Is River North the next hottest neighborhood for office space? Midwest Property Group Founder Jay Javors and JLL Executive Vice President Craig Coupe certainly think so.
Chicago targeted March as their first phase in the back-to-office movement, and the first week of March saw office occupancy levels increase between 7-10%. Average rental rates rose for the first time since the start of COVID-19, with River North exhibiting numbers just behind Fulton Market, according to JLL.
And Midwest Property Group is just one company investing in necessary building upgrades that cater to a post-COVID workplace environment.
But what makes River North the place to be right now when it comes to office?
People have much to consider when deciding if and how often to return to work in person. Today’s office experience (emphasis on “experience”) goes beyond the space itself. Employees are choosier than ever, and because of the ability to work from home, quite frankly, they can be.
To start, Coupe said that a lot has to do with location, and River North’s “live, work, play” environment offers much to tap into in terms of restaurants, bars, and nightlife, making for an overall dynamic environment.
The commute-worthiness of the area is a plus, too. You can navigate in and around the city easily, whereas it’s more expensive, and more challenging, to move around the city from other submarkets.
Amenity-wise, it’s simple. Going into the office must offer something that the home does not.
448 N. LaSalle is a new building with several unique benefits. Both Coupe and Javors highlighted the building’s health and wellness elements, as well as its overall comfortability. Tenants are gravitating toward newer, smaller buildings because of their attention to today’s health-conscious climate.
“Having access to a fitness center, for example, is important, as well as offering trainers and organized fitness classes,” Coupe said.
Javors added that 448 is Fitwel certified and offers enhanced HVAC systems that filter air circulation throughout the building in alignment with ASHRAE.
“448 was built with a VRF [Variant Refrigerant Flow] system,” Javors explained. “Fresh air comes in and is broken down into zones. Once it enters a specific zone, it doesn’t get recirculated throughout the other floors. Fresh air is something people don’t consider, but if people know about it, especially with today’s sensitivities to airborne illnesses, that’s a selling point.”
448 N. LaSalle also offers an amenity level with a meditation room, ample outdoor space with grills and fire pits, and a dog run. Coupe also highlighted the building’s proactive stance on allowing employees to bring their dogs into the building to ease the back-to-office transition.
On June 8, 448 is unveiling its collection of artwork by Danny Torres, a protégé of Tony Fitzpatrick. The art was commissioned to warm the space and add yet another element of comfortability.
