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4th Quarter 2013: Suburban Chicago #Office Market | Commercial Main N State
Independent CRE Broker of Village Commercial

4th Quarter 2013: Suburban Chicago #Office Market


4th Quarter 2013: Suburban Chicago #Office Market

The 4th quarter of 2013 only saw 23,459 square feet of net absorption though overall the year of 2013 ended with the suburban office market adding 1,289,406 square feet. This is the first time in seven years that the market saw an absorption above 1,000,000 square feet. Overall, there was no suburban submarket that saw absorption over 150,000 square feet in either direction. 

 

Only one deal in the suburbs of Chicago was completed over 100,000 square feet which was Zebra Technologies, a sublease which will become a direct deal for 230,000 square feet. A continued trend of suburban companies moving to downtown Chicago or out of state is underway. With mergers and competitive deals available elsewhere this trend shall continue.

 

The direct vacancy rate has increased only 0.1% from 19.9% to 20.0%, despite the stagnant movement of the 4th quarter. Total vacancy rate stands at 20.8%. 

 

Gross rental rates are averaging $0.41 higher than last year, ending 2013 with an average of $21.20 per square foot.

 

Submarket

East-West Tollway
North Suburban
Northwest Suburban
O'Hare
South Suburbs
West Cook

Total Suburban

Gross Building SF

40,889,732
24,222,309
28,185,574
13,711,327
2,453,729
1,098,104

110,560,775

Vacancy Rate

18.8%
19.5%
23.2%
21.9%
24.6%
36.1%

20.8%

Average Gross Rate PSF

$21.17
$23.82
$19.57
$22.60
$15.45
$16.61

$21.20

4th Quarter 2013 Stagnant; 2013 ends statistically better than 2012.

Statistical information has been comprised from CBRE's Chicago Suburban Office Marketview 2013
Kristian Lee (84 Posts)

Kristian is a licensed Illinois Commercial Real Estate broker with over 10 years’ experience working with small to medium sized businesses locally and nationally as well as owners of real estate from office, retail to industrial at Suburban Real Estate Services, Inc.. in Lisle, IL. Kristian specializes in branding each property he represents through different marketing tactics, boots on the ground and the latest technologies gained from his experience of marketing rock bands to commercial properties. For each tenant representation assignment he becomes his client's "in-house" broker walking them through the process from initial meeting till occupancy. He is the founder of Commercial Main N State, a blog providing tips and market rental trends to small businesses on #CRE. He currently is the 2014-2016 Chair of the Mainstreet Organization of Realtors® Commercial Alliance.



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