Suburban Chicago fundamentals tighten slightly, yet region largely remains tenant favorable
The Chicago suburbs saw overall availability tighten some in the third quarter following four consecutive periods of softening. The region stood at 26.3% available at the end of the third quarter, exhibiting a 70-basis-point decrease over the previous quarter. Likewise, Suburban Class A availability declined 70 basis points to 26.1% but finished 80 basis points higher than one year prior. Class A options fell within three of the four suburban Chicago submarkets, with O’Hare claiming the region’s lowest Class A availability rate at 18.5%. In total, 1.2 million square feet (msf) was leased this quarter, identical to the level observed in Q3 2018.