Chicago Area Real Estate - Suburbs

Chicago suburban real estate has a long history of attracting both businesses that establish their main offices there and people who would rather live in the suburbs and commute to work in the city. Most of the smaller to mid-sized communities along the North Shore and beyond are established, well maintained towns that offer a great living experience and draw a variety of residents, shops and even some commercial industries. Because of its somewhat limited supply and steady level of demand, Chicago suburban real estate generally retains its value and is a good investment.

There are several obvious factors that make Chicago suburban real estate desirable to own. Many people who work in downtown Chicago often prefer to leave the fast pace of the city behind after office hours and enjoy a home in a more quite, private and secluded area. The smaller communities provide the perfect retreat of sorts while still being close enough to make commutes into work short and access to the fine dining, entertainment and nearly endless shopping and retail venues of Chicago just a quick trip away.

A great deal of the housing in Chicago suburban real estate consists of older homes and estates that can cost well into the millions. But there are a fair number of rental apartments available as well as condominiums. Several new developments have gone up recently, including The Winngate in Winnetka and Amberly Woods in Lake Forest. Evanston is home to more new developments like Grand Bend at Green Bay, Mainstreet Stations Condos and Winthrop Club Condos. There is even the ongoing debate in Evanston about the proposed downtown high-rise, which would certainly forever change the landscape of that community.

With new developments and an increase in residents there is also an increased need for the commercial expansion that usually follows. Commercials developers often find Chicago suburban real estate to be a good investment because of the relatively lower cost per square foot as opposed to properties in downtown Chicago. Everything from shopping malls, theaters, restaurants, specialty shops, hotels and recreational facilities are needed in these smaller communities and developers of Chicago suburban real estate usually have a lower initial cost when building these projects.

Some prime examples of large commercial Chicago suburban real estate developments include the many shops in The Glen in Glenview, Oakbrook Center in Oak Brook and Westfield Shoppingtown Old Orchard in Skokie. There are also dozens of world class golf courses located throughout the suburbs. And in all there are five major medical centers in the area that can handle basically any emergency or medical need.

Several corporations are headquartered in the communities surrounding Chicago, so office space is in Chicago suburban real estate is often in high demand. Oak Brook is one such community that is home to over four dozen national companies. According to data from several real estate companies, rents for office space rose in Oak Brook, Northbrook and Deerfield in 2007. Demand for commercial and office space has been especially strong in the northern and western suburbs. Roughly 1.1 million square feet of office space was added to the Chicago suburban real estate market in 2007 and more than 1 million more is planned for the next two years.

Even demand for hotel space has increased in the Chicago suburban real estate market, with room rates along the North Shore increasing more than room rates in any other area of Chicago. With the current market slow down, more people may be interested in buying or renting in the suburbs as opposed to purchasing a more expensive condo in downtown Chicago, making apartments popular as well.

Chicago suburban real estate is also attractive to families because of the excellent school systems most of these communities have. Rather than enrolling their children in large public school systems, some couples prefer to have their children educated in a smaller school where they receive more one on one attention. Many of the schools are listed as some of the best in the state.

There are several modes of transportation available throughout Chicago suburban real estate that connects the communities quickly and easily to the downtown section or other destinations. Between the train stops, bus lines and major highways, virtually any point is only a short trip from wherever you want to go.

With so many obvious positive good points, it’s easy to see why Chicago suburban real estate has remained popular among home buyers and investors alike and will probably continue to be in years to come.