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2019 Q3 Chicago Suburban Office Report

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By Ronna Larsen

Vacancy Creeps Up

As more Class A owners invest in modernizing their assets, the gap between Class A and B product continues to widen in both quality and price.

Renovations of older properties into modern workplaces continue throughout the suburban office market. Properties such as 6300 N River Road in Rosemont, ArborLake Centre in Deerfield and 263 Shuman Boulevard in Naperville, recently completed significant base building and amenity renovations. While others such as Bell Works in Hoffman Estates, Westwood of Lisle, 2200 Cabot Drive in Lisle and the former Lucent campus in Naperville have recently begun improvements.

Mid-sized tenant activity has remained consistent over the past three years. Currently 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. 48 percent are showing interest in the Northwest market.

Office Report Chicago Suburban

2019 Q3 Chicago Suburban Office Report

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Ronna Larsen | Colliers | Chicago - Rosemont

Ronna Larsen

Director of Research

Chicago - Rosemont

+1 847 698 8517
Email

Working alongside the office tenant and landlord representation brokers of Colliers International | Chicago’s Suburban Office Advisory Group, I provide our clients with customized reporting and analysis. As the research manager for the Suburban Office Advisory Group, I specialize in the collection and analysis of market and economic related statistics and prepare quarterly market reports for the overall suburban office market and individual submarkets.

I provide detailed market knowledge through the collection, organization and distribution of primary data including lease comparables, tracking tenants in the market, large-block availabilities as well as creating drive-time and demographic analysis and competitive building skyline reports. My more than 20 years of real estate experience have made me an integral asset to the team.

Prior to joining Colliers, I spent 10 years with CoStar managing the Chicago tenant division. During my tenure, I was responsible for the overall comprehensiveness and quality of a database of 50,000 tenants.

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