Chicago Suburban office market report

Q4 2023

The suburban office market continued to waver in Q4 2023. As tenant space contractions persist, vacancies across the market continue to rise. Q4 saw positive net absorption, led largely by Ace Hardware moving into nearly 300k sf in Oak Brook. Despite rising interest rates, investment activity in the suburbs was more prominent than in the CBD, both by transaction count and total dollar value, although a significant portion has been in pursuit of alternative use redevelopments.



Growth in suburban availability since Q4 2019. While this rate continues to rise, alternative use conversions of office space has tapered growth in recent quarters. 


Alternative use conversions

Percentage of office sales in 2023 that are intended to be redeveloped for alternative uses, particularly data centers.

3.9 msf

Sublease space available

A record-high amount of sublease space available throughout the suburbs.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Chicago Suburban area. Avison Young advisors look at Chicago Suburban commercial real estate activities and the latest Chicago Suburban statistics to provide you expert market research on Chicago Suburban's office properties.

Explore different topics like the latest office market pricing trends and analysis of Chicago Suburban's current office real estate market conditions. Gain a better understanding of Chicago Suburban’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Chicago Suburban's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Chicago Suburban.

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