700 Oakton Street
- 700 Oakton Street, Elk Grove Village, IL 60007
- Property Type:
- Single Tenant
- Square Feet:
- 10,300 sqft
- Lot Size:
- 0.64 acres
- Price Per Square Foot:
- Year Built:
- 10,300-Square-Foot,Two Star Flex Property on 0.64 Acres – Available for Occupancy June of 2022
- High-Quality Office Build-Out with Seven Offices
- Parking Lot Removed and Replaced in 2019
- Well-Located Building in Close Proximity to I-90 and I-290
- O’Hare Submarket Has a Low Vacancy Rate of 2.9% for Comparable Properties (CoStar)
- Industrial and Flex Rents Have Increased by 7.2% and 3.8% Year-Over-Year in the Chicago Market (CoStar)
- Close Proximity to O’Hare International Airport and the New Elk Grove Technology Park
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 700 Oaktown Street in Elk Grove Village, Illinois. The subject property consists of approximately 10,300 square feet of flex space and is situated on 0.64 acres of land. The asset features seven high-quality office build-outs and a newly constructed parking lot. With access to Interstates 90 and 290, the property is located within close proximity to the O’Hare International Airport and the new Elk Grove Technology Park.
The subject property is situated within the O’Hare submarket that ranks as one of the most in-demand industrial submarkets in the Chicago area. With one month remaining in 2021, net absorption in O’Hare has already posted its biggest year on record with 4.8 million square feet. Once tallying is complete, net absorption in 2021 will roughly double its previous high set in 2013. While net deliveries have also been robust over the last two years, the additional industrial space substantially lags behind demand. As a result, the vacancy rate has dropped to a record low of 2.9 percent for comparable properties ranging from 10,000 to 50,000 square feet. Likewise, industrial rents on comparables increased by a record 7.5 percent annually, including a 4 percent growth rate for flex properties. Contrast this to the overall industrial market in Chicago that experienced 7.2 percent rent growth, including 3.8 percent for flex properties. Industrial sales in O’Hare have enjoyed another banner year with volume totaling $551 million year-over-year in Q4 2021, nearly 40 percent higher than the historical annual average. The submarket’s historical growth is partly due to the pick-up in activity at the O’Hare International Airport, which is amongst the busiest airports in the world for cargo traffic. During 2020, total freight tonnage passing through O’Hare expanded by nearly 20 percent, and activity continued to expand further through the first three quarters of 2021 (CoStar).
The City of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 50 wards, and 8 major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic and environmental sustainability (Chicago.gov).