chi-1200 Lakeside Bannockburn (4) 1200 Lakeside in Bannockburn, IL, a 260K SF property, was bought by Stonemont Financial for $77 M, one of the largest suburban office transactions of 2017.

CHICAGO—The suburban market office saw absorption and rental rates tick upward in 2017, especially among class A properties, and investors also showed more interest than in the previous year, according to a year-end report from Colliers International. And in 2018, the firm believes suburban landlords and developers will continue transforming the region by renovating well-located class B properties into class A assets, and tearing down even more of the obsolete class C offices.

Those moves will go a long way toward reducing the elevated vacancy rate seen in many submarkets outside the city. Overall, the suburban vacancy rate dropped to 20.9% in 2017, down from 21.5% at the end of 2016, according to the report from Colliers’ Ronna Larsen, senior research manager.

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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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