CHICAGO—The office market in Oak Brook took a big hit this week with the announcement by fast-food giant McDonald's that it planned to move its global headquarters into downtown Chicago. But some developers are still quite bullish on the prospects for luring tenants into new space in the west suburban town.
Schaumburg-based REM Builders recently began a 60,000-square-foot speculative office redevelopment at 2100 Swift Rd. in Oak Brook that involves stripping the existing three-story building down to the columns and completely rebuilding it to class A quality. CBRE has been retained to market the property, which REM plans to deliver in late 2016.
“Oak Brook is probably the most mature part of the I-88 corridor,” Jeffrey Mann, senior vice president at CBRE, tells GlobeSt.com, with its multi-tenant buildings having an average age of about 38 years. But today's tenants are most eager to occupy new office space that incorporates the latest thinking on interior design and how that impacts employees' quality of life. “There is a real niche in this market for buildings that have a new, fresh feel and for all intents and purposes, this is a new construction delivery.”
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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.
