If you’re in the market for commercial real estate for lease in Chicago, you might be wondering which of the city’s many unique neighborhoods is the best option for investing your time and money. Aside from the obvious importance of choosing the right location at the right time, for many investors, choosing a single neighborhood for multiple investments is a priority, simply for convenience’s sake. Here are Chicago’s most up-and-coming neighborhoods in 2020 to consider investing in.
In many cities, the increasing popularity of one neighborhood directly affects the popularity of the surrounding neighborhoods. Chicago is no exception. When looking for commercial real estate for lease in Chicago, Logan Square is a neighborhood that’s closing in on nearby Bucktown and Wicker Park as the place to be. Logan Square offers trendy bars along with some commercial shopping destinations like Target and Home Depot.
Sale prices in Logan Square have been rising overall, making now a good time to invest with a buy-and-hold strategy.
For those investors looking to diversify the types of property in their repertoire while remaining in one location, the Pilsen neighborhood is a unique and smart option for you. This neighborhood is located in Chicago’s Lower West Side and boasts a good mix of single-family homes, condos, and multi-family properties. For real estate investors, the entrance barrier is relatively low due to low property prices and rising median rents. If you find an undervalued property in this area, consider renovating and renting it out for the short-term.
In the past few years, this neighborhood has been in the media as one of the next up-and-coming areas in Chicago. Residents have moved to this area to avoid rising price tags in the surrounding neighborhoods, and gentrification has begun to take over. Sales prices have been rising and could potentially skyrocket in the next few years. If you’re looking for commercial real estate for lease in Chicago, Avondale is an area to look at and remain speculative.
If you’ve ever been to West Town, this is probably the most obvious place on this list to invest in real estate. For residents and businesses in West Town, this area checks all the boxes–low crime, great amenities, and a high livability rating. While this area can be a tad more expensive than many neighborhoods in Chicago, the neighborhood’s intense growing popularity makes the cost worth it.
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