CHICAGO-The suburban office market of Chicago saw some improvement in its vacancy rate in the third quarter, but weak demand and the lack of major lease deals prevented any significant dent in available space.
The overall vacancy during the third quarter was 24.2% in the outlying Chicago suburbs, the lowest rate since early 2009. The third quarter rate was down from 24.4% the previous two quarters and 24.5% in the third quarter of 2012, according Jones Lang LaSalle Inc.
The suburban office vacancy rate in the first quarter of 2009 was 23.9%.
Diana Riekse, executive vice president at Jones Lang LaSalle, says, “It's hard for buyers to get excited about the suburbs. We need a good six quarters of positive net absorption before people get excited about it from a landlord perspective.”
Of the six submarkets in the Chicago suburbs, Lake County had the highest overall vacancy, at 28.3%, while Cook County was the lowest, at 16.5%. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
