4th Quarter Absorption Positive for Suburban Offices

In this video, NAI Hiffman COO of Brokerage John Picchiotti is joined by NAI Hiffman Vice President Adam Johnson to discuss the latest statistics and developments in the Chicagoland office market. NAI Hiffman‘s suburban offices absorbed nearly 590,000 SF during the 4th quarter of 2014, compared to only 24,000 SF in the Central Business District. The suburban vacancy rate dropped by 132 basis points during 2014. Ending the year with an 18.6% vacancy rate. Over the course of 2014, the suburban office market absorbed just shy of 1.9 million SF of vacant space, nearly doubling the absorption recorded in the suburbs throughout all of 2013. The downtown vacancy rate ended the year at 11.9%, a 57 basis point improvement over the course of 2014, and a rate 5.1% below the peak rate recorded in mid-2010. The downtown absorption tally for the year was positive, with a total of 44,375 SF. This brings the vacancy rate to 11.9%. View theĀ full report here.