Slower rent growth and increased tax transparency benefiting the Chicago suburban office market
Since 2010 gross average asking rent in the CBD has grown 38.2% compared to 15.3% in the suburbs
December 18, 2019
- Since 2010 gross average asking rent in the CBD has grown 38.2% compared to 15.3% in the suburbs, an alarming 2,290 BPS variance.
- While rent is a big factor, the overall cost of the CBD and Cook county in general is in question with uncertainty behind its new property tax proposals. On the other hand, suburban DuPage county’s property taxes have been the model of consistency as they have only increased once over the last 12 years.
- As the gap between rent widens, will industries begin shifting their location preferences in hopes of cost savings or willingly take on the costs in order to position themselves in areas with a high density of young talent?
Source: JLL Research