Chicagoland Suburban Office and Medical Office Update

Chicago commercial office space available

Writing with an update on the local office market.  Chicago’s office market faces significant headwinds this cycle, with average vacancy currently at 13% and expected to reach 15% by mid-2021.

However, demand for newer suburban office properties remains strong.  New suburban office properties have a vacancy rate of only 7% and an average rent of $32/SF (about $10/SF higher than the average suburban rent).

Chicago Medical Office Space Update

About 1/3 of new suburban office properties are medical, as the aging suburban population requires additional healthcare resources.  Illinois has so far reported relatively few layoffs in the healthcare industry, suggesting that medical office tenants may be better positioned to survive a COVID-19 induced recession.

Stay healthy and safe.

PS – Let me know if my commercial real estate brokerage services may benefit you or anyone you know.

Troy Golden
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 for information on the latest available properties.


Troy Golden

November 20, 2020

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To schedule a free consultation at our offices in Lombard call us at (630) 805-2463 or email us at to schedule a time to to talk about your real estate needs.

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