Update on Chicago Office Space Market, For Lease and For Sublease

Similar to all major metropolitan markets around the country, Chicago’s office space rental market has experienced a significant rebound since the depths of the financial crisis. In the third quarter of 2014, the vacancy rate for Chicago office rental space (central business district – Class A) was 13.4%. As a comparison, the suburban vacancy rate for Class A office space was 18.3%. For class B space, the rates were 10.6% and 14.7% respectively and for Class C office space, 8.6% and 12.7%. What does this mean for small businesses that are looking for an attractive deal? It means you can expect to see a continual decline in the quantity of sublease office space available along with a gradual increase in the cost for both direct and sublease space. Shared office space is becoming more and more attractive as an option with each passing month.

March 21, 2017 Facebook Twitter LinkedIn Google+ OpenSpace3