Suburban Chicago activity ticks up some, still down by a third over the year

While still stymied by the COVID-19 pandemic, the Suburban Chicago office market saw some wind return to its sails in the third quarter. Transaction activity increased by 39.1% compared to the prior quarter, and deal volumes were similar to levels witnessed in Downtown Chicago. However, suburban market transactions were down by more than a third year-over-year, and few large tenants were known to be actively seeking space. Companies continued to grapple with future occupancy needs as optimism sprouted concerning the development an effective vaccine, while some tenants began to slowly return to the office.

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