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Suburban Office Vacancy Rates Continue to Increase
July 7, 2010 1:56 PM
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A July 6 Crains article reported 96.5 million square feet of suburban office space in Chicago of which 25.4% (one out of every 4 square feet) is currently vacant. The second quarter of 2010 was the 13th consecutive quarter of increasing vacancy. This was the highest vacancy rate in more than a decade. The vacancy rate is directly related to new jobs. The U.S. Labor Department announced in June only 83,000 new private sector jobs were added to the economy. That's not even treading water. Some brokers are reporting some larger companies putting preliminary feelers out for new office space but the small and medium size companies, the one's that generate the bulk of jobs, still remain hesitant to hire. If you're the one owning vacant space, call us. We may be able to give you some ideas how to fill it up or a least get some cash flow.
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