23 Percent of Suburban Office Space Vacant, Expert Says
January 27, 2010
By: David Roeder

Kevin McLennan doesn't believe in "zombies" in real estate. Not yet, anyway. ...

... McLennan, senior managing director at the tenant advisory firm Studley Inc., said zombies aren't walking the suburban Chicago market yet. Studley looked at blocks of at least 50,000 square feet of contiguous space and counted 91 of them vacant in the suburbs, a decade high. Studley said 23.7 percent of suburban Chicago office space is vacant, close to a two-decade high. ...

... McLennan said large companies are testing the market, reasoning that the cost of moving shouldn't prevent them from getting a better lease.

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