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Class A Office Demand Stays Strong in Chicago’s Suburbs
In common with other office markets, suburban Chicago is seeing a flight to quality. Although leasing activity in the suburbs slowed in the first quarter, demand remains strong for well-located and well-amortized Class A projects, says Colliers International.
Within the broader suburban market, submarkets including O’Hare and Oak Brook remain tight. As a result, asking rents have reached an all-time high in these submarket.
Colliers notes that mid-sized tenants continue to offer the most relocation potential. At present, there are more than 100 tenants with needs ranging from 10,000 to 50,000 square feet that are actively seeking space throughout the suburban office market.
Meanwhile, older and poorly-located suburban office properties continue to be purchased for adaptive reuse or demolition. They include the AT&T headquarters in Hoffman Estates, Motorola headquarters in Schaumburg, Aon headquarters in Glenview, the Nokia property in Naperville and McDonald’s former campus in Oak Brook.
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