Suburban Chicago market fundamentals show tepid improvement in the face of uncertain demand

While market conditions continued to exhibit softness that has pervaded for several years, Suburban Chicago’s fundamentals showed modest improvement at the start of 2022. Leasing volumes were up by 67.0% over the same period in 2021, and at 1.4 million square feet (msf) leased, this quarter marked the second-best period for transaction activity since the start of the pandemic. While touring remained slow, several large users were reportedly pursuing large blocks in the market, seeking to capitalize on Suburban Chicago’s favorable market conditions and ample quality space options.

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