Every legendary city has a street that becomes synonymous with the area's personality and history. Michigan Avenue in Chicago is a perfect example of that dynamic with its bustling economy, high-end shops and hotels, and an environment that embodies the more exclusive side of Chicago’s character.
With TenantBase’s local expertise in Chicago, we can guide your search for new office space in this popular area. Find the ideal commercial space on Michigan Avenue for your company's specific needs & goals and leverage the area's significant clout and recognition to your benefit. Office space along Michigan Avenue can be more than just an address but a powerful asset as well.
Office Space on Michigan Avenue
Marketing, medical, and nonprofit organizations are the primary industries found along Chicago's Michigan Avenue. Northwestern Memorial Hospital, Laurie Children's Hospital, Interpublic Group, and NBC are both the largest tenants and employers within the area. The majority of the available office space is Class A and B along with a significant amount of medical space and a growing co-working space movement.
Businesses can find a wide range of office space sizes on Michigan Avenue, ranging from small offices to 100,000 sq ft. The average space size falls between 5,000 and 10,000 sq ft at a rent of approximately $35/sq ft. The continued expansion of the medical industry in Streeterville is taking up office space supply in the area and impacting both rents and vacancy rates. Parking is extremely limited for companies in the area and very rarely included within the lease.
Working Near Michigan Avenue
Given the popularity of Michigan Avenue with employers and tourists alike, the area can be dense and challenging to navigate. Fortunately, several public bus routes traverse the region as well as the ubiquitous L train lines to ease the commute for talent. The Red Line train is particularly convenient for local talent with most Michigan Avenue businesses within just a few blocks of either the Chicago Avenue or Grand Avenue exits.
The unique amenities in and around Michigan Avenue make it an and especially attractive area for local talent. The famous Magnificent Mile area of Michigan Avenue features several high-end hotels, shops, and fine dining that cater to the booming tourist industry. Thankfully talent also has several dining and retail options as well, particularly along the Lake Michigan Waterfront district.
Michigan Avenue is a tempting choice for businesses that mix well with the area's exciting, fast-paced tempo and particular amenities. While office space along this famous street might not be for everyone, especially for commuters outside of the city, it can be a powerful asset for companies well-suited to its strengths and character. With TenantBase leading the way, let's find office space along Michigan Avenue that will serve your organization well for years to come.