CHICAGO—The region's suburbanoffice market recorded a slight drop in the overall vacancy rateduring the first quarter, a welcome break from 2016, when vacancyincreased in three out of four quarters, according toNAI Hiffman, which just released its latest market update.In the fourth quarter, vacancy had increased by 153 bps, largelydue to the relocation or down-sizing of suburban mainstayslike ZurichInsurance andAT&T.
No company probably betterexemplifies both the challenge and promise of the suburban officemarket than Zurich Insurance. It left its former Schaumburgheadquarters last fall, leaving a big hole in the northwestsuburban market, but by developing a $333 million complex nearby, it alsoshowed how desirable the region remains for many class Ausers.
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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.
