Study: Almost 1 in 4 offices in suburbs stand empty
October 2, 2012
Chicago’s suburban offices are vacant now at a higher rate than in any other major metro area in the country, according to a real estate study published this week.
Preliminary third-quarter data show that 24.3 percent of commercial properties stand empty, the second straight quarter that Chicago has led the nation’s 12 largest metro areas, according to the survey from Studley Inc., a brokerage firm based in New York.
The striking numbers come as many corporations make the move from the suburbs back into the city. ...
... In August, Studley reported that the average rent in a top-quality office building in Chicago was $37.41 per square foot, a 28-percent increase from 2006. On the other hand, a similar space in the suburbs would go for $21.43, a decline from five years ago when accounting for inflation. ...
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