Suburban office vacancies hit six-year low, indicating strong market gains

As Chicagoland continues to attract major users and headquarters including Advocate Health Care, Duchossois Group, and Capital One, the seven-county region is exhibiting strong market gains, according to a report by global real estate firm CBRE Group, Inc. Vacancy rates in suburban offices continue to drop, absorbing over 1.1 million square feet of existing office space in the fourth quarter of 2014. “As we work together across the Chicagoland region to foster an attractive environment for businesses of all sizes, the recent decrease in office vacancy rates demonstrates tangible gains are being made to strengthen our economy,” says Greg Bedalov, President and CEO of Choose DuPage. Suburban absorption rates have been positive since 2011. Major suburban office space transactions in DuPage County in the fourth quarter of 2014 include: 250,000 square feet acquired by Duchossois Group in Oak Brook; 134,984 square feet acquired by Advocate Health and Hospitals in Downers Grove; 130,000 square feet by Hub Group in Oak Brook; and 130,000 square feet by SKF in Naperville. Adds Bedalov: “A highly educated workforce, excellent schools, easy access to downtown Chicago, and substantial transportation gateways make DuPage County a desirable location for corporate headquarters. Through regional efforts, we are also strengthening Chicagoland’s position as a global business destination.”