Chicago Suburban Office Figures Q2 2022
26 Jul 2022
‒Q2 2022 was the highest performing quarter for suburban office since Q3 2019, with just under 130,000 SF of net positive absorption.
‒New leases made up 73% of leasing volume by SF in Q2 2022 compared to 60% in Q1 2022.
‒Notable moves this quarter include: Amcor occupying 59,675 SF and Leica Microsystems occupying 16,103 SF at Parkway North Center in Deerfield, PNC downsizing from 125,000 SF to 55,000 SF at Corridors III in Downers Grove, Rand McNally occupying 26,000 SF at O’Hare Plaza, Residential Home Health moving into 20,629 SF of space at Westwood of Lisle, Mutual Trust downsizing by 14,696 SF at 1200 Jorie Blvd in Oak Brook and Nielsen vacating 14,252 SF at Orrington Plaza in Evanston.
‒The sublease market saw a decline in vacancy with Abbott Labs occupying 160,000 SF of space in Lake Forest. Spec suites remain a favorable option for tenants as the market continues to experience construction and build-out delays.