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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).