Mixed-Use Conversions May be the Future of Chicago's Suburban Office
As the Chicago suburbs face record-high office vacancies, the future of suburban office is likely to hinge on the conversion of outdated buildings into modernized mixed-use spaces, CRE experts said during Bisnow’s Future of the Chicago Suburbs event on March 21.
Powering Chicago's Elbert Walter III, Edwards Realty Co.'s Ramzi Hassan, EQT Exeter's Tammy Kelly, Tucker Development's Aaron Tucker, Opus Development Co.'s Paul Robertson and NAI Hiffman's Stephen Chrastka.
(Bisnow/Alexandria Jacobson)
With suburban office vacancies averaging around 26% in Q4 — and as high as 33.2% in the northwest suburbs, according to NAI Hiffman — owners are facing the reality that many companies aren't returning to offices in sufficient numbers, leading them to consider different uses.
