Demand for well located, Class A projects with modern amenities continues throughout the suburban office market
Leasing activity in the suburbs slowed down in the first quarter. However, pockets of the market including O'Hare and Oak Brook remain tight causing asking rents to reach an all-time high.
Mid-sized tenants offer the most relocation potential. There are over 100 tenants with needs ranging from 10,000 to 50,000 square feet that are actively seeking space throughout the suburban office market. 40 percent of them are showing interest in the Northwest market.
Vacant suburban office properties continue to be purchased for redevelopment, adaptive reuse or demolition, including the AT&T HQ in Hoffman Estates, Motorola HQ in Schaumburg, Aon HQ in Glenview, the Nokia property in Naperville and McDonald's former HQ in Oak Brook.