Oak Park-based commercial real estate firm David King & Associates, Inc., has released mid-year information about office vacancy rates on Oak Park’s Lake Street corridor. Information gathered from nine of the largest office buildings on Lake Street shows an overall mid-year vacancy rate of only 11.09%. The properties included in the survey are the 1010 Lake St. building, Shaker building, 1144 Lake St. building, 1101 Lake St. building, the 1024-40 North Blvd. building, Scoville Square building, the Medical Arts building, the Forsyth building and the 1049 Lake St. building.
This 11.09% vacancy rate, by any current standard, is extremely low and serves as a reflection of how strong economic vitality currently is in Oak Park. In comparison, David King & Associates, Inc., has investigated office vacancy rates in other locations and has shared that there is no market or submarket in Chicago with an office vacancy rate as low as Oak Park’s Lake Street corridor. David King & Associates reports that mid-year, for all of Chicago’s suburbs, there is currently an office vacancy rate of 31.3%, almost 20% higher than Oak Park’s rate.
Egg Harbor Café open for business
Village President Vicki Scaman and Development Services staff recently joined Oak Park River Forest Chamber of Commerce members and business ownership in cutting the ribbon and officially opening Oak Park’s Egg Harbor Café restaurant in the Pleasant Business District at 1111 South Blvd. A regional restaurant chain, Egg Harbor Café’s Oak Park site is the company’s 24th location. For more information on Egg Harbor Café and to check out the chain’s delicious menu, please go to www.eggharborcafe.com.
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New business license issuance remains strong
Oak Park recently welcomed another new business in the Southtown Business District as Moon’s Gifts opened recently at 832 S. Oak Park Ave., immediately south of Carnival Grocery. Owner Summer Chen, who also owns the Luxury Nail Spa across the street at 831 S. Oak Park Ave., has continued to invest in the economic vitality of the important Southtown District. Pictured here is the inside of this fun and exciting new gift shop.
Moon’s Gifts is one of more than 55 newly licensed businesses that have opened in Oak Park in 2024. Since January 2021, the Village has issued almost 400 new business licenses, as economic vitality and entrepreneurship remain strong in Oak Park. See the chart below for a year-over-year comparison. For a full list of new Oak Park businesses, please visit www.pickoakpark.com/newbusiness.
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Village continues to invest in business districts
Over the past several months, the Village has been busy investing in the reconstruction of Public Parking Lot #10 in the Downtown Oak Park business district, just north of North Boulevard between Marion Street and Forrest Avenue. This important, newly improved parking lot was re-opened to the general public last week. The lot has been rebuilt with new sidewalks, ramps and permeable pavers. The permeable pavers will allow stormwater to drain directly into the ground rather than going into the storm sewer system, contributing to a more sustainable environment. The parking lot’s reconstruction was made possible with investment from the Village and with a grant from the Metropolitan Water Reclamation District. Additional electric vehicle charging stations will be added to this improved parking lot. This reconstruction represents the Village’s continued commitment to improving business district infrastructure throughout Oak Park.
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Economic vitality is delicious at new ice cream business
The Village welcomes one of Oak Park’s newest licensed businesses Three Spoons Ice Cream, located at 133 N. Ridgeland Ave. Jim and Nicole Cahill, along with their family, have opened this new neighborhood treasure on the northwest corner of Ridgeland Avenue and Lake Street. Village Development Services Director Emily Egan (left) and Economic Vitality Administrator Cameron Davis (right) are pictured here with Jim and Nicole Cahill enjoying ice cream treats. Already busy in their first month of operation, Three Spoons, named in honor of the Cahill’s three children, is destined to be a go-to spot going forward. We welcome the Cahills and Three Spoons to the vital Oak Park business community.
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Economic vitality study underway
The Village is pleased to announce the selection of Camoin Associates as the consultant to spearhead the development of Oak Park’s Economic Vitality Strategic Plan. This plan, which will be crafted with extensive community input, aims to guide the Village’s economic strategy in the post-Covid-19 era. The initiative reflects the Village’s commitment to fostering a resilient and vibrant local economy, ensuring that Oak Park continues to thrive in the years ahead. We invite all residents to participate in the planning process, as the insights and feedback will be crucial to shaping a prosperous future for our community. Any questions or comments regarding the study can be emailed to Brandon Crawford, Deputy Director Development Services, at BCrawford@oak-park.us.
Business district update
The Downtown Oak Park business district is rocking every Thursday night! The Downtown Oak Park Business Alliance (DTOP) is setting attendance records at its Thursday Night Out events held from 5 to 9 p.m. each and every Thursday evening through Aug. 29 on Marion Street between Lake Street and North Boulevard. As highlighted on the DTOP web page www.thursdaynightout.com, 24 Downtown Oak Park restaurants offer a variety of drinks, appetizers, entrees and desserts on the Thursday Night Out menu and allow diners to eat inside their restaurants or carry out. Tables are set out on Marion to allow event participants to enjoy dining al fresco.
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Façade improvement grant program going strong
The Village has a popular economic vitality commercial façade improvement program available to qualified businesses or commercial building owners seeking to improve the exterior look of their property. Since the program started in 2018, the Village has helped to fund 33 commercial façade improvements. In 2024, the Village has already approved six new façade improvements for businesses in the Arts Business District, North Avenue Business Corridor and the Pleasant Business District. If you are interested in more information about the Village’s Commercial Façade Improvement Program (C-FIP), please contact Cameron Davis, Village Economic Vitality Administrator, at 708.358.5421.
Ribbon cutting celebration
The Coffee Shop Oak Park continues the wonderful tradition at 163 S. Oak Park Ave. of providing a tasty, welcoming setting for social meetups, working and just relaxing! New owner Jose Balaguer was recently joined by Village President Vicki Scaman, Development Services Director Emily Egan, Chamber President Rob Guenthner and Economic Vitality Administrator Cameron Davis in cutting a ribbon signifying the ongoing vitality of this important new business in the Village’s Hemingway District. Go to www.thecoffeeshopoakpark.com for more information about this new Oak Park business, which is open from 7 a.m. to 4 p.m. Monday through Friday and 8 a.m. to noon on Saturday.
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