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.
Troy Golden
President
Golden Group Real Estate
For more on Golden Group Real Estate, read about our real estate services. Let us know if we can help you find office space for rent or buildings for sale.
Call us at our office at(630) 805-2463, or email us at troy@goldengroupcre.com for information on the latest available properties.
By
November 20, 2020
December 24, 2020
December 18, 2020
December 11, 2020
The RENT blog gives you the resources and tools you need to make the best decisions regarding your real estate needs. We cover a broad range of subjects regarding office space, tenant needs and what to look for when investing in property.
.
To schedule a free consultation at our offices in Lombard call us at (630) 805-2463 or email us at troy@goldengroupcre.com to schedule a time to to talk about your real estate needs.
Our tenant and buyer representation real estate services are 100% free to our clients. We are active commercial real estate brokers and work with all Oak Brook, Naperville, Downers Grove, Lisle, and Dupage County office buildings. Golden Group Real Estate will show you both listed and unlisted investment properties.
Stay informed with all the information you need to know when choosing, or moving your company to a new location.
View our collection of articles on a wide variety of topics related to real estate and business needs
Come out to one of our events to meet and develop business relationships to last a lifetime
We ensure every client gets the property they need, the terms they want, and
what's critical for their business.
.jpg)
