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Chicago Suburban Office Owners Seeing “Unprecedented Uncertainty”
Occupiers looking for space in the suburban Chicago office market do so at a time of “unprecedented uncertainty for landlords,” says Cresa. Total vacancy is now at a record high of 25.6%, with 24.9 million square feet of vacant space across the suburbs.
Hardest hit in terms of square footage are Class B buildings, with approximately 12.9 million square feet of direct Class B space is now vacant and, on the market, more than both Class A and C space combined, according to Cresa. The highest portion of vacancy occurs in the largest two submarkets, Northwest and East West Corridor, accounting for more than two-thirds of the vacant space on the market.
“It is anticipated that more vacancy will occur during this year,” Cresa says. “Occupiers with a lease expiration in the next 12-18 months will see a plethora of availability across all submarkets and building types.”
- ◦Lease
