CHICAGO—The office market in Chicago's northwest suburbs was stung by the recent decisions of Motorola and GoGo to move into the city's CBD. But according to Colliers International the submarket made a bit of a comeback in the third quarter.
Overall vacancy ended at 21.2% compared to 21.5% reported in the second quarter of 2015. Both class A and B properties registered decreases in vacancy, but class A properties had the most significant change, ending the third quarter with a 17.2% vacancy rate, down from 17.8%.
And even though year-to-date absorption remains weak, largely due to GoGo's departure, Colliers found that among the higher quality, true class A properties, year-to-date absorption was a positive 105,286 square feet.
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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.
