Signs of Recovery in Chicago Office Market
“I have completed more office transactions over the past few years than in the years leading up to the pandemic, as local business owners looked for convenient spaces to go in every day,” says Broker Jim Pietrarosso. “These types of spaces also allow employees to have the flexibility of hybrid work schedules.” Chicago Office Market Update
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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