Presented by: JLL
is pleased to share the 2Q14 office reports for the Chicago suburbs. Included are the Office Statistics
, Office Highlights
, and Office Insight
Market Activity & Conditions Summary
In the second quarter absorption saw a significant gain increasing to 619,000 square feet of total net absorption and 705,000 square feet of direct net absorption. These substantial gains were due in large part to Zebra and Follett taking occupancy.
Rental rates had another quarter of modest growth with overall suburban average asking rent climbing to $22.05 PSF. Class A increased the most by $.32 to $24.25.
Thanks to a very strong quarter of positive absorption vacancy rates decreased tremendously. Direct vacancy dropped 60 basis points to 19.6 percent while total vacancy dropped 70 basis points to 23.7 percent.