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Chicago - Suburban vs Downtown Absorption

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Chicago's "downtown migration" has made all of the headlines, but are the numbers there to support it?

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Chicago - Suburban vs Downtown Absorption

  1. 1. A B S O R P T I O N The suburban office leasing market has experienced 3.6% positive net absorption of current inventory, compared to downtown’s 4.6%, since the beginning of 2010. While the downtown market appears to be outpacing the suburbs through the recovery, this margin doesn’t quite support the “massive downtown migration” trend often seen in the headlines. SUBURBAN do wn t o w nVS 3.6% 5.0% 4.6% 3.6% OFFICE LEASING ABSORPTION OVER THE PAST 6 YEARS What is more interesting is looking at the data after stripping out the top five corporate relocations from the suburbs to downtown over the same period. The resulting story around the rest of the market is surprising: without these headline deals, the suburbs would be experiencing much stronger absorption than downtown (5.0% suburban vs 3.6% downtown). MOTO MOBILITY 604,000 SF hillshire brands 233,000 SF gogo wireless 232,000 SF conagra 210,000 SF kraft heinz 170,000 SF 1,450,000 RSFT H E S E F IV E D E A LS R E P R E S E N T Contrary to perception, these statistics confirm strength in the suburban market supported by continuing tenant commitments to remain and grow their businesses in suburban Chicago. SUBURBAN SUBURBAN downtown downtown VS THE REST OF THE MARKET For additional information, please contact: Jack M. Trager | Senior Research Analyst | +1 312 228 3514 | jack.trager@am.jll.com 2012 2013 2013 2015 2015

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