701 N Michigan Ave — Lease in Chicago, IL

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Retail Business
  • Location: Chicago, IL 60611

Description

This landmark building offers ground-floor retail spaces at the base of the historic Warwick Allerton Hotel, anchored by the Rolex flagship store. Located on Chicago’s legendary “Magnificent Mile,” this space offers retailers the opportunity to open on one of the nation’s premier destination shopping districts.

Market Context

This retail in Chicago, IL is listed for lease. Compare it against other retail listings for lease in Chicago, IL — view the full market.

As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 7.9% as of Q4 2025, per multiple brokerage reports.
Is the Chicago retail market tightening or softening?
Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).

Estimated Market Rate

$1.54/SF/mo – $2.08/SF/mo

Mid: $1.82/SF/mo

Based on comparable properties in similar markets rather than local sales.

First seen on CREHunt: Aug 16, 2026

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