Vacancy Creeps Up - Colliers International · Leasing volume in the suburban office market...

Vacancy Creeps Up

Research & Forecast Report

SUBURBAN CHICAGO | OFFICEThird Quarter 2018

Ronna Larsen Senior Research Manager | Suburban Chicago

Suburban office vacancy increased slightly in the third quarter as leasing velocity decreased.In the Chicago suburban office market, only two new lease transactions greater than 50,000 square feet and five new lease transactions greater than 25,000 square feet were signed in third quarter of 2018. Tenants who signed leases earlier in the year are expected to move into their new space by year-end.

Trends

Investment and user sale velocity continued in the suburban office market as eight buildings sold and six are currently under contract. Top transactions of the third quarter included GlenStar/Walton Street Partners’ 837,849-square-foot sale of Continental Towers in Rolling Meadows to Rubenstein Partners, the Blackstone Group’s 699,634-square-foot sale of Executive Towers West in Downers Grove to Group RMC, Equity Commonwealth’s 651,455-square-foot sale of Triangle Plaza in Chicago to Shidler Group and the Blackstone Group’s additional 516,799-square-foot sale of O’Hare International Center in Rosemont to Bridge Investment Group.

Mid-sized tenants continue to offer the most relocation potential. There are currently 105 tenants with needs ranging from 10,000 to 50,000 square feet actively seeking space throughout the suburban office market, forty percent of whom have shown interest in the East-West market specifically.

With millennials gradually relocating to the suburbs, well-capitalized owners remain focused on improvements to attract and retain high-quality tenants.

Asking rents continue to rise throughout the suburban office market. Class A properties have seen the most significant increase, rising five percent in the past three years.

Vacancy

Leasing volume in the suburban office market decreased in the third quarter of 2018, and overall vacancy rose to 20.1 percent, up from 20.5 percent during the same time period last year.

Class A vacancy in the suburban office market also increased slightly, ending the quarter with 20.8 percent, up from 20.1 percent in the previous quarter. However, it has improved from the 21.1 percent that was reported in the third quarter of 2017. Considering high quality, “true” Class A assets, third quarter 2018 vacancy is a bit lower, ending at 17.3 percent.

The overall sublease vacancy rate decreased in the third quarter of 2018, ending at 1.2 percent, down from 1.4 percent in the second quarter.

Market IndicatorsRelative to prior periods Q3-17 Q2-18 Q3-18

Vacancy rate 20.5% 19.8% 20.1%

Absorption (YTD) (140,060) 24,670 (331,532)

Rents $20.60 $21.03 $21.19

Inventory 111,002,004 111,036,804 111,036,804

Class A Large Blocks of Space20,000 SF+ 50,000 SF+ 100,000 SF+ 200,000 SF+ 300,000 SF+

O'Hare 14 8 6 0 0

Northwest 32 21 14 5 1

North 40 16 9 2 2

Lisle-Naperville 25 11 7 3 1

Oak Brook 22 10 2 0 0

Total 133 66 38 10 4

Unemployment(not seasonally adjusted) Q3-17 Q3-18

Chicago 5.3% 4.0%

Illinois 5.0% 4.1%

US 4.4% 3.9%

2 Research & Forecast Report | Third Quarter 2018 | Suburban Chicago / Office | Colliers International

Absorption

The third quarter of 2018 ended with 356,202 square feet of negative quarterly, net absorption, compared to positive 588,204 square feet reported at the end of the second quarter.

Class A properties totaled negative 439,317 square feet. While Class B properties reported 79,874 square feet of positive net absorption.

Large Blocks of Availability

There are currently 49 properties in the suburban office market that can accommodate large (100,000 square feet and above) users, with 38 of them being in Class A assets. While there are few available large blocks of space in the O’Hare and Oak Brook markets, the Northwest market continues to offer the majority of large block options.

Rents

Class A rents continue to rise throughout the suburbs. The average Class A gross asking rent ended the quarter at $30.01 per square foot gross, compared to $29.71 in the second quarter of 2018.

