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.

+5%

Availability

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.

60.3%

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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