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Commercial Real Estate in Elk Grove Village, IL - 117 Properties Available

Elk Grove Village, IL - Commercial Properties

Elk Grove Village, IL Economic Overview

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Elk Grove Village is part of the greater Chicagoland area and is immediately adjacent to both the City of Chicago and O'Hare International Airport. The Village is home to largest business park in the country, which includes 62 million square feet of industrial space, and - ironically, given the commercial-nature of the area - is named after the small herd of elk that live in the Busse Woods Forest Preserve next to the Village. Industrial real estate in Elk Grove Village plays a major role in the local economy, as well as that of the entire Chicagoland area.

Over 33,000 residents call Elk Grove Village home, as do the over 4,000 businesses that operate in the Village's industrial parks and commercial areas. Incredibly, just over the past year, job growth in Elk Grove Village has more than doubled, as industry flocks to this business-friendly commercial and industrial municipality, which offers easy land and air access to both the U.S. and foreign markets.

Elk Grove Village, IL Commercial Real Estate Market

Recently, Elk Grove Village was named by Global Trade Magazine as one of America’s Best Cities For Global Trade, due in large part to the 5.9 square mile business and industrial park that the Village is known around the world for. With over 62 million square feet of commercial space in Elk Grove Village, proximity to O'Hare International Airport, the City of Chicago, access to extensive rail service within the industrial parks and to the Midwestern U.S., and the I-90, 290, 294, 355 and 390 Interstates and expressways, Elk Grove Village has been able to attract over 4,000 businesses that employ nearly 100,000 people.

As part of the O'Hare Submarket, the availability of industrial space in Elk Grove Village is extremely limited, due to demand from businesses seeking space adjacent to O'Hare International Airport. Vacancy rates run just over 3.5%, with positive net absorption and rent rate increases. On the office category side, although O'Hare is the smallest of the Chicagoland submarkets, it continues to be highly attractive to corporate tenants due to its access to varied transportation networks and its location to O'Hare International Airport, the City of Chicago, and the surrounding suburban markets. Vacancy rates, net absorption and rental increases all continue to move in the right direction.

Elk Grove Village, IL Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Elk Grove Village, IL Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Elk Grove Village, IL Commercial Inventory Breakdown

Office Spaces

Total: 1,275,170 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 100k to 500k SF: 1,275,170 SF / 100% of total office

By class:

  • Class A: 383,118 SF / 30.04% of total office
  • Class B: 892,052 SF / 69.96% of total office

Industrial

Total: 18,019,421 SF

Data provided by Yardi Matrix, properties over 50k SF

By square footage range:

  • 50k to 100k SF: 1,028,029 SF / 5.71% of total industrial
  • 100k to 500k SF: 14,416,976 SF / 80.01% of total industrial
  • 500k to 1M SF: 2,574,416 SF / 14.29% of total industrial

By class:

  • Class A: 4,162,500 SF / 23.1% of total industrial
  • Class B: 13,856,921 SF / 76.9% of total industrial

Employment in Elk Grove Village, IL

Employment

Elk Grove is a proactive and business-friendly community, consistently investing in its business infrastructure, creating value for its business residents by way of tax credit programs, industrial revenue bonds, workforce training programs and property tax abatements.

With an unemployment rate of barely over 5%, job growth in Elk Grove Village continues to be positive year after year. Of the nearly 100,000 jobs created within the business-friendly municipality, the majority are in the areas of manufacturing, healthcare, retail trade, transportation & warehousing, and professional, scientific & technical services. The Village is home to both the largest concentration of manufacturers in the Midwestern U.S. and the largest concentration of logistic freight companies, and is the second-largest source of manufacturing in Illinois, second only to the City of Chicago itself.

Top employers in Elk Grove Village include Alexian Brothers Medical Center, ADP, Harvard Maintenance, Steiner Electric, Little Lady Foods and Topco. Many large data centers are also located in the Village, benefiting from the access to nationwide fiber optic cables, and gas and oil pipelines.

Education in Elk Grove Village, IL

Elk Grove Village has nine elementary schools, five middle schools and four high schools. One of the most prestigious elementary schools is the Queen of Rosary Catholic School, which was recently named by Chicago Magazine as one of the Top 25 Private Elementary Schools in the Chicagoland area.

For over 150 years, Chicago has been recognized worldwide as a leading center of post-secondary education. Some of the most notable universities include Northwestern University, with over 9,500 graduates each year, University of Illinois at Chicago, with over 7,000 graduates, and DePaul University, with nearly 6,600 annual graduates. The most common areas of study are registered nursing, general business administration and management, and general psychology.

Commuting Time in Elk Grove Village, IL

Commuters in Elk Grove Village have a relatively short commute time of just over 25 minutes each way. But Chicago is one of those metropolitan areas where a five minute difference getting on the expressway can make a 30 minute commute turn into a 90 minute commute. Not only is there congestion from suburban commuters coming into the city and back out at the end of the work day, but traffic will also back up commuting from one suburb to another.

When it comes to mass transit, business and industrial transportation infrastructure in Elk Grove Village, both residents and business benefit from the varied and integrated options:

  • O'Hare International Airport is the largest airport in Illinois and a 20-minute drive from Elk Grove Village. Chicago Midway Airport, Schaumburg Regional Airport and Chicago Executive Airport also serve the Village and the Chicagoland area;
  • Elk Grove Village has easy access to the I-90, I-290 and I-35 interstate tollways as well as the State Routes of 53, 72 and 83;
  • Railroads that serve Elk Grove Village include Union Pacific, Canadian Pacific and Chicago Terminal Railroad;
  • Public mass transit service includes the Pace bus service operating among the 200 suburbs of Chicago with some service into the city as well, the Metra Rail Service and the CTA Blue Line 'L' train.

Elk Grove Village Demographics

Population

  • Total Population33,333
  • Male Population(48.6 %) 16,203
  • Female Population(51.4 %) 17,130
  • Median Age42.60

Income/Financial

  • Average Household Income$82,012
  • Median Household Income$68,527

Residential Rents in Elk Grove Village, IL

As job growth and the demand for housing in Elk Grove Village increases, the units available for rent continue to decrease and rents continue to climb. At $1,700 per month the rent for a two-bedroom unit is about 7% higher than the previous year, while the average rate for all rental property types is nearing the $1,900 per month mark.

News

  In the past few years, industrial markets across the country have been on the receiving end of increased interest, according to the latest market research reports. As the economy continues to shift towards modern industrial sectors, we thought we’d take a look at the top industrial ...

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