Consistency in the Suburbs
The gap between Class A and B product continues to grow in both quality and price.
Mid-sized tenants in the suburbs continue to offer the most relocation potential. There are over 100 tenants with needs ranging from 10,000 to 50,000 square feet that are actively seeking space throughout the suburban office market. 40 percent of them are showing interest in the Northwest market.
Redevelopment of vacant suburban office properties continues in the suburbs. Bell Works Chicago has begun their mix-use redevelopment of AT&T’s former HQ in Hoffman Estates. Veridian is seeing activity at Motorola’s former HQ campus in Schaumburg with residential and land sales including 18 acres for townhomes that is currently under contract to DR Horton and a Top Golf entertainment complex which is near completion. McDonald’s former HQ in Oak Brook was recently purchased by John DeJoria, co-founder of Paul Mitchell hair products for undisclosed development plans.