing commercial real estate and space to businesses in this area.
If you are looking for Chicago real estate on the Magnificent Mile, be sure you find a company that will work with you to assess your square footage requirements, and do an office or building search that will take into consideration the ideal location for your type of business.
These companies can also help you analyze the commercial lease you will be asked to sign and negotiate more favorable terms. Some have partners that offer architectural and build-out services for your real estate needs, and even move-in and utility hook-up services.
If you DO rent commercial real estate along the prestigious Magnificent Mile in Chicago, make the most of your network by joining the Greater North Michigan Avenue Association. Membership in this business and real estate district association provides you the opportunity to participate in business-to-business marketing activities and to have your logo and business identify advertised and promoted in the Magnificent Mile events and activities.
The Board of Director’s for this Chicago real estate business district and association always includes prestigious hotel managers and business managers for large commercial vendors like Neiman-Marcus, as well as business district and service vendors who provide the local transportation. These are good people to know if you want to promote your business.
Get to know the individuals who share this small square of real estate with you and leverage their connections to help you make more money and pay that steep rent bill every month.
Per square mile, this patch of Chicago real estate will produce more income for your business, but it will cost you a pretty penny to house your business here.
If you want to consider Chicago real estate with a slightly less onerous price tag, you can consider real estate in the Riverfront area, which is very near the Magnificent Mile and attracts lots of tourists. There are lots of events there and the overflow of shoppers and tourists from the Magnificent Mile is a definite advantage to renting commercial real estate in the area.
Ask your Chicago real estate broker to make some recommendations and see what you can afford. Good luck and enjoy the ride!