Compared to other large cities like New York, San Francisco, London, Hong Kong, and others, Chicago is affordable. But everything—of course—is relative. Compared to the rest of the United States, Chicago is still more expensive than most places. Plus, even if the city is relatively affordable, that doesn’t mean you shouldn’t still look for the best commercial real estate in Chicago for an even better price.
So to help you with that search, in this post, we’ve collected tips on finding affordable real estate in Chicago.
Don’t Follow the Crowd
Commercial real estate in Chicago is known for its many neighborhoods. Hyde Park, West Loop, Uptown and others are well-known, popular Chicago neighborhoods. But the Windy City has more to offer commercial real estate investors even beyond these high-end neighborhoods. Places like Rogers Park, Little Village, Edgebrook and other lesser-known neighborhoods offer great Chicago value at an even more affordable price.
Focus on the neighborhoods that people aren’t talking about that have a strong economic base. For example, Little Village doesn’t have the glitzy, high-end shopping like other places in Chicago, but it was recently the second-highest-grossing shopping district in the city.
Consult Local Experts
Doing well in commercial real estate in Chicago requires that you know your market. So, if you didn’t grow up in the city or you haven’t spent a lot of time in Chicago, make sure you’re talking to people that have. In fact, even if you think you have a solid grasp of the Chicago real estate market, talk to other people. In a big city like Chicago, it’s just not practical to try and be an expert on every nook and cranny of the city.
Don’t Be Afraid to Get Your Hands Dirty
There’s no avoiding it. If you want the most affordable deal possible, you’re going to have to do some work. To the extent that you feel comfortable, try to pursue deals that will require a little work for the investment to reach its true value. Just make sure you’re not taking any risks you’re not comfortable with just for the sake of saving money. In the long run, you’ll end up better off avoiding even potentially lucrative deals if you don’t have the experience, team, or budget to make that complicated deal work.
Looking for a Great Deal in Chicago?
Frontline Real Estate’s team of brokers knows the commercial real estate market in Chicago front to back. Give us a call today.