Suburban Chicago caught in holding pattern as conditions largely remain unchanged, subdued

While the suburban Chicago office market exhibited signs of a potential resurgence in the first quarter, conditions across the area were somewhat diminished this period as demand slackened. The 1.2 million square feet (ms) leased this period was below the region's long-term average. Lease transactions were concentrated in the East-West Corridor submarket, with more than 50 percent of all deals by square footage occurring there. Meanwhile, activity was driven by small and midsized tenants who frequently gravitated to Class A product and built out spec conditions. Overall availability edged lower, falling 20 basis points (bps) over the last year to 30.9%.

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