The City of Crystal Lake continues to grow, leading to strong retail, office and industrial real estate markets with outstanding, ongoing opportunities for growth.
With a population of 40,000 and just 35 miles away from O’Hare Airport, two Metra train stations and abundant outdoor recreational opportunities, Crystal Lake is a McHenry County—and Chicagoland—hub for new real estate development. Data from CoStar indicates that Crystal Lake’s retail vacancy rate is 4.9%, industrial vacancy rate is 1.87%, and office vacancy rate is at 7.9%, which show a strong market below industry averages. Robust markets generate more demand and clearly Crystal Lake is the right location for new business.
According to the Illinois Department of Revenue last year, residents and visitors spent more than $1.3 billion in retail sales. In terms of retail sales, Crystal Lake is in the Top 20 for Chicagoland Metropolitan Area Retail Sales. Additionally, Crystal Lake was recognized by Livability as one of the best communities to live in for offering an affordable lifestyle near Chicago. Earlier this year, the City received the Standard & Poor’s Global AAA rating, the highest possible, proving financial strength and stability. “Thriving businesses are a testament to our success as a community,” says Mayor Haig Haleblian.
Crystal Lake is excited to welcome many new growing national brands to the market including McAlister’s Deli, Guzman Y Gomez, Crumbl Cookies, Summer Moon, Ollie’s Bargain Outlet, Orange Theory, Mercyhealth hospital campus and more. Mike Shipley, owner of a fast-growing coffee company, Conscious Cup, is in the process of expanding his business and adding a headquarters in Crystal Lake. “We have five retail locations, including our flagship in Crystal Lake,” he says. “We are adding a warehouse to expand our wholesale operation of roasting beans and bottling syrups, and we decided to locate that and grow in Crystal Lake because it’s such an outstanding community.”
With ample new business expansions and new job opportunities in the city, housing growth is also underway. Enclave is a new 99-unit luxury apartment and townhome complex located in downtown Crystal Lake by Hamilton Partners and Harlem Irving. Another new development in progress is Redwood, a 304-unit ranch-style rental townhome community. Housing choices are key to smart growth. The completion of The Springs, a 280-unit luxury apartment development and the continued construction of approximately 500 single-family homes by Lennar showcases continued growth and the quality of developments found in Crystal Lake.
Clearly, the market in Crystal Lake is booming. From quality of life, to location, to a vibrant business community, Crystal Lake has everything a business in the Chicagoland area needs to succeed.
Discover upcoming developments and available opportunities by contacting the City of Crystal Lake at (815) 356-3737 or visiting ClearlyCrystalLake.com.