Undaunted by high vacancy in the Chicago suburbs, Skokie-based Alter Group is dusting off plans to develop four more office buildings at its 108-acre Corridors campus in Downers Grove...
Alter's plans call for at least five parking spaces for 1,000 square feet of office space, a ratio well above that of most suburban properties. Parking will chew up more of the acreage, reducing potential cash flow, but will allow Alter to better meet today's lease requirements, Mr. Ward said.
“What they can offer that the general marketplace can't is parking,” said Kevin McLennan, a Chicago-based senior managing director for New York-based tenant brokerage Studley Inc. “Some of the big-block opportunities out there fall short from a parking perspective. It's a very real, valid concern.”