CHICAGO—The city's West Loop has been on the rise for years as a hip, creative office market. But the decision of McDonald's, a traditional, corporate behemoth, to leave the suburbs and settle into a new campus on the site of Oprah Winfrey's Harpo Studios, has the potential to complete the area's transformation into a fully-rounded neighborhood. In fact, a new map produced by KIG shows developers from all sectors, including office, residential and retail, launching projects throughout the area west of the expressway.

Most new development used to happen on the fringes of downtown just west of the river, but today “it is starting to come from Ashland Ave. and push east,” Susan Tjarksen, KIG principal and managing broker, tells GlobeSt.com. She has also seen a lot more institutional money coming into the neighborhood, which should further fuel expansion. “Institutional money does not like to be the first one in,” but with the advent of McDonald's, and before that Google, these lenders have grown quite comfortable with the submarket.

“The West Loop used to be known for its hoodies and sweatshirts, but now it also has a lot of people wearing two-piece suits,” she adds. “That's always good for a submarket because you then have a more rounded population. You don't have to just appeal to millennials now.”