From visiting the Bean to trying a new restaurant, there is always a lot to do in the city of Chicago. Whether you grew up in the Windy City or you are hoping to move to it in the near future, there’s always something to do and a neighborhood to explore. Besides Chicago being a great city to live in, it is also a great place to invest in real estate. There are always many different up-and-coming neighborhoods in which you can invest, but make sure that you choose the right neighborhood. In pretty much every scenario, an average space in a quality neighborhood will pay off faster than a luxury space in the wrong neighborhood.
Should You Invest in Chicago?
Deciding whether or not to invest in commercial real estate in Chicago is a decision that you should think about carefully. If you aren’t familiar with the city, it is important that you conduct the necessary research to determine whether or not the market is a good fit for you. The rental prices have grown consistently over the past 10 years, so it is safe to assume that the market will continue to grow.
The rental market is strong, but not in all neighborhoods. This is a good thing because it proves that there is still a possibility to see an increase in some areas. Certain neighborhoods such as Jefferson Park, West Town, Humboldt Park, and Garfield Ridge have not yet seen a price increase, but they are beginning to catch up to Chicago averages.
If you are considering investing in commercial real estate in Chicago, consider the following areas:
Edgewater
Statistics show that it only takes 44 days for a property in Edgewater to sell. This is the lowest rate of days on the market in the city of Chicago. Plus, in the past three years, local prices have increased by 32 percent! Explore the opportunities that Edgewater has to offer.
Jefferson Park
Jefferson Park is a great place to invest in commercial real estate in Chicago. Real estate prices are trending upwards and there are many local amenities including a transportation hub and many different parks.
Humboldt Park
Humboldt Park has seen a 33 percent price increase in the last three years. Locals can confirm that the area continues to get new construction projects in both the commercial and residential areas.
Consider the above neighborhoods when investing in commercial real estate in Chicago.