2020 Q3 Chicago Suburban Office Report

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COVID-19 Uncertainty Remains

Activity levels in the suburban office market are expected to increase as we move into 2021.

Once the general election has been determined and the COVID-19 infections subside, we expect to see a gradual increase in activity. The general sentiment is the suburbs will see moderate population growth over the next several years with families moving out of the city in search of more space and a safe environment to raise children. Employers will need to follow this shift in the demographic to attract their desired talent.

Overall vacancy in the suburbs increased 100 basis points, rising to 23.2 percent since last quarter.

Class A vacancy also increased, rising to to 23.9 percent, up 100 basis points from second quarter.

 

Office Report Chicago Suburban

2020 Q3 Chicago Suburban Office Report

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Ronna Larsen

Senior Research Manager

Chicago - Rosemont

Working alongside the office tenant and landlord representation brokers of Colliers International | Chicago’s Suburban Office Advisory Group, I provide our clients with customized reporting and analysis. As the research manager for the Suburban Office Advisory Group, I specialize in the collection and analysis of market and economic related statistics and prepare quarterly market reports for the overall suburban office market and individual submarkets.

I provide detailed market knowledge through the collection, organization and distribution of primary data including lease comparables, tracking tenants in the market, large-block availabilities as well as creating drive-time and demographic analysis and competitive building skyline reports. My more than 20 years of real estate experience have made me an integral asset to the team.

Prior to joining Colliers, I spent 10 years with CoStar managing the Chicago tenant division. During my tenure, I was responsible for the overall comprehensiveness and quality of a database of 50,000 tenants.

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