Chicagoland Office Construction Update

Chicago commercial office space available

Writing with an update on the Chicagoland office market.

Chicagoland Construction Updates

6.8 million square feet of new office is under construction, 90% of it in downtown and 75% of it above the 4th floor.  As long as tenants fear crowding in public transit and elevators, it will be difficult to lease this new office space.

Downtown Office Space Updates

Downtown Class A offices command a 75% rent premium over suburban Class A offices.  But new construction, coupled with softening demand, will depress downtown office rents and sale prices in the short term.

If the pandemic significantly disrupts three decades of re-urbanization, downtown and suburban office rents will converge for extended period.

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.

By

Troy Golden

November 20, 2020

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