CHICAGO, IL- The John Buck Company just announced that they have hired CBRE Inc. to handle the leasing for their Parkway North Center in north suburban Deerfield. The one million square-foot campus already has a Marriot Suites hotel, and includes three other large office buildings, a daycare center and an athletic club.
CBRE named Michael Whisler and Adam Showalter as the new representatives for the complex. They have a big job ahead. Two of the buildings have vacancy rates of more than 50 percent, and experts say that although the north suburban office market has healed a bit, prospective tenants continue to hold an advantage.
“Overall vacancy in the suburban office market decreased throughout 2012, down to 20.5 percent at year-end 2012 from 21.1 percent at year-end 2011,” according to a year-end report from Colliers International. The north suburban market was slightly better, with a vacancy rate of 19.4 percent, but partly because many local firms have undergone consolidations or relocated, that number was unchanged from 2011.
Colliers added that north suburban conditions may improve for landlords over the coming year. The firm expects the Class A vacancy rate to decline, although they also said new tenants will probably continue to win concessions.
Still, Parkway can attract big clients. Just this year, Mondelez International, formerly known as Kraft Foods, leased over 100,000 SF at 3 Parkway North, one of the north suburban area's top new leases of 2012.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