The average gross asking rent for all classes in Suburban Chicago also increased, rising to $21.19 per square foot gross compared to $21.03 at the end of the second quarter.

Construction

While there hasn’t been any speculative construction delivered since 2010, and none is expected throughout 2018, build-to-suit activity continues within the suburban market. Projects include Central States Funds’ 150,000 square foot build-to-suit development at 8655 W Higgins Road in Chicago, as well as the Offices at Veridian, a 16-acre redevelopment site on the former Motorola campus that can accommodate a user up to 500,000 square feet. In addition, AT&T’s former headquarters, a 150-acre site in Hoffman Estates, is under contract with Somerset Development who is working on a mixed-use redevelopment plan for the property.

Chicago Suburban Office | Local Standards - 3rd Quarter 2018Office Market Statistics | Charts

Row Reference:2 O'Hare

Q3-17 Q2-18 Q3-18Vacancy rate 16.9% 15.0% 15.7%Absorption (YTD) 199,347 13,137 (75,531)Rents $20.81 $21.14 $21.45Inventory 13,151,277 13,151,277 13,151,277

3 NorthwestQ3-17 Q2-18 Q3-18

Vacancy rate 24.3% 23.7% 23.8%Absorption (YTD) (287,519) (212,315) (235,550)Rents $19.02 $19.55 $19.61Inventory 30,388,211 30,388,211 30,388,211

4 North Q3-17 Q2-18 Q3-18

Vacancy rate 19.6% 19.2% 19.7%Absorption (YTD) (261,861) 113,496 (31,256)Rents $22.17 $22.32 $22.57Inventory 28,138,469 28,138,469 28,138,469

5 Lisle/NapervilleQ3-17 Q2-18 Q3-18

Vacancy rate 20.9% 22.4% 22.5%Absorption (YTD) 97,469 (221,816) (252,436)

Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18

Vacancy rate 18.4% 16.2% 16.5%Absorption (YTD) 112,504 332,168 263,241Rents $20.29 $20.85 $21.17Inventory 23,272,189 23,306,989 23,306,989

7 Overall Suburban OfficeQ3-17 Q2-18 Q3-18


Up-Down Indicators (Input the Quarters You Wish to Compare in the Black Boxes)

(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013

Net Absorption & VacancyO'Hare Submarket

Absorption VacancySource: Costar; Colliers International Research

(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013

Net Absorption & VacancyNorthwest Submarket


(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013

Net Absorption & VacancyNorth Submarket


(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013

Net Absorption & VacancyLisle/Naperville Submarket


263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013

Net Absorption & VacancyOak Brook Submarket


(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013

Net Absorption & VacancyOverall Suburban Office


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesO'Hare Submarket

Source: Costar; Colliers International Research Class A Class B AverageClass C

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesNorthwest Submarket


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesNorth Submarket


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesLisle/Naperville Submarket


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesOak Brook Submarket


$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013

Asking Gross Rental RatesOverall Suburban Office

Source: Costar; Colliers International Research Class A Class B Class C Average

18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

O'Hare Northwest North Lisle/Naperville Oak Brook

Vaca

ncy

(%)

Submarket Vacancy Rates2016 - 2018

2016 2017

Source: Costar; Colliers International Research






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017


Net Absorption and Vacancy | Suburban Office Market

Asking Gross Rental Rates

Submarket Vacancy Rates | 2016 - 2018






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Tenants In The Market | Active Requirements

Lake Michigan

0 1 5 10 miles

NORTH

94

94

94

94

94

9457

294

80

80

55

55

55

355

294

290

290

290

88

88

355

294

90

90

90

90

90

190

41

Elgin-O

'Hare Expy.

East-West Tollway

45

45

41

41

45

12 20

45

34

34

12

12

14

83 60

8322

68

7262

21

5953

58

20

3120

64 53

64

83

59

43

504353

53

171

7 50

Lake Cook Rd.

WAUCONDA LIBERTYVILLE

VERNON HILLS

LINCOLNSHIRE

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NORTHBROOK

GLENVIEW

BUFFALO GROVEBