Quote:
Originally Posted by CaptainJilliams
Despite the news of companies moving out, still a lot of good things going for the city...
Chicago Is Looking Better To Investors, Especially Outside Downtown Core
"Transaction velocity for Chicago-area office properties during the 12 months up to April 2022 surpassed the number of trades recorded in 2019 before the pandemic hit, according to Marcus & Millichap’s second-quarter office market report.
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Not only did more office assets change hands in 2021 than before the pandemic in 2019, but sales activity in the first quarter of 2022 was also above average for that time of the year, according to John Chang, Marcus & Millichap senior vice president and national director of research and advisory services.
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Crain’s Chicago Business reported net absorption, or the amount of leased and occupied space, was up by nearly 290K SF in the second quarter, according to CBRE. Positive net absorption over the past nine months hit more than 900K SF." |
This is great to hear. I think Chicago (and other large metro centers) will be fine in the long run. Only because many folks enjoy being down in the city. Even though I'm remote, I love going to the WeWork in the West Loop only to be in the hustle/bustle of the area and grab food/drinks with friends after work. It's the Schaumburgs/Napervilles I would be worried about. There's no incentive to go to a suburban office park, unless you absolutely want to do in-person meetings, or you are being forced to go.