Suburban Vacancy Jumps Full Point in Q1

Vacancy is the worst at the western end of the I-88 Corridor. Although it has fallen since the beginning of the year, vacancy there is 24.69%--34.45% when sublease space is added. Meanwhile, the biggest jump in vacancy was seen at the eastern end of the I-88 Corridor. The 21.24% vacancy rate is more than two percentage points higher than it was at the beginning of the year, according to Jones Lang LaSalle's first-quarter report.

The O'Hare submarket fares second-worst, with a 22.10% direct vacancy rate and 28.32% with sublease space. The north suburban submarket was the only one with a direct vacancy below 20%. However, the 15.53% rate rises to 20.60% when sublease space is considered, according to Jones Lang LaSalle.

Among recent lease deals in the submarket was a 21,830-sf renewal by Abbott Laboratories at Corporate North in Bannockburn. Principal Construction also took 4,350 sf and Montclaire Hotel Investors 1,650 sf in deals that also were negotiated by U.S. Equities Realty's Mike Kazmierczak. He also negotiated a 2,600-sf deal for Interwork Architects, Inc. and 1,180 sf for Warnick & Co., both at 1 Lane Center in Northbrook.