The ever softening suburban office market

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