By: Teresa Ryan, Broker/Owner, Ryan Hill Realty
A recent opinions article in the Naperville Sun written by Director of Transportation, Engineering and Development for the City of Naperville, Marcie Schatz stated: “Naperville is home to nearly 12 million square feet of office space. Although office vacancy numbers along the west suburban I-88 corridor are currently sitting at over 22 percent, the office vacancy rate in Naperville is well below that at 12 percent. Building owners are successfully recruiting tenants, such as Sikich which will occupy space in the Tellabs building. Property owners, such as those at the 1200 Warrenville Road building at the Freedom Drive and I-88 interchange, are reinvesting in their buildings to recruit tenants and jobs to the community.” (Source link: http://napervillesun.suntimes.com/)
Sikich’s corporate headquarters will cover 80,000 sq.ft. of space and brings 125 news jobs to the area. A yet unannounced tenant has booked 40,000 sq.ft. also in the Tellabs building.
In addition, Calamos Real Estate’s CityGate Centre in Naperville signed a new 51,000 sq.ft. lease to RSA Medical bringing the building to almost full tenancy.
We’ve attached an office vacancy report that shows absorption over the past 5-years. This report is based on existing office occupancy and does not include office buildings that are proposed and may or may not be built anytime soon. What’s promising is the fact that office vacancy has actually DROPPED in the past three years!
Check back often for more property progress information around Chicagoland!