Signs of Recovery in Chicago Office MarketBrown Commercial Group
Brown Commercial Group recently negotiated a 25,000-square-foot office investment transaction in the far northwest suburbs that supports this trend. Broker represented a private investor in buying the building at 2295 Valley Creek Drive in Elgin, while Broker Maria McNeil represented the seller, a private investor. The new owner plans to renovate the building and increase its occupancy.
“While the overall office market has been a challenge since the onset of the pandemic, I have seen an increase in activity with these types of niche suburban single-story office buildings with private entrances and space for employees to spread out,” said Pietrarosso.
The building is approximately 75% occupied and includes offices ranging up to 5,000 square feet.
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