Office properties near Chicago’s suburban transit stations have performed better over the course of the pandemic

Chicago CBD office vacancy by blocks from major transit
  • The train lines served by Ogilvie and Union stations constitute nearly 80% of the Metra system’s ridership, with over 12 million annual riders each as of 2023. 
     
  • Within three blocks of these commuter hubs, office tower vacancy rates are approximately 400 basis points lower compared to properties located over six blocks away, indicating strong tenant demand for proximity to these stations. Additionally, vacancy rates across buildings more than six blocks away from these major stations have more than doubled since 2019.
     
  • Over 65% of all new office construction in the last three years has fallen within six blocks of Ogilvie and Union Station. Nearly all construction beyond six blocks is in the Fulton Market submarket.

April 29, 2024

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