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Log In / Register | Dec 15, 2017

Business Owners Buying Vacated Bank Branches

Looking for a good business location? An empty bank branch might be just the thing. With the increase in online banking translating into fewer in-person visits to banks, bank buildings across the country will be going on the market for years to come.

It's a problem or an opportunity, depending on your perspective, that will be here for a while. Banks operate about 89,300 branches in the United States today, down 8 percent over the past decade, according to Chicago-based real estate firm Jones Lang LaSalle. JLL expects an additional 20 percent drop over the next decade. — Alby Gallun, Crain's Chicago Business

Focusing on the Chicago area, Alby continues:

The best properties—often those at high-visibility intersections or near big shopping centers—go quickly, while those in weaker locations can languish on the market. Many branches are refashioned into restaurants, but the properties attract all kinds of buyers or tenants. In Deerfield, online supermarket Peapod converted a former Amcore Bank branch into a grocery pickup site. Sherwin Williams and Sleepy's Mattress stores now occupy a former Harris Bank branch in Antioch.

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