Suburban Chicago office vacancies some of the highest nationwide
October 1, 2012
By: Scott Kanowsky
A report from the commercial real estate services firm Studley Inc. shows suburban Chicago has some of the highest amount of vacant office space in the country.
Preliminary third-quarter data shows 24.3 percent of suburban Chicago office space is available — the most out of all U.S. metropolitan areas surveyed. That figure is also one of the highest the report has ever recorded for the area, according to Studley Executive Vice President Rick Schuham.
"We have had a couple of very nominal downticks, but for all intents and purposes, it is near all-time highs in terms of availability," Schuham said in a phone interview Monday.
He said there are a number of possible causes including a weak economy and the recent flight of some corporations from large suburban headquarters to urban locations.
One such case involves Motorola Mobility, which is set to vacate its headquarters in the northern suburb of Libertyville for the Merchandise Mart in summer 2013. The move will leave Motorola Mobility's large campus empty and relocate some 3,000 workers, which has some Libertyville officials concerned.
... Schuham also said the high vacancy numbers cannot be solely blamed on corporate movement into the city. ...
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