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Chicago & Midwest  + Greater Chicagoland  + Office  | 

Suburban Office Availability Continues to Increase

The suburban Chicago office sector’s overall market dynamics continued to exhibit weakness in the second quarter, Savills’ Anders Klein reported. Availability increased by 80 basis points to 31.2%, marking the sixth consecutive quarter in which available options have increased.  

Overall asking rents remained relatively steady in Q2, falling just 0.3% to $24.30 per square foot, while Class A rents inched up 0.1% to $27.47 per square foot. Q2 leasing activity in the suburbs totaled 1.1 million square feet, the highest tally since the start of the pandemic, but deal activity nevertheless remained well below the long-term average. 

Although touring activity among tenants active in the suburban Chicago market remained depressed during Q2, Klein says the market should soon observe an uptick in activity in the second half of the year as occupiers codify their return-to-work strategies and reengage the market. 

Pictured: Oak Brook Gateway, Oak Brook, IL.

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Savills’ Klein

About Paul Bubny

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).

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