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.
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2020 was a tenant's market, office rents declined by 2.7 percent in downtown Chicago, and by 1.7 percent in the suburbs. Total available space increased to a record 86 million square feet.
With new construction, more subleases, and lower demand, the average vacancy rate is expected to increase to 13.5 percent by mid 2021, the highest level since 2013. Vacancy is expected to remain elevated until 2022.
Office sublease space has increased nearly 22 percent 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 percent.
Writing with an update on the Chicagoland office market. Downtown Class A offices command a 75 percent rent premium over suburban Class A offices. But new construction, coupled with softening demand, will depress downtown office rents and sale prices in the short...
February 2020 appears to be a highwater mark for the market. It was one of the strongest Februaries on record, with almost 2 million square of office space leased in that month alone.
About a third 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...
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