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It should come as no surprise that the market for new office spaces continues to roll. In the previous blog post discussing Global CRE Investment numbers reaching an all-time high in 2019, Chicago ranked as a Top 15 city for Direct Commercial Real Estate Investment. What has contributed to Chicago’s global ranking is the investment in new office spaces, like Uber’s mega deal in which they leased 450,000 SF of the Old Post Office. This was the largest new commitment, but the largest transaction was United’s renewal of 816,300 SF at the Willis Tower. Sticking with the theme of new and modern office space, the Willis Tower has nearly completed a $500 million capital improvement program.

In the suburbs, new and renovated office space is steadily available with the absorption shrinking dipping slightly. This means there is plenty of office space for new, expanding, or relocating businesses to acquire. The necessity for modern office space makes locations like the Algonquin Office Center perfect for business operations. Not only is the modern style important, but the location of your office will truly set you apart. When these two crucial aspects come together like they do in The Chicago Loop or the Woodfield Business District, businesses have an exponentially higher chance to succeed.

Keywords: new or renovated spaces in suburban, office space in suburbs, office space available in Loop, recent renovated and more modern updated building space available in Chicago Suburbs, office lease, properties for lease

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