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).
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
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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November 20, 2020
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