First Quarter 2017 Suburban Office Market Review
NAI Hiffman is pleased to present its First Quarter 2017 Market Review, a detailed look at the market statistics for the Chicago metropolitan office real estate market.
Suburban Market Stabilizes; CBD Construction Causes Vacancy Uptick
The vacancy rate for the suburban office market measured 19.13 percent at the end of the first quarter. Four out of five submarkets experienced a dip in overall vacancy, while the North Suburban submarket saw an increase due to existing tenants downsizing or giving back space.
The suburbs experienced an increase in leasing activity as three new leases greater than 50,000 square feet were signed during first quarter. Old World Industries committed to 160,000 square feet in Northbrook, First Midwest Bank committed to 70,000 square feet in Chicago, and National Express Corp. committed to 54,000 square feet in Lisle.