Oak Park-based commercial real estate firm David King & Associates, Inc. has released outstanding news on office vacancy rates in Oak Park’s Lake Street corridor. The year-end data shows an overall office vacancy rate of 8.56%. This rate is a 2.5% improvement as compared to July 2024 data. The corridor had a positive net absorption of more than 9,500 square feet in the last six months. Information was gathered from the following nine office buildings on Lake Street: The Shaker building, 1144 Lake St., 1101 Lake St., the 1024-40 North Blvd. building, Scoville Square, the Medical Arts building, the Forsyth building and 1049 Lake St., totaling over 375,000 square feet. For perspective, published reports have indicated that office vacancy in downtown Evanston was 18.9% in January 2025, while downtown Chicago had an office vacancy rate of over 20% in late 2024. Lake Street's office vacancy rate is extremely low and serves as a reflection on how competitive Oak Park is in the suburban office market. David King & Associates has investigated office vacancy rates in other municipal locations and has shared that no market or sub-market in the Chicago area has a lower office vacancy rate than the Oak Park’s Lake Street corridor. 

We’re excited to share this Q&A with David King of David King & Associates. David is the quintessential definition of local expertise when it comes to his commercial real estate experience. His office is located in the Downtown Oak Park Business District.

Your local real estate firm was established 32 years ago. Do you remember the first space you rented and to whom? (DK): That had to be Pumpkin Moon at 1028 North Boulevard. It’s extremely rare to have the first lease you sign still active over 30 years later, but Pumpkin Moon is going strong. Funny enough, we actually signed the lease in their kitchen. While things are too busy now to make house calls, we continue to pride ourselves on being a full-service firm.

You have built quite a positive reputation and business in Oak Park and adjacent communities. What makes this area a location that commercial entrepreneurs want to invest in? (DK): The proximity of Oak Park and its adjacent communities to Chicago puts anyone doing business in these areas at a geographical advantage. Location is key in this case. The businesses in these areas have access to fantastic amenities and there is a good mix of retail shops, restaurants, offices and medical practices nearby, making it convenient for business owners, employees and customers alike.

What do you think sets the services that David King & Associates provides apart from other firms specializing in commercial real estate (DK): What sets us apart, first and foremost, is our dedication to our clients. We are a full-service firm. Not only do we help businesses find a location, but we have assisted with connecting them to architects, recommending reliable contractors, and helping them navigate government processes. We continue to offer assistance even past the opening of the business. 

What are the two most important pieces of advice you would give to a new or expanding business looking for a location in Oak Park? (DK): The first piece of advice I would offer is to know if you’re ready to open a location or expand. There are many things to consider such as the price of rent, if it will be financially feasible and what the area surrounding the location is like. Having a well-thought-out business plan can be very helpful. I would also recommend seeking advice from some similar, already-established businesses.

The second thing would be to make sure that your business is in the right location. You can have a great business plan, but if you’re in the wrong location it can cause the business to fail. It may be helpful to walk around and talk to the other business owners in the area to try and get a feel for what it would be like to open there.

Current Commercial Real Estate Trends in Oak Park…what can you tell us? (DK):  A trend I’ve noticed, especially post-COVID, is that many successful, established businesses are moving closer to home. They are relocating outside of the city of Chicago, closer to where the owners live and where their employees are located.

Each month, the Village’s Business Services Team endeavors to give you the scoop on a new store or business that you can expect to open in Oak Park in the not-too-distant future. February’s scoop continues the good news about new businesses opening in the DTOP Business District.

FARE is a restaurant chain focusing on healthy, seasonal food offerings. Owners Britni deLeon and Kasia Bednarz have signed a lease for the commercial space in the middle of the private walkway on the west side of the first floor of the Albion building, 1000 Lake St. FARE is another small Chicago restaurant chain, like Publican and Breakfast House, looking to open its first restaurant outside of the City of Chicago. FARE’s current locations include the Old Post Office, 71 S. Franklin in the financial district, and in Northwestern Memorial Hospital’s Feinberg Building. Build-out construction plans have been submitted to the Village and are under review. A mid-year opening is currently planned. Pictured is FARE co-owner Britni deLeon (far right), who recently attended a Chamber of Commerce event. Also pictured L to R, Chamber President Rob Guenthner, Village representative Cameron Davis and Art Studio 928 business owner Cheryl Vargas.

Moses Valdez loves Oak Park and the Hemingway District, along with meeting people. The co-owner of Selleria Veneta, a boutique dedicated to Italian wear and accessories, Moses recently opened a new business concept: Style Society Club. This new concept will focus on creative artisans.

Moses grew up in Oak Park as one of eight kids. Now, at Style Society Club, he curates a collection of goods from U.S.-based designers and artisans, providing a distinctive and thematic retail experience at the 139 N. Oak Park Ave. location. Moses also brings his energy to the recently invigorated Hemingway District Association as president of that important non-profit business organization. Where Style Society showcases the spirit of artisanal goods, Moses encapsulates the energetic spirit of Oak Park.

Oak Park non-profit Collaboration for Early Childhood, located in the Hemingway Business District, provides tools, training and toys to support the social-emotional development of young children. The experiences of young children during the pandemic have resulted in different patterns of development that require innovative forms of support. With the support of grants, the Collaboration works with businesses and professionals to provide training and resources that focus on strengthening social-emotional learning. More information can be found on the Collaboration’s website.

Jazz Thaw, the Downtown Oak Park Business Alliance’s annual two-day jazz music festival, returns March 8-9. The free event, which is held in partnership with WDCB-FM 90.9, will feature a diverse group of renowned jazz musicians at more than 10 locations in the Downtown Oak Park Business District. Seating is first come, first served and guests are encouraged to order off the menu at each location. Ken Scott, WDCB’s Director of Marketing and Fundraising, said this year’s event will have something for everyone with Latin, Brazilian and straight-ahead jazz, jazz with vocals and instrumental jazz. More information is at www.downtownoakpark.net/event/jazz-thaw.

Oak Park’s newest bookstore, Dandelion Bookshop, recently celebrated its ribbon cutting. Village Development Services staff and Chamber of Commerce representatives joined business owners Jamie and Kurt Ericson at the store, located at 139 S. Oak Park Ave., for the recent ribbon cutting. Welcome to this wonderful new addition to the Hemingway Business District.