Suburban Chicago office market report
Q2 2022
In a trend that has continued ever since the onset of the pandemic, leasing activity in the suburbs remains concentrated in Class A well-located buildings that can attract employees back to the office. While the market continues to feel pressure of rising vacancy rates, a few major transactions this quarter given optimism for the future.
Desire for quality continues
In a trend that has continued ever since the onset of the pandemic, leasing activity in the suburbs remains concentrated in high-quality and amenity-rich buildings for companies to attract their employees back to the office. Asking rates in Class A buildings have reached and surpassed pre-pandemic prices.
Major commitments battle rising vacancy
While the market continues to feel pressure of rising vacancy rates, a few major transactions this quarter given optimism for the future. Companies such as Ace Hardware, Zebra Technologies and FAA have all committed to the suburban market with 150k+ sf leases.
Alternative solutions for struggling product
Outdated Class B and C buildings have undoubtably taken the hardest hit over the past few years. This year, however, a few large corporate campuses with large land sites, such as Allstate, have sold to industrial developers for potential warehouse/distribution use. While Class A continues to dominate the market’s activity, alternative strategies like this could provide solutions for struggling landlords.
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