Search
 

Suburban Office Outpaces Chicago CBD

CHICAGO—Experts believe that 2015 will also be a great year for suburban office, with all asset classes experiencing positive absorption.

By Brian J. Rogal | Updated on January 12, 2015

CHICAGO—The suburban office market suffered greatly during the recession, and although it still has an elevated vacancy rate compared to the city’s CBD, partly due to a good number of obsolete space, in 2014 it outpaced downtown Chicago.

“The suburban office market absorbed more space than Chicago’s downtown market in each quarter of 2014,” says John Picchiotti, chief operating officer, brokerage, for NAI Hiffman. The company has just published an analysis of the fourth quarter and found that “the suburbs absorbed nearly 590,000-square-feet compared to only 24,000-square-feet in the central business district.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.