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2019 Q4 Chicago Suburban Office Report

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Activity Flat; Class A Rents Reach All-Time Highs

Newly renovated and modernized suburban assets continue to see the majority of leasing activity.

2019 was the year of renovations. Properties such as 6300 N River Road in Rosemont, ArborLake Centre in Deerfield and 263 Shuman Boulevard in Naperville, completed significant base building and amenity renovations, while others such as Bell Works in Hoffman Estates, Westwood of Lisle, 2200 Cabot Drive in Lisle, Hub 1415 in Naperville and the former Lucent campus in Naperville are well underway with extensive capital improvements.

Velocity of investment sales in the suburban office market have declined over the past year as investors in the O'Hare, Northwest and North markets wait to see how Cook County tax assessments will affect property values. Sales in 2019 reached $531.9 million in volume compared to 2018's $1.2 billion.

Office Report Chicago Suburban

2019 Q4 Chicago Suburban Office Report

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Ronna Larsen

Director of Research

Chicago - Rosemont

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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