CHICAGO—The suburban market office saw absorption and rentalrates tick upward in 2017, especially among class A properties, andinvestors also showed more interest than in the previous year,according to a year-end report from ColliersInternational. And in 2018, the firm believes suburbanlandlords and developers will continue transforming the region byrenovating well-located class B properties into class A assets, andtearing down even more of the obsolete class C offices.
Those moves will go a long way toward reducing the elevatedvacancy rate seen in many submarkets outside the city. Overall, thesuburban vacancy rate dropped to 20.9% in 2017, down from 21.5% atthe 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.
