Class A Office Fares Best in Chicago Suburbs
In Chicago’s suburbs, high quality, well located, Class A properties will continue to see the most activity as employers look to update their space in order to attract employees back to the office, Colliers’ Ronna Larsen reported. Conversely, lower class buildings lacking amenities will continue to struggle.
Direct office vacancies in the suburbs remained flat at 23.8% in 2022’s second quarter, Larsen wrote. However, sublease vacancies increased slightly, up 20 basis points to 1.7%. The O’Hare market continues to have the lowest vacancy in the suburbs at 19.2%, while the Northwest market continues to offer the most options.
Q2 saw an uptick in leasing activity, in fact the most in two years, Larsen reported. There are currently more than 35 tenants in the suburban office market seeking 25,000 square feet or more, totaling more than 3.0 million square feet. Many are seeking space in the Northwest and East-West markets.
- ◦Lease
