Signs of optimism in Suburban Chicago office market despite entrenched high availability

The overall fundamentals of Suburban Chicago's office market continued to exhibit softness that has become the new normal. However, the market in 2022 year to date has shown signs of a modest revival. Leasing volumes were up by more than 70.0% over the same period in 2021. With nearly 1.7 million square feet (msf) leased, this quarter marked the best period for transaction activity since the start of the pandemic. In addition, the region witnessed the highest price paid for a suburban office property in nearly two decades with Northeast Capital Group acquiring Kemper Lakes Business Center in Lake Zurich for $190 million.

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