Market Downturn Creates Opportunities for Tenants
Suburban market downturn likely to last through 2010
Year-End Vacancy Highest of Decade
Overall vacancy in the suburban market rose to 17.7% in the fourth quarter of 2009, a 1.9 percentage point increase compared to the same time in 2008. The Northwest Suburbs submarket was hit the hardest, measuring a 3.1 percentage point increase to 18.7% when compared to the previous year. While overall vacancy in the suburban market is still on the rise, sublease vacancy reported a 0.1 percentage point decrease in 2009 indicating the bottom could be near. This is a positive sign for a market largely hit by corporate downsizing and consolidations.
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