A Chicago neighborhood has been dubbed one of the hottest urban retail markets in the country.
According to the Cool Streets report by global real estate services firm Cushman & Wakefield, Logan Square is one of the top rising new retail districts in the U.S.
The report ranked the 100 “most important Cool Streets in North America” based on livability and key neighborhood amenities, residential rents, retail rents and demographics.
“Make no mistake about it, these are largely hipster neighborhoods notable for their embrace of the unconventional, out-of-the-box, and the cool,” the report states. “But they are also up-and-coming trade areas driven by dramatic demographic shifts and the preference for urban living.”
Logan Square, dubbed the “Midwest Headquarters of Hip,” was noted for being ethnically diverse, having a large arts community and a dining scene that features of a mix of “creative concepts, dive bars, craft breweries and cocktail lounges.” It has an average household income of $84,529 and 34.3 percent of its population is millenials.
According to the study, 58 percent of residents are renters, but the cost of rent in the area is rising.
“When discussing North America’s top Cool Street neighborhoods, Chicago’s Logan Square deserves to be near the top of the list,” the report states.
Local
Chicago’s Wicker Park and Fulton River District were also listed among the top 100 ranking. Wicker Park was noted as going “mainstream” while the Fulton River District was dubbed “the next big thing.”
See the full report here.
