Suburban Chicago office market report
Q3 2021
Despite the headlines, moves by tenants from downtown to the suburbs have largely remained unchanged from pre-pandemic levels. Many tenants are however exploring satellite offices, however we have yet to see transaction activity materializing. March-May 2021 experienced the largest amount of tenant activity since prior to COVID. The summer slowed down due to Delta concerns however touring is once again picking up. A large hurdle to tenant decision-marking continues to be moving/adjusted return-to-office dates.
Unemployment rate
Reopening efforts and higher vaccination rates have allowed the Chicagoland unemployment rate to rebound from a high of 16.5 percent in April 2020.
Chicago recovery index
Return to office visitor counts at end of September down from Labor Day 2019 tallies, but positive momentum is occurring.
Suburban office sales
Total amount of suburban office closed through third quarter.
DuPage County vaccinations
Vaccination rate in DuPage County, which is significantly higher than national average.
Leasing activity
Record-high vacancy rate as sublease vacancy pushes overall rate up.
Office-using job losses
Change in office-using employment through July, which is better than the overall figure of 4.1% for all industries.
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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.
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