Spec office development returns to the ‘burbs

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For the first time since before the Great Recession, speculative office development is returing to the Chicago suburbs.

Despite what could definitely be described as a challenged market — Jones Lang LaSalle research reports a suburbs-wide 24.4 percent vacancy rate — veteran broker/developer Jack McKinney is planning a modest 52,000-SF development near Techny and Waukegan roads in Northbrook.

He tells Crain’s Chicago Business that the market in that pocket is underserved in terms of resonably-priced Class-A product.

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