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Talk about over analyzing what I said. I said it would be on the list if this list was in a few months. I never said it should be on the list right now.
My office is on the 26th floor looking north and west from the bend of the river on Wacker Drive. I'm right overlooking the 1.1M office development with the new riverfront plaza to the north of Lake Street, the 1.2M office development directly to the south - both of which are being built over a rail yard of commuter trains, the $1 billion Wolf Point development going in on the north shore of the river that's well underway, and the 6-block extention of the riverwalk that's currently under construction. For someone who loves real estate development I'm going to be on cloud 9 the next few years.
What would even be under construction now? Most of the office developments I know are all wrapped up and completed a few years ago when they pushed through that boom right before the economy went south. I know of the 550,000sf building for Google's Chicago HQ, although would that even make this list since it's technically a few blocks outside of the designated CBD?
I feel like right now it's mostly just hotels and apartment highrises going up.
My office is on the 26th floor looking north and west from the bend of the river on Wacker Drive. I'm right overlooking the 1.1M office development with the new riverfront plaza to the north of Lake Street, the 1.2M office development directly to the south - both of which are being built over a rail yard of commuter trains, the $1 billion Wolf Point development going in on the north shore of the river that's well underway, and the 6-block extention of the riverwalk that's currently under construction. For someone who loves real estate development I'm going to be on cloud 9 the next few years.
Yeah, that area in a few years is going to look different and way better along the River Front and also skyline from that vantage point. Good stuff...
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What would even be under construction now? Most of the office developments I know are all wrapped up and completed a few years ago when they pushed through that boom right before the economy went south. I know of the 550,000sf building for Google's Chicago HQ, although would that even make this list since it's technically a few blocks outside of the designated CBD?
I feel like right now it's mostly just hotels and apartment highrises going up.
The Google/SRAM etc building is just outside of the CBD yeah. 150 N Riverside and River Point are both big projects that add over 2.2 million sq ft of office space and both will be under construction at the same time very shortly. Also near there is 151 N Franklin which would add another 825,000 sq ft of office space. That does look like it will be built - I'm guessing construction starts this year but who knows. So the 3 together would be around or over 3 million sq ft of office space. I'm also not sure if you can count it, but Google/Motorola Mobility's 572,000 sq ft build out of office space at Merchandise Mart which completed recently. There's also a proposal for another 1.2 Million sq ft office building at 130 N Franklin but that hasn't had traction in 1.5-2 years.
But it's correct - most of the construction going on is residential/commercial/hotel but there will be some very large office spaces
DC will surpass Chicago for office space in the next 10 years!
Bold prediction - it could certainly happen but 10 years is a long time to say what and what won't happen for either city. DC will expand as it has been - but where?
As it stands, counting what's under construction, Chicago has 15-17 million more sq ft of office space in the CBD than DC right now. Then another over 2 million that will start in Chicago come July, and possibly another 800,000 not too far after that. I'm not sure what parts of town they're counting because they mentioned something in Streeterville, but River North just north of that has a good amount of office space and has been a go to spot for businesses instead of the Loop nearby. The Rehabilitation Institute of Chicago started work on a 900,000 sq ft building earlier this year which will probably be at least half offices I'm guessing (the rest being labs and what not). Not sure if that counts, but yeah. There's also another 1.2 Million sq ft lab/office building for Northwestern Medical that is planned and will definitely be built starting in the next year or two. Who knows what else is on the pipeline.
I don't know if it's a bold prediction or not but DC is rapidly building up. In the scheme of things, it's only 16 million sq feet away from catching Chicago. That's not a lot of ground to make up in 10 years. But as you mentioned, Chicago is not stagnant, so we will see.
I don't know if it's a bold prediction or not but DC is rapidly building up. In the scheme of things, it's only 16 million sq feet away from catching Chicago. That's not a lot of ground to make up in 10 years. But as you mentioned, Chicago is not stagnant, so we will see.
It's not a ton for a fast growing market, but it's still sizable and yes, Chicago is not stagnant as we've both pointed out. If all those projects I just mentioned are complete within 10 years, which they all will be (and another planned 800,000 sq ft one near a few of them), then that's about 5 million sq ft right there not counting anything else that may come up.
Who knows what will happen, but DC could definitely do it. No denying that.
DC will surpass Chicago for office space in the next 10 years!
Is DC building net new office space currently? I was under the impression, with the housing shortage going on there, most of the new construction was apartments/condos and some Class A office buildings were being converted to residential.
Is DC building net new office space currently? I was under the impression, with the housing shortage going on there, most of the new construction was apartments/condos and some Class A office buildings were being converted to residential.
Yes, DC is continuing to build new office space. But like you mentioned, a lot of apartments/condos are going up in and around the DT area. DC has created new neighborhoods in areas that were once blighted maybe ten years ago. I'm curious to see what will happen to the current FBI Building on 10th and Penn DT. It's a huge brutalist looking building that will probably turn into a mixed use development. Capitol Crossing is another huge project that will deck over the 3rd street tunnel trench.
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