Blackstone recently sold Westbrook Corporate Center in Westchester for $132 million, or about $113 per square foot, to Group RMC.
CHICAGO—Leasing activity in Chicago's suburban region fell for the first time since the fourth quarter of 2017, dropping by more than 20% to 1.1 million square feet, according to a new report on the office sector from Savills Studley. Other statistics also illustrate that overall, the suburban market now struggles after enjoying a very modest recovery from the recession.
Tenants have leased about five million square feet in the four most recent quarters, falling well short of the market's long-term average, the report says. The overall availability rate jumped by 170 bps to 28.3%, and the class A availability rate rose by 60 bps to 27.4%. And the average overall asking rent dipped by 0.4% to $23.39 while the class A asking rent fell by 0.8% to $26.60.
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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.
