The Chicago suburban office market fundamentals showed improvement year-to-date, despite a flat performance during the second quarter. Year-to-date absorption remains positive at 130,000 SF despite quarterly negative net absorption of 230,000 SF. Class “A” space in the suburbs remains in strong demand with nearly 300,000 SF of positive net absorption year-to-date, shrinking the vacancy rate to 15.43% for this product. Sizable lease renewals and new lease commitments secured second quarter should have a positive impact on the suburban office market in future quarters.
- Year-to-date net absorption remains positive 130,000 SF
- Vacancy rate relatively unchanged at 18.37%
- Demand continues for class “A” space
The CBD office market improvements
- Positive net absorption of 314,000 SF
- Vacancy rate decreased to 11.85%
- Improved demand for class “B” space