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.

1

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.

2

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.

3

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Outdated Class B and C buildings have undoubtably taken the hardest hit over the past few years.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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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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