Tenants looking for office space in the Chicago suburbs still have a decided upper hand, but the suburban office market did take a small step toward recovery during the third quarter according to new statistics from Jones Lang LaSalle that were featured in Crain’s Chicago Business earlier this week.
The overall vacancy rate in the ‘burbs fell to 24.2 percent at quarter’s end, down from 24.4 percent three months prior and 24.5 percent a year ago.
Even such a small movement was a welcome sign for landlords in a market that hasn’t seen sub-20-percent vacancy rates since 2007, but don’t expect to hear the pop of champagne corks just yet, as JLL EVP Diana Riekse told Crain’s:
“It’s hard for [landlords] to get excited about the suburbs. We need a good six quarters of positive net absorption before people get excited about it from that perspective.”
To read the full Crain’s story, click here.