Rightsize was pleased to sponsor Illinois Real Estate Journals’ State of the Suburban Office Market Conference held earlier this week in Schaumburg. The conference brought together the Chicagoland commercial real estate (CRE) community for lively discussions about trends impacting the Chicagoland commercial real estate market.
Panel discussions with CRE experts included, “Debunking the Suburban to Urban Office Market Shift” and “Restructuring the Suburban Workplace.” Both panels focused on deciphering today’s suburban tenant and property management needs and how to satisfy them.
“We were happy to be in attendance at this year’s State of the Suburban Office Market Conference. It’s always great to network with and learn from top CRE professionals. The panels provided invaluable information about where the constantly evolving suburban office market is and where it is headed,” said Rightsize Executive Vice President Mark Awtry.
Some key takeaways and discussion points from the event included:
- The suburban office market has seen accessibility to parking and public transportation impact property demand. Areas like the The Evanston and O'Hare markets are in high demand due to easy access to public transportation.
- Business owners are attempting to do more with less by providing more collaborative workspace, while providing less individual workareas for staff members.
- Due in part to the impending tax hit in Chicago and Cook County, the market is expecting increasing occupancy rates.
- There is a high demand in properties within the suburban office market that offer a mix of amenities including, covered parking, fitness areas, food court or access to eateries, common conference areas, and WIFI lounges and improved technology in parking garages and elevators. These are all seen as “top of the market” real estate.
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