It’s no secret Chicagoland has some of the most high-quality sublease options available when compared to other markets in the U.S. and is increasingly favored by companies seeking to relocate due to its central location and proximity to national markets, abundance of energy/water to sustain operations, diversity of industry and more.
For a closer look at subleasing availability in the area, JLL broke it down by market.
JLL also reported that:
- Although Chicagoland experienced an uptick in sublease space return to the market, it had no impact on vacancy rate.
- The O’Hare market, as illustrated in the chart, posted the most sublease options at nearly 1.4 million square feet.
- Amazon is marketing the most sublease options in the market, encompassing nearly 699,400 square feet.
- The average lease term remaining of sublease space is 57 months.
- Some of the sublease space available is shadow space as occupancy is in question.
- Looking at sublease space broken down by space use, 58 spaces were in warehouse facilities, while 53 were in manufacturing spaces.
