Oct
09

Many of Chicago’s Suburban Office Buildings Still Empty

October 09, 2012

Suburban office spaces in Chicago emptyAccording to a survey by real estate brokerage firm Studley, Inc., Chicago’s suburban offices are vacant at a higher rate than any other metro in the U.S.  About 24.3 percent of suburban Chicago real estate space is currently available.

So what’s the reason behind the vacancies?

One reason is that downtown office space in Chicago has been doing fairly well since the recession. Many young professionals prefer working downtown, and it is also easier to commute into the city via public transportation than it is to commute into the suburbs.

Many corporations are also choosing to move back into the city. For example, Motorola Mobility is moving from its Libertyville location to the Merchandise Mart in order to be closer to Chicago’s tech center.

Tax incentives can also play a role in bringing businesses downtown.

While the news of suburban vacancies may sound disappointing, there are still real estate deals being made outside of the city. Napervillle’s Westings Corporate Center was recently bought for $27.3 million.

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Jessica Thom

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