CHICAGO—The suburbs have been seeing a number of office users leave and move into Chicago's CBD. But many of the office buildings in the suburbs have retained both their appeal and their tenants. The best-performers seem to be the properties that have a modern, competitive amenity package in place, or those buildings located in communities that offer access to modern conveniences.
According to the first quarter 2017 office market report by Colliers International, the vacancy rate for these class A+ properties just fell to 19.4%. This represents a significant quarter to quarter decrease since the end of 2016 when the rate for this type of space was 20.9%.
Colliers defines this space as the premier echelon of class A buildings, as determined, in part, by the quality of the amenities offered. In the suburban market, Colliers puts 134 buildings in this class, totaling 33.2 million square feet of space.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
