The vacancy rate in Chicago’s suburban office market continued its gradual decline in Q2 2011, but a lack of activity among larger users has landlords still struggling to fill space.
As a result, oportunities abound for tenants to renew their leases at favorable rates or upgrade facilities, Jones Lang LaSalle’s Todd Schaefer tells Crain’s Chicago Business in this story (subscription required):
“Not seeing a whole lot of activity from the larger users, we see slow growth going forward in the marketplace. There are companies taking space here and there, but I don’t think there’s enough of that to turn the tables as it relates to the vacancy rate in the ‘burbs.”
According to Jones Lang LaSalle research, the overall office vacancy rate in the suburbs fell to 24.4 percent in Q2 from 24.6 a quarter earlier. Vacancy has fallen slowly but steadily since peaking at 25.4 percent in Q2 2010.