The June issue of Heartland Real Estate Business had a blurb about the Suburban Chicago Office Market. What they found was:
Suburban vacancy rates have been increasing since 2007 and ended first quarter 2009 at 21.5 percent, the highest it has been since the first quarter of 2005. Absorption totaled negative 1.2 million square feet, with all of the suburban submarkets posting negative absorption except for the Interstate 55 Corridor. Sublease and direct listings have increased during the past several quarters, driven by weakening economic indicators. New construction throughout the Chicago metro area remains limited, with few projects breaking ground and even fewer in the planning stages. Throughout the rest of 2009, expect many of the ongoing trends to continue, including rising vacancy, negative absorption, increased available sublease space, limited construction and a frozen capital market. This was contributed by Michael Flynn of NAI Hiffman's Office Services Group.
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