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Owners' Effective Rents Near $3 Per SF in Suburbs

CHICAGO-The effective rent for office property owners in suburban Cook County is just $3.40 per sf after concessions are factored in, and just $3.08 per sf in Lake and DuPage counties, according to the Studley Effective Rent Index.

By Mark Ruda | Updated on June 10, 2004

CHICAGO-Not only are suburban office rents in among the lowest among major US markets, they hover perilously close to break-even, a report by Studley suggests. The Studley Effective Rent Index reports the effective rent for office property owners in suburban Cook County is just $3.40 per sf after concessions are factored in, and just $3.08 per sf in Lake and DuPage counties.

Those figures are less than half of the next lowest market, Fort Lauderdale, FL, according to the Studley Effective Rent Index. And Downtown is hardly faring much better, as the property owners’ effective rent there is $5.75 per sf, worst among the Central Business Districts in Studley’s study.

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