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Much like the entire country, the Chicago commercial real estate market is currently navigating through a complex landscape marked by economic factors. However, there have been some signs of optimism. Office investment volume<\/a> year-to-date as of April clocked in at $759 million, placing the metro in the top five nationally for sales volume, according to Yardi Research Data. Meanwhile, industrial construction activity<\/a> also gained momentum, with about 7.3 million square feet of space underway at the end of May.<\/p>\n\n\n\n To stay active, developers and investors today are rethinking their business strategies, with some turning to conversions or redevelopments that breathe new life into underperforming assets. Historic buildings like the Pittsfield\u2014a 38-story office skyscraper that has been partially vacant for almost a decade\u2014are being given a second chance as multifamily. Meanwhile, neighborhoods like Fulton Market continue to attract white collar tenants with their new offices.<\/p>\n\n\n\n “Fulton Market is well-known as Chicago\u2019s vibrant live, work and play neighborhood with creative companies embracing the area for their workplace,\u201d said Gensler Principal Jim Prendergast. His company designed 360 North Green, a 500,000-square-foot office tower developed by Sterling Bay for professional services tenants. “The influx of legal and consulting firms represents the next chapter of Fulton Market\u2019s transformational growth and contributes to the broader overall reinvention of the neighborhood,” Prendergast added.<\/p>\n\n\n\n In the downtown area, the transformation of the Chicago Post Office building into a multiuse space following a $900 million adaptive-reuse project, has added a total of 2.5 million square feet of retail and office space to the metro’s inventory. Gensler Principal Grant Uhlir believes that the revamp of the landmark building served as a “catalyst in revitalizing the City of Chicago.”<\/p>\n\n\n\n Today, several other projects are underway, some of which are set to redefine how the city looks in the years to come. Commercial Property Executive<\/em> has compiled a list of large developments that have the potential to alter both the city\u2019s skyline and its layout.<\/p>\n\n\n\n As one of the most ambitious projects in Chicago, The 78 is set to join the existing 77 community areas in the city by adding roughly 13 million square feet of residential and commercial space to the metro’s inventory, along with 12 acres of open space along the Chicago River in the South Loop.<\/p>\n\n\n\n Developed by Related Midwest and designed by Skidmore, Owings and Merrill, the $7 billion, 62-acre megaproject has been in the works since 2016, when Related purchased the land with plans to complete the first phase of the development in 2024. But construction hasn’t started on any of the commercial phases and the site has undergone several modifications throughout the years. <\/p>\n\n\n\n According to the latest plans, one of the biggest components of the project is set to be The Gateway Towers, comprising 2 million square feet of office space and rising 35 and 50 floors, respectively. Parkside HQ is another 900,000-square-foot office tower planned within the development, set to rise 14 floors. The Riverfront Innovation Office, a 350,000-square-foot boutique office building with flexible layouts, is also part of the plans.<\/p>\n\n\n\n Additionally, The 78 is expected to include more than 5,000 residential units, with 20 percent affordable, as well as hospitality space, experiential retail, seasonal markets, fine dining, cafes and live music venues. The green open space within the project includes The Riverfront Promenade and the 7-acre Crescent Park, besides new bike lanes, playgrounds, dog parks and water taxi stops.<\/p>\n\n\n\n Initially, the development was centered around the University of Illinois\u2019 Discovery Partners Institute, a 261,000-square-foot research center, set to include R&D space, classrooms and office space. Last year, the institution pulled out of the agreement and now Chicago Fire FC\u2019s owner is eyeing the space, proposing a privately funded $650 million, 22,000-seat stadium, which would anchor the mixed-use development. This proposal came just months after the owner of the Chicago White Sox showed interest in building a new ballpark, and Related Midwest presented some plans for a joint stadium.<\/p>\n\n\n\n Although the first phase of The 78 is yet to come to fruition, the Chicago Department of Transportation has already completed the Wells-Wentworth connector, which connects the city\u2019s Historic Chinatown to downtown and is part of the site redevelopment.<\/p>\n\n\n\n Chicago\u2019s South Side is also in for a megadevelopment. The $3.8 billion Bronzeville Lakefront project is expected to revitalize the 48-acre site of the former Michael Reese Hospital, which closed in 2008. The City of Chicago acquired the land a year later and in 2017 chose GRIT<\/a>\u2014a partnership between Farpoint Development, McLaurin Development Partners, Loop Capital Management, Chicago Neighborhood Initiatives and Bronzeville Community Development Partnership\u2014to lead the redevelopment. <\/p>\n\n\n\n Plans also call for a $90 million infrastructure project, encompassing work on sidewalks, the roadway network, site utilities, landscaping and lighting, as well as a 2-acre park scheduled for completion by the end of 2026, Farpoint Development confirmed for Commercial Property Executive<\/em>.<\/p>\n\n\n\n At the beginning of this year, a new idea was introduced. Farpoint Founding Principal Scott Goodman told CPE <\/em>that his company initiated a proposal to the Chicago Bears to explore the part of the site where a stadium can fit and bridge the gap to downtown. The vision includes a $3.2 billion, 75,000-seat domed stadium, but it is yet to be determined where the new Bears stadium will be constructed.<\/p>\n\n\n1. The 78<\/h2>\n\n\n\n
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2. Bronzeville Lakefront<\/h2>\n\n\n\n
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