Chicagoland Commercial Office Market and Construction Update

Chicago commercial office space available

Chicago Commercial Office Space Availability

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.

Chicago Commercial Construction Update

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

Troy Golden

November 20, 2020

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