Avison Young in Chicago
Avison Young opened its first U.S. office in Chicago in 2009, marking the launch of an aggressive North American and international expansion effort. The Chicago office offers a full suite of services including tenant representation, agency leasing, asset and property management, project management, capital markets and development services.
The Chicago agency leasing and management teams have grown their combined footprint to more than 7.1 million square feet since their inception in 2009, managing and leasing both class A trophy high-rise buildings as well as adaptive reuse and creative-office buildings in some of Chicago’s hottest neighborhoods. Chicago’s capital markets team, an extension of Avison Young’s global Capital Markets Group, is recurrently a top producing team in North America, completing more than $556 million worth of transactions in the last 5 years. The Chicago office also houses Avison Young - Development LLC, an award-winning residential development group.
Whether you are an owner, investor, occupier or developer, our Chicago teams deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build a competitive advantage for your organization.
| User/Occupier | Owner/Investor | Development |
|---|---|---|
| Transaction Management | Landlord Representation | Real Estate Development |
| Tenant Representation | Capital Markets | Management and Advisory |
| Consulting and Advisory | Mortgage Services | Design Management |
| Facility Management | Investment Sales | Construction Management |
| Project Management | Property Management | |
| Enterprise Solutions | Investment and Asset Management | |
| Project Management | ||
Avison Young - Development LLC
The Chicago office houses Avison Young - Development LLC, an award-winning Chicago-based real estate development, management and advisory firm that specializes in urban, mixed-use development, and offers in-house expertise for all phases of the development process – zoning & entitlements, design overview, construction management, financing and investment sales.
In addition to development projects, our principals also provide advisory services for strategic clients and investors. With a staff of development, construction management, and finance professionals, as well as strong relationships with outside service providers such as architects, contractors and consultants, the firm has the ability to manage projects throughout the full term of the development cycle.
Area Overview
With more than 2.25 billion square feet of space, Chicago is the third largest real estate market in the U.S. and a critical economic, physical and cultural link between north, south, east and west. Due to its strategic geographic location, strong labor force and diverse economy, almost every major REIT and national property owner has a presence in the Chicago market, either through headquarters or branch offices.
Home to several of the country’s most elite universities and one of the most educated, talented and diverse workforces in North America, Chicago has attracted the headquarters of 37 Fortune 500 Companies including Walgreens Boots Alliance, Boeing Co and McDonald’s. Chicago is also home to the largest financial and commodity exchanges in the world, the Chicago Mercantile Exchange and the Chicago Board Options Exchange.
Markets
OFFICE
Chicago has more than 450 million square feet of office space and is home to the original skyscraper. Over the past century, downtown Chicago has become the center for office developments and redevelopments that have redefined the market and reshaped the city’s skyline with iconic buildings such as Willis Tower and the Hancock Center. Strong development activity in untraditional submarkets such as Fulton Market, Goose Island and the South Loop continues to attract new institutional ownership and enhance an already vibrant market.
RETAIL
Chicago’s retail market consists of approximately 500 million square feet of retail space. Opportunistic retailers in the CBD have recognized that the area provides a diverse demographic of young professionals and mature empty-nesters. Retailers are also supporting a reverse migration into downtown, creating long-term opportunity for stores and retail centers to capitalize on new office and residential development.
INDUSTRIAL
The Chicago area ranks as the second largest industrial market in the U.S. with 1.1 billion square feet of industrial space. Within the City of Chicago, infill opportunities are capturing investor/developer interest in urban areas with older structures and short on available land. On both the North and South sides of Chicago, industrial submarkets have benefited from strong construction pipelines in recent years. The redevelopment of the Southside’s Pullman Industrial Park neighborhood serves as a strong example and has recently drawn notable tenants such as Whole Foods and Method Soap.
INVESTMENT
Chicago’s office prices remain highly affordable in comparison to other U.S. and international markets, reflecting a developer-friendly environment, a lack of physical restraints and a generally desirable market. Additionally, stable capitalization rates drive consistently-strong pricing in the industrial market, making the City a strategic operational location as well as a fiscally attractive location for institutional investors. Consequently, Chicago remains a vital market and is positioned well for the future.