As Holladay expands into the Chicago suburban market, this type of article is just what we want to see.
by Dan Rafter
The commercial real estate recovery is a strong one today in the city of Chicago. But there are plenty of positives in the city’s suburban markets, too. John Picchiotti, chief operating officer for brokerage in the Oakbrook Terrace, Ill., office of NAI Hiffman, told Midwest Real Estate News that brokers specializing in all property types can find good news in the Chicago suburbs.
Midwest Real Estate News: Are you seeing more CRE activity in the Chicago suburbs today than you were maybe one or two years ago?
John Picchiotti: Absolutely. If we go by property type, industrial was very strong in 2013. The net absorption for this market was 15.8 million square feet in 2013 and 14.6 million square feet in 2012. So we have had some strong absorption for several years now. Vacancy rates in suburban industrial are below 9 percent. Things have steadily…
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