Writing with an update on the local office market in Chicagoland.
Even before social distancing measures were enacted, Chicago office rents grew at their slowest pace in five years in 20Q1.
This continued the trend of slower rent growth and higher vacancy in 2019, due to 4.4 million square feet in new office construction.
Presently, the construction of 30 new office buildings continues unabated as an essential activity.
These properties will increase our office supply by an additional 7.4 million square feet, or 1.5%, just as the pandemic and social distancing results in a near-term decrease in office demand.
Thus, the average office vacancy for Chicagoland is expected to return to its post Great Recession high of near 15% by mid-2021.
Stay healthy and safe.
At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements.
We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients.
PS – Let me know if my commercial real estate brokerage services may benefit you or anyone you know.
Golden Group Real Estate
Call us at our office at(630) 805-2463, or email us at firstname.lastname@example.org for information on the latest available properties.
November 20, 2020
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