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North Suburbs Leading Office Market Recovery

CHICAGO-Large deals like Beam Global Spirits and Wine Inc. leasing 130,500 sf at Corporate 500 Centre in Deerfield and CDW Corp. taking an entire 75,444-sf building in Vernon Hills have helped, says CB Richard Ellis managing director Chris Connelly. But tenants leasing 40,000 sf or less are helping shift the market.

By Mark Ruda | Updated on April 11, 2006

(To read more on the net lease market, click here.)

CHICAGO-Led by large deals like Beam Global Spirits and Wine Inc. leasing 130,500 sf at Corporate 500 Centre in Deerfield, the north suburban office submarket has seen vacancy drop 1.6 percentage points in the first quarter to 13.5%, according to CB Richard Ellis. However, it is smaller tenants who have helped overall vacancy across the suburbs drop more than a full point to 16.6%, according to managing director Chris Connelly.

“Brisk leasing activity from tenants in 40,000-sf or below size range, hefty lease renewals and anticipated corporate occupancies combined to significantly shift the market in a positive way during the first quarter,” Connelly says.

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