Outlook further clouded for Chicago Suburban office market in wake of COVID-19 disruption

The rapid arrival of COVID-19 in March has injected additional uncertainty into an already-soft Chicago Suburban office market. With Illinois Governor Pritzker extending the state’s stay-at-home order through the end of April, requiring nonessential businesses to remain closed, many landlords and tenants have found themselves in uncharted territory. As economists increasingly predict a recession in the U.S., a downward re-pricing is expected to occur in the Suburban market. The magnitude of the shock remains uncertain, given relatively weak demand across the market and elevated availability in many submarkets.

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