Alter to Expand Corridors by 600,000SF

CHICAGO—A region with an office vacancy rate over 20% might not seem the most likely target for developers. But The Alter Group has just decided to expand their Corridors development in suburban Downers Grove by an additional 600,000-square-feet across four buildings. Called Corridors North, the new development will begin rising as early as 2014 near the 299,792-square-foot Corridors I and Corridors II and the 217,500-square-foot Corridors III.

Although a second quarter analysis recently released by the Chicago office of Studley found that “availability remains above 20% in all [suburban] submarkets (except for O’Hare-19.6%) and leasing has been sluggish since the third quarter of last year,” The Alter Group remains committed, says Matthew A. Ward, senior vice president, who is leading the leasing team for the new development.