Suburban Chicago office market grapples with high availability, shrinking options

The Suburban Chicago office market persisted in a weakened state at the close of the third quarter, with prolonged elevated availability and many owners unable to secure capital for new deals. Overall availability reached 31.4%, an increase of 30 basis points (bps) over the past year. Class A availability dipped slightly to 34.9%, down 20 bps year over year. Lenders have increasingly taken control of properties as income dried up. Meanwhile, the totality of suburban office inventory has shrunk as more obsolete buildings were demolished or planned for conversion to other uses.

Read the full report