CHICAGO—Corporate moves from thesuburbs into the CBD typically generate headlines, but all thatattention may be obscuring some of the good news happening outsidethe urban core. It's true that many suburban submarkets haveelevated rates of vacancy, but some areas, such as the O'Haresubmarket, have recovered quite well from the recession, and manytenants have begun expanding. That energy is most noticeable withinthe best class A properties, and developers say suburban buildingsthat they can bring up to those standards have a brightfuture.
“Very few people have focused onthe numbers,” MichaelKlein, co-founderof GlenStarProperties, tellsGlobeSt.com. Last year, for example, there was nearly 4.5 millionsquare feet of absorption in the suburban market, versus about 4.1million in the city, according to CBRE.And in the previous four years, the gap was wider. In total, from2012 through the end of 2015, office users in the suburbs absorbednearly 11 million square feet, and city users absorbed nearly 4.7million.
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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.
