Suburbs Still Sweet
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|Sara Lee may be pulling up stakes in the ‘burbs, but the East-West corridor can still attract office tenants, says Hamilton Partners partner Dave Andrews. Hamilton just leased more than half of the 400k SF Sara Lee is leaving at The Esplanade in Downers Grove. Hear more from Dave at Bisnow’s State of Chicago’s West Suburbs, Tuesday, July 31, Westin Lombard Yorktown Center. Register here!|
|Havi Global Solutions (140k SF) and Invesco (88k SF) are leasing some Sara Lee space, and Dave says others will follow. Downtown may be the cool new address, but the ‘burbs are a great place to work and raise families. They offer good transportation, housing, and public schools. (They are also a great place to be a lawn-cutting enthusiast.) When it comes to office rent, Dave says, tenants can expect at least a 10% discount from the CBD. Hamilton, with a 13% vacancy rate in its East-West office portfolio, is outperforming the market as a whole. But Dave says the west ‘burbs, like all US CRE markets, will recover when job creation picks up.|