The ever softening suburban office market

American Board of Radiology wants to sublease 71K sf in Oak Brook, as office vacancy continues to rise

Chicago /
Nov.November 04, 2020 03:05 PM
 814 Commerce Drive in Oak Brook (Google Maps)

814 Commerce Drive in Oak Brook (Google Maps)

Add the American Board of Radiology to a growing list of firms that want to exit the Chicago area office market.

After having signed a long-term lease several months ago, the group now wants to sublease its 71,000-square-foot office at 814 Commerce Drive in Oak Brook, according to Crain’s. CBRE is marketing the space.

The move is in line with the steady fall in demand for suburban and downtown Chicago office space, as an increasing number of companies have transitioned to working from home. The suburban office vacancy rate reached 25 percent in the second quarter. By mid-October, there were 3.3 million square feet of offices for sublease in the suburbs, according to Crain’s, citing a JLL report.

The American Board had planned to administer board certification testing for radiologists at the Oak Brook location, shifting from its current space near O’Hare International Airport. Because of the pandemic, the tests are now conducted virtually with no plans to return to the original model, executive director Brent Wagner told Crain’s. The group never moved into the Oak Brook property.

Across the U.S., interest has picked up in suburban offices
as companies plan to relocate outside of major urban centers. [Crain’s] — Raji Pandya


Related Articles

arrow_forward_ios
BMO Harris Bank CEO David Casper (Google Maps, BMO)
BMO Harris Bank to close 9 locations in Chicago area amid retail woes
BMO Harris Bank to close 9 locations in Chicago area amid retail woes
The Drake Hotel (Turner Construction, Getty)
Drake Hotel, host to royals and mobsters alike, hits market
Drake Hotel, host to royals and mobsters alike, hits market
600 West Chicago Avenue (Sterling Bay)
Latest office amenity is a doctor’s office downstairs
Latest office amenity is a doctor’s office downstairs
(Lollapalooza, Getty)
More than a mint: Hotel industry seeks $75M for Chicago comeback
More than a mint: Hotel industry seeks $75M for Chicago comeback
Gov. J.B. Pritzker (Getty, iStock)
Statewide eviction moratorium will end in August, Pritzker says
Statewide eviction moratorium will end in August, Pritzker says
Chicago has increased the number of people allowed inside restaurants and will reopen the United Center to fans — with capacity limits. (Getty)
Chicago eases Covid restrictions on slew of venues
Chicago eases Covid restrictions on slew of venues
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Covid eviction cases would be sealed under state bill
Covid eviction cases would be sealed under state bill
Lincolnwood Town Center in Lincolnwood and Washington Prime Group CEO Louis Conforti (Google Maps, Twitter)
Lincolnwood Town Center’s $47M loan in default again
Lincolnwood Town Center’s $47M loan in default again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...