Newer Office Product Driving Demand in Otherwise Soft Suburban Chicago Market

Chicago’s suburban office market has faced significant headwinds this cycle, which has largely been driven by tenants relocating to newer space within the city's central business district. In fact, over the past 12 months, suburban office demand fell by nearly 900,000 square feet. In addition, overall vacancy in the suburbs continues to increase, and is hovering around the mid-13% range.