As seen in Heartland Real Estate Business
Suburban Chicago City Highlights: Office Market
Heartland Real Estate Business, Feb. 2010
The Chicago suburban office market is still feeling the effects of the recent economic downturn despite optimism that the recession is over.
Overall vacancy in the suburban market rose to 17.7 percent in the fourth quarter of 2009, a 1.9 percentage point increase compared to the same time in 2008. The Northwest Suburbs submarket was hit the hardest, measuring a 3.1 percentage point increase to 18.7 percent when compared to the previous year. While overall vacancy in the suburban market is still on the rise, sublease vacancy reported a 0.1 percentage point decrease in 2009, indicating the bottom could be near. This is a positive sign for a market largely hit by corporate downsizing and consolidations. The 2009 overall gross asking rental rate decreased to $19.88 per square foot, a $0.79 decrease from the rate posted for year-end 2008. Rental rates are expected to decline even further to pre-2005 levels...
Read the complete article online at:
http://www.heartlandrebusiness.com/articles/FEB10/highlight1.html
Major Contributor(s): Joel Berger is managing director at Chicago-based Bradford Allen Realty Services/TCN Worldwide.
Media Contact:
Claudia Crow (ccrow@tcnworldwide.com)
TCN Worldwide ~ Director of Marketing & Communications
This PR opportunity was generated by TCN Worldwide HQ. To learn how TCN Worldwide is helping to facilitate PR opportunities for our member firms please contact Claudia Crow, TCN Worldwide Director of Marketing and Communications, at ccrow@tcnworldwide.com.