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chi-presidents-plaza (2) Developers might be leery of new suburban construction, but existing properties like Presidents Plaza, which recently sold for $147 million, can provide newly-upgraded class A space.

CHICAGO—Suburban Chicago tenants were relatively active in the first quarter, leading to 319,986 square feet of positive absorption and a 19 bp decrease in the overall direct vacancy rate, according to a new market report from MBRE. The suburban region’s rate was 21.47% by the end of the first quarter.

MBRE data show 20 suburban deals larger than 15,000 square feet were signed, for a combined total of 705,046 square feet. Perhaps more impressive the overall average direct gross asking rent for the suburbs increased by 9.7% in the past year to $22.13.

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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.

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