Suburban Chicago sees slow start to 2021 as market conditions become increasingly tenant-friendly

Many office markets across the country have finally begun to witness a thaw as companies begin to strategize on future occupancy needs and reengage the markets. However, following a relatively dynamic fourth quarter 2020, the Chicago Suburban market has thus far exhibited a sluggish start to 2021. Overall market fundamentals continued to soften, while transaction volumes declined 22.5% quarter over quarter by square feet transacted. While vaccines have finally become available to the entirety of the state’s adult population, slow deal activity may continue to persist in the near term until businesses can resume normal operations and the outlook for the regional economy becomes more clear.

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