Writing with an update on the Chicagoland office market.
February 2020 appears to be a highwater mark for the market. It was one of the strongest Februaries on record, with almost 2 million square of office space leased in that month alone.
After February, only 1 million square feet was leased over three months (March through May). Total 2020 office leasing is down by roughly 1/3, compared to the first half of 2019.
Some tenants are reconsidering the downtown market. Roughly half of new 2020 leasing activity occurred outside of the Loop. Available sublease space downtown has increased by 425,000 SF this quarter.
PS – Let me know if my commercial real estate brokerage services may benefit you or anyone you know.
Stay healthy and safe.
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.
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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.
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