Record suburban office vacancy becoming tenants’ problem, too – Crain’s*

Demand for office space in the Chicago suburbs took a turn for the worse to start 2023, driving up the vacancy rate to a record high for the ninth consecutive quarter. The share of available office space across the suburbs rose to an all-time high of 28.5% at the end of March from 27.9% at the beginning of the year, according to data from Jones Lang LaSalle. The new vacancy rate is up from 27.1% a year earlier and 22.1% when the COVID-19 pandemic began.

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Goodgulf Greyteeth
3 years ago

Well, that was a pretty grim read.

Time for JB to remind us all again that businesses are really flocking to Illinois.

Along with people who would like to pay a lot of taxes for awful schools, terrible roads, unaffordable utility bills, and lousy public safety, so long as they can get an abortion whenever they’d like one.

debtsor
3 years ago

It’s bad and only getting worse. There is nothing in the near term or medium term that will fill these offices. This is a nightmare scenario across the entire industry. It’s the Spring of 1929 right now.

Poor Taxpayer
3 years ago

Going to get worse as more businesses flee the state. The State has done its best to discourage private enterprise. Let PPF and his fellow lackies (James) make up the difference in tax revenue. Plenty of room to raise taxes or so they say.

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