326 commercial leases: Illinois

While the other US states have faced the volatile economies, Illinois has sustained a prolonged health growth lasting for almost half a century. The main driver of that is the broadly diversified local economy that is anchored by the strong educational establishments, research, TAMI, and FIRE. All of that has a lasting impact and is a feeder for the increased demand for commercial real estate in Illinois. Speaking of which, it has been experiencing sky-rocketing investments in the last few years. Across all types of properties, the experts mark an unusual spur of activities. The ROIs are set to be high so that the venture investors keep coming.

The office and lab markets are strong by all accounts. The total vacancy rates equal to 13%, which is the national average. The demand for Class B premises steadily outperforms the requests for Class A ones. The market is rather dynamic, as the tenants tend to move in and out fast. Class B properties are let for $50 per sq.ft., while Class A would charge more than $60 per sq.ft. The growth of Illinois’s commercial lease market is constrained by the limited blocks of the office and the lack of large-scale new development projects. The giants like Bank of America, WeWork, StateStreet are struggling to find the place to expand further. The experts indicate that many tenants flood Boston’s premises in search of the best talents. The workplaces rich in amenities and other perks are what they are looking for: as it turns out, the working conditions are the factor luring in the talented workforce. Another key trend of commercial real estate listings in Illinois refers to the expansion of coworking spaces that occupy nearly 2% of inventory, the consolidation and pursuit of efficiency of the workspace, and ongoing lab investigations. Surprisingly, the state is facing a growing demand for suburban commercial property. The vacancy rate there is about 11%, as companies are looking for the discounted abandoned factories to recycle them and turn into the modern labs testing and trying artificial intelligence. The over-flow need for the commercial space in the suburbs has extended to Watertown that is experiencing full development insurance. Overall, the outlook for Illinois’ commercial real estate listings is bright and shiny. The state enjoys easy access to the nation’s brilliant minds carefully nurtured at Cambridge and pipelined to the state’s top employers. Popular locations: Chicago . Popular properties types in Illinois: Coworking , Virtual offices .