Record High Chicago Office Space Vacancies Bring Value and Concessions

Available Chicago office space

A Quick look at the Chicago Office Space Market

The Chicago office market has reached a record-high for available sublease space, as tenants look to shed office space in response to the Coronavirus Pandemic.  Office sublease space has increased nearly 22% since the start of the pandemic, with 8.2 million SF now available.

Softening demand and expanding office supply have increased vacancy in Chicago to mid-12%.   The 7.8 million square feet of office projects currently underway is expected to increase vacancy to over 13% by 2021.

This increased vacancy has allowed current tenants in the market to secure better pricing and greater concessions.   Since the start of the Coronavirus pandemic, rents have largely stagnated in Chicago, with year-over-year rent growth expected to turn negative in the back half of 2020 and into 2021.

At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements. We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients.

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

September 25, 2020

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.

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