What is the average rent for a retail store in Chicago's Fulton-Randolph Market District?
The average rent for a retail space in Fulton Market is $75 per square foot.
Below you will find a deep dive of my findings and methodology to better explain my research strategy.
To answer your question, I looked for industry reports focusing on Chicago's retail space, particularly around the Fulton-Randolph market, also referred to shortly as Fulton Market. I researched market reports, publicly available city planning documents, and trusted media articles. I found that most resources covered the office space in this district and gave nil information regarding retail. This was true for average rental prices as well as historical trends, which often focused on office and housing spaces (see Chicago Tribune articles here and here).
However, I was able to gather available sources that contained specific figures for rental average for retail spaces in Fulton Market. I did not find any publicly available sources reporting the average retail store size in the area. Finally, I included paywalled reports that may be of interest for this query.
JLL CITY RETAIL REPORT 2017
The most helpful resource I've found to answer your question is JLL's City Retail Report 2017, which gives an exact amount for the average rental for a retail space.
• Annual Prime Asking Rent p.s.f.: $75
• Annual Rent Growth: 8.9%
• Average Prime Product Cap Rate Range: 5.5-6.5%
In a related article, JLL gives the following commentary:
"Fulton Market, Chicago: Once a hub for industrial and meat distribution, Fulton Market in the West Loop submarket is known for its killer restaurant scene, but is now garnering attention from apparel retailers and investors as it becomes a growth market for corporate headquarters. Average asking prime retail rent is $75 p.s.f., with annual rent growth of 8.9 percent."
The JLL report also gives some information regarding historical trends impacting the rental prices of retail spaces in Fulton Market:
"Once a hub for meat distribution, a few meat merchants still remain, but hot restaurants and upscale bars now draw most of the traffic. Garnering attention from investors like Madison Capital, Fulton Market is primed for a growth not unlike that of New York’s Meatpacking District... High demand for property in the area will be met as older cold storage product is redeveloped. As the first wave of retailers test out the corridor, the second wave is cautiously eyeing the market."
CHICAGO WEST LOOP 2016 REPORT
I also found the Chicago West Loop 2016 Report by West Loop Partners. I thought to include this report as it pertains specifically to a street level retail space on the West Randolph area connected to Fulton Market. Though this figure does not indicate average rent, it provides a rough idea regarding the price of street-level retail spaces in the area.
Price/Sq Foot: $32 (Lease)
CBRE CHICAGO RETAIL 2017 REPORT
Finally, I found this paywalled report by CBRE which may be of interest for your project. CBRE tracks the rental prices of key districts and presents their findings in a quarterly report. The CBRE Chicago Retail MarketView Q3 2017 report is the latest available and is accessible through membership only.
To wrap it up, despite the limited public information around rental prices for ground level retail spaces in the Chicago Fulton-Randolph Market District area, we found the average rent for a retail space in Fulton Market (p.s.f. $75). We also found that the area's reputation for upscale restaurants and bars drew attention from investors and impacted the rental rate for retail spaces. Finally, we found a paywalled report from CBRE tracking the retail market in Chicago in late 2017.