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Suburban Chicago Tenants Flock to Class A Office Properties

Class A vacancy in the suburban region remained flat at 22.3%, however the vacancy rate in high quality, trophy assets in the suburban office market ended the third quarter at 16.6%, down 170 basis points from the same time period in 2017.

The office vacancy rate for the suburban Chicago office market in the third quarter stood at 21.8%, according to Colliers International. The office vacancy rate for the suburban Chicago office market in the third quarter stood at 21.8%, according to Colliers International.

CHICAGO—Office leasing activity in the Chicago suburbs once again exceeded 1 million square feet region-wide in the third quarter as tenants continued to lease space at centrally located properties that offer modern amenities.

Colliers International in its third quarter report on the suburban Chicago office market states that the overall suburban Chicago vacancy rate rose to 21.8% as compared to 21.5% in the second quarter. Leasing activity, including new leases and lease expansions., in the third quarter stood at 1.1 million square feet, down from 1.3 million square feet in the second quarter.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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