The vacancy rate in the O'Hare submarket outside of Chicago has declined significantly since 2011, dropping from 26.9% to a low of 16.4% currently. The availability of large blocks of office space (50,000 square feet or more) has also declined sharply over the last eight months, with only eight blocks totaling 775,802 square feet available now compared to 11 blocks and 1,017,321 square feet available last June. As the market tightens further, rents are expected to rise for tenants and landlords may begin planning new developments in the submarket.

1. Chicago – Suburban
Chart of the week: January 30, 2017
Source: JLL Research
O’Hare Large Block* supply dwindles amidst
strong tenant demand
• Since 2011 the O’Hare submarket’s vacancy rate has dropped from a submarket high of 26.9 percent,
down to 16.4 percent, the lowest since the year 2000.
• Over the last eight months the total available Large Block space has dropped to eight blocks totaling
775,802 square feet, a 23.7 percent decline from the June peak of 11 blocks totaling 1,017,321
square feet.
• Furthermore, as the market continues to tighten, tenants can expect rents to rise while landlords may
begin to consider new developments in the submarket.
*50,000 s.f. and up availabilities
5
6
7
8
9
10
11
12
650,000
700,000
750,000
800,000
850,000
900,000
950,000
1,000,000
1,050,000
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17
Contiguous Square Feet Available Number of Large Blocks