Many prominent Live-Work-Shop neighborhoods are outperforming the broader market in which they reside, according to CBRE, lending hope to this slice of the office market. CBRE points to Chicago's Fulton Market and East Austin in Texas among others as examples of these communities where average quarterly net absorption has significantly outstripped their home markets since Q1 2020.

These communities offer a high walk score and are very attractive to younger professionals that like living close to their offices and having a wide array of retail, entertainment and social amenities nearby. 

Chicago's Fulton Market may be among the best known Live-Work-Shop neighborhoods. It combines a cluster of Michelin Star restaurants with highly functional office space. About 40% of this office space was delivered within the past two years. Fulton Market's mix of special neighborhood amenities with newly opened office space puts it on a different plane than the rest of the Chicago market.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.