With more than 36 million square feet of office inventory, the East-West submarket is by far the largest in the Chicago suburbs.
In 2011, the East-West saw more than 650,000 square feet of total net absorption, thanks to deals (all brokered by the JLL tenant rep team) by Comcast, CA Technologies and HAVI Golbal Solutions.
JLL’s Jeff Shay, who is the leasing representative for a variety of East-West buildings — including Westbrook Corporate Center (above), tells the Illinois Real Estate Journal that he expects the positive momentum to continue in 2012.
“We’re coming off of 2011, which was a good year for both ends of the market. If we don’t have any big negative surprises from the overall macro economy, we’re cautiously optimistic we’ll continue to see more absorption. I think the vacancy rate is going to drop again in 2012. It won’t be a huge drop but it’s definitely going to drop down.”
To read the full Illinois Real Estate Journal article, click here.