Potential for Investing in Commercial Properties near O’Hare
Posted by dan wagener on Thu, May 19, 2011 @ 02:52 PM
Many Real estate investors may still experience trepidation about purchasing new or existing commercial property. The commercial real estate market, along with the rest of the economy, has been in flux for a few years now. Yet the industrial market around O’Hare still offers investors potential opportunities.
Why Invest in Commercial Property Near O’Hare International Airport?
The most obvious answer to the question of buying property near O’Hare is the fact that Chicago is a large city, with plenty of traffic, especially near the airport. Unlike newer airports that are built far away from the city center, O’Hare International Airport is surrounded by industrial and commercial businesses. The city gives commercial prospects in the area diverse options to utilize property for retail space, industrial space, service and manufacturing, or investment. The restaurants, shopping, hotels, manufacturing and service industries surrounding O’Hare give this area ripe potential for investors.
In his last few months in office, Mayor Daley has pushed again for the investment in a high speed railway from O’Hare to downtown Chicago. Daley has reached out to worldwide technology companies and businesses to help invest in the railway, including a visit to China this March.
Rahm Emanuel, who was inaugurated Mayor on May 16th, has also expressed interest in the project. During his time as President Barack Obama’s White House Chief of Staff, Emanuel helped form the administration’s plan to build high-speed rail corridors across the United States.
With these structural expansion plans in development, commercial property surrounding O’Hare will provide opportunities to accommodate this area’s growth. In other words, the potential growth in the Chicago area makes it a more enticing place for visitors to travel and businesses to build.
Besides the busy and abundant traffic near O’Hare, here are more reasons to consider investing in commercial property:
• O'Hare International Airport is the second busiest airport in the country
• O'Hare submarket has the largest industrial inventory at over 100,000,000 sq. ft.
• O'Hare market continually witnesses consistant tenant demand
With the airport being in close proximity to major expressways and interchanges, there is a high traffic flow, opening up opportunities for industry. O’Hare is a major component of Chicago’s economic engine with high traffic and job opportunities.
The area surrounding O’Hare while impacted by the economy is poised for growth as the economy rebounds. This could be a great time to make the commercial investment.