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Year-End 2013 Chicago Suburban Office Market Report

Chicago Suburban Year-End Market Report 2013

Class A Suburban Improvement Continues as Single-Tenant Listings Keep Vacancy High

Suburban availability and vacancy both rose YOY to end 2013 at 23.8% (up from 23.6%), and 18.6% (up from 17.3%), respectively. Although data suggest worsening conditions, Class A buildings and certain submarkets are improving. Availability and vacancy of Class A space in the Eastern East-West corridor both decreased, reaching 24.2% versus 29.3% of a year ago, and 20.5% versus 21.3% in 2012. The North Suburbs also continued to improve as availability and vacancy rates dropped to 18.8% from 19.2% and 12.2% from 13.4%, respectively. The Central-North micro market shows the lowest vacancy and availability of all the North Suburbs at 8.3% and 15.9%