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 firstname.lastname@example.org for information on the latest available properties.
September 25, 2020
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