Large users driving (modest) leasing momentum in North Suburbs

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Combined Centre

 

For a variety of reasons, the north suburban office submarket has been one of the Chicago’s area’s biggest laggards since the ’08 market crash.

But thanks in part to a series of deals toward the end of last year, the area is showing signs of positive momentum with the overall vacancy rate having dropped from 29.7 percent to 28.1 percent during the course of 2011.

JLL’s Dan McCarthy, who specializes in representing tenants in the north ‘burbs, tells Crain’s Chicago Business (read full story here) that large users (100,000 square feet and up) are driving demand.

“Big deals are getting done … and there are a lot still in the pipeline. The large corporations that have the ability to make a commitment right now are locking in some great deals, but there are still a lot of smaller spaces available.”

One such example is the three-building Combined Centre complex in Northbrook (pictured above), where some 70,000 square-feet of space is available in contiguous blocks ranging in size from 100 to about 8,500 square feet.

JLL’s Dan Fernitz is leasing the space on behalf of the building’s owner.

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