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United States | Chicago, IL

Report | Chicago Suburban Office Insight - Q4 2015

Summary

For the second straight year, Chicago’s suburban office market saw an overall increase in leasing activity.

And, while we believe that trend should continue into 2016 that doesn’t mean the suburban market doesn’t present a great opportunity for tenants.

Suburban rental rates have remained relatively flat over the last decade—even when accounting for inflation—with suburban rates for Class A space averaging around $15 p.s.f cheaper than those seen in Chicago’s CBD.

The major challenge in 2016 for suburban landlords and developers is filling space that will soon be vacated by major tenants like Gallagher, Zurich and ConAgra. The burbs currently have 72 blocks of non-owner occupied space totaling 10 million square feet.

Learn more about what’s happening—and what we expect to occur in the coming months—in Chicago’s suburban office market in our Q4 US Office Insight.

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