Still a Tenant’s Market, but Office Rents are Increasing

tenant approvedIn the western suburbs of Chicago, office tenants still call the shots.  However, there are signs that these good times are coming to an end.

Copied below are the rent changes I’ve seen in Q1 2015 in the western suburban office market.

It’s still a tenant’s market, but office rents are increasing in some key properties.

Please let me know if I can answer any questions about the local office market.  I help businesses find commercial office space and negotiate commercial lease and purchase agreements.

For more on the benefits or retaining a tenant rep broker, click here.  For more on relocating your office, click How to Find the Right Office Location in 10 Steps.

Address City Date New Rate* Previous Rate*
1400/1431/1431 Opus Pl Downers Grove  02/24/2015  $15.00/sf n  $14.00-13.50/sf n
4343 Commerce Ct Lisle  03/24/2015  $19.50/sf mg  $18.50/sf mg
2000-2080 Springer Dr Lombard  01/05/2015  $19.00-$20.00/sf mg  $18.50-$19.50/sf mg
246 E Janata Blvd Lombard  02/04/2015  $13.95/sf mg  $15.95/sf mg
2200 S Main St Lombard  02/05/2015  $10.95/sf mg  $11.95/sf mg
1910 S Highland Ave Lombard  03/04/2015  $15.00/sf mg  $14.50/sf mg
55 Shuman Blvd Naperville  01/12/2015 $16.75/sf n $16/sf n
280 Shuman Blvd Naperville  02/17/2015  $19.00/sf mg  $17.50/sf mg
1000-1100 E Warrenville Rd Naperville  03/16/2015  $15.50/sf n  $14.50/sf n
2100 Clearwater Dr Oak Brook  03/04/2015  $18.00/sf mg  $17.00/sf mg
600 22nd St Oak Brook  03/09/2015  $18.50/sf mg  $18.00/sf mg
2001/2015/2021 Spring Rd Oak Brook  01/30/2015  $18.75/sf n  $18.00/sf n
1-2 Mid America Plaza Oakbrook Terrace  01/16/2015  $19.00/sf n  $18.50/sf n
17W662 Butterfield Rd Oakbrook Terrace 1/20/2015  $17.00/sf mg  $17.50/sf mg
635 Butterfield Rd Oakbrook Terrace  02/13/2015  $18.75/sf mg  $17.50/sf mg
1 Parkview Plz Oakbrook Terrace  03/25/2015  $18.00/sf n  $17.50/sf n
1107 S Mannheim Rd Westchester  02/10/2015  $10.00-$14.00/sf mg  $8.00/sf mg
1 E Oak Hill Dr Westmont  03/11/2015  $18.50/sf mg  $18.00/sf mg
545 Plainfield Rd Willowbrook  01/07/2015  $19.00/sf mg  $18.50/sf mg
625 Plainfield Rd Willowbrook  03/06/2015  $15.25/sf mg  $14.75/sf mg

*Landlord’s initial asking rent rate for new tenants; “n” = net rate; “mg” = modified gross

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s