Real Estate News & Talk
~the RENT Blog~

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.

Chicagoland Office Market Update

Writing with an update on the local office market in Chicagoland.

Social distancing measures have resulted in a dramatic downshift in office leasing, sales, and development activity.  Average office vacancy should temporarily increase by 1% due to lower demand and unfortunately timed development projects.  That said, average vacancy in 2020 should remain under 13% for the year the seventh year in a row.  Average rents in 2020 should decrease by 3% before recovering in 2021 or early 2022.

Even before the Corona virus, office sales were already got off to a sluggish start in 2020.  Total sales volume for the last twelve months fell to $3 billion for the first time since 2011, due to a pullback in the Class A downtown submarket.  This submarket’s decline is the result of record-high pricing and uncertainty regarding local real estate taxes.  The economic downturn will further depress sales volume and prices across all Chicagoland submarkets.

Stay healthy and safe.

If my services may benefit you, email troy@goldengroupcre.com or call (630) 805-2463

By

Troy Golden

September 10, 2020

Check out these great listings!

Free Market Survey

Request a Survey on Office Buildings & Space Available

Thank you! Your submission has been received!

Oops! Something went wrong while submitting the form :(

Our Tenant Advisory Process

FIND, NEGOTIATE, ADVISE.

Use every resource to make the right business decisions for you AND your company!

Dupage county real estate services, Dupage county tenant representation

Resources

Stay informed with all the information you need to know when choosing, or moving your company to a new location.

Dupage county real estate services, Dupage county tenant representation

Real Estate News & Talk

View our collection of articles on a wide variety of topics related to real estate and business needs

Dupage county real estate services, Dupage county tenant representation

Networking Events

Come out to one of our events to meet and develop business relationships to last a lifetime

Dupage county real estate services, Dupage county tenant representation

Reviews & Social Media

We ensure every client gets the property they need, the terms they want, and
what's critical for their business.

5S640 Ridgeview Lane Naperville, IL 60540
Golden Group Real Estate