April 16, 2018
Suburban office markets in Greater Chicago withstood negative absorption in the first quarter, as the overall vacancy rate rose 50 basis points to 20.8%, Colliers International reported. However, investment sales velocity kept up the pace in Q1, and Colliers noted that the suburbs saw five leasing deals of greater than 25,000 square feet during the quarter.
Moreover, Colliers said several large leasing transactions that were finalized in 2017, such as Amita Health’s relocation to 225,000 square feet at the Navistar campus (pictured) in Lisle, IL, will take effect in 2018. Despite this, smaller and mid-sized tenants represent the greatest relocation potential this year.
“There are currently 110 tenants with needs ranging from 10,000 to 150,00 square feet that are actively seeking space throughout the suburban office market, 45% of them showing interest in the East-West market,” according to Colliers.
For comments, questions or concerns, please contact Paul Bubny