There was an error in this gadget

Friday, August 10, 2012

Chicago Suburban Office Market Guide


The Chicago suburbs can be divided into four office markets.  These markets offer business owners excellent variety and quality in office space solutions.  Comprised of several scattered pockets of office developments, corporate parks and high-rise office towers, the suburban office market has experienced historically higher vacancy rates, larger swings in absorption, and lower rents than Chicago’s downtown office market.  

North Suburban
The North Suburban market includes the towns of Prospect Heights, Des Plaines and Mount Prospect.  These towns boast excellent accommodations, diverse industries, and an educated, highly qualified workforce.  Many of Chicagoland's largest employers are headquartered in this market.  The North Shore communities are home to many local chief executives and other senior level employees.    

O’Hare
The O’Hare suburban market consists of Elk Grove Village, Northlake, Schiller Park, Bensenville, Rosemont and Franklin Park.  This market benefits from easy access to the Chicago O'Hare airport and the 'El' train, but is challenged by Cook County taxes and expensive land prices.  Many of the office buildings, built during the 1970s and 1980s, struggle with parking shortages.  

Northwest Suburban
The Northwest Suburban market includes the municipalities of Schaumburg, Hoffman Estates, Rolling Meadows, Palatine, and Buffalo Grove.  Residential and commercial buildings intermingle freely in the area, enjoying easy access to highways.  Major tenants include AT&T, Sears, Zurich, and Harley Davidson.  This market was hit hard with negative absorption during the 2008 recession.

East-West Corridor
The East-West Corridor is the largest and most diverse of the suburban office markets.  Business owners in this locale enjoy easy access to and from the city and other suburban markets.  The market is split into western and eastern sections by I-355.  The western half of the market consists of relatively new product, with larger blocks of space. Tenants include Alcatel-Lucent, Tellabs, Navistar, and BP Amoco.  The eastern section is characterized by more diverse multi-tenant buildings, smaller blocks of space, and older product.

Troy Golden is Vice President at SCGroup Real Estate. He received his undergraduate degree from Yale University and his MBA in Real Estate from the Wisconsin School of Business. Troy specializes in commercial office brokerage in Chicagoland. Please contact him at tgolden@scgroupco.com or (630) 474-9997.  Visit SCGroup Real Estate at www.scgroupco.com.

1 comment:

  1. Its really good to find information about real estate on your blog. It has been of a great help to me. Thanks for sharing.
    Regards

    koh samui real estate

    ReplyDelete

Hello,
Thanks for the comment. Your comment will appear soon, after I verify that it is not spam. You can contact me directly at tgolden@scgroupco.com, or 630.474.9997. Thanks,
Troy