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.

7.1%

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.

-68.6%

Chicago recovery index

Return to office visitor counts at end of September down from Labor Day 2019 tallies, but positive momentum is occurring.

$436M

Suburban office sales

Total amount of suburban office closed through third quarter. 

 

61.1%

DuPage County vaccinations

Vaccination rate in DuPage County, which is significantly higher than national average.

 

5.8 MSF

Leasing activity

Record-high vacancy rate as sublease vacancy pushes overall rate up.

 

-3.7%

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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Your source for the latest Chicago Suburban office market reports

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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