Tenants active in Suburban Chicago, yet overall market fundamentals remain soft
The Chicago suburbs continue to witness availability levels tick slowly upward. The region stood at 27.5% available at the end of the second quarter, exhibiting a 120-basis-point increase year over year. Suburban Class A availability jumped 200 basis points to 26.8%. While O’Hare claimed the region’s lowest overall availability rate at 21.1%, availability there increased by 70 bps from the previous quarter. Despite the increase in suburban availability, leasing activity was solid at 1.5 million square feet (msf). Overall asking rents in Suburban Chicago averaged $23.90 per square foot (psf), increasing 1.2% year over year.