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First Quarter 2009 Chicago Suburban Office Market Report

Market Continues to Decline
Rental rates continue to drop, and vacancies are increasing at a faster rate. With no signs of recovery before 2010, landlords offer larger concessions.

Rental Rates Are Dropping
Asking rental rates in all suburban submarkets continue to drop as Landlord’s adjust to the new economic climate and compete against the growing flood of sublease space . The first quarter gross average asking rental rate of $20.53 represents a drop of nearly $0.50 per square foot over the last three quarters. As layoffs increase and sublease space continues to rise over the next few months, asking rates are likely to drop further.

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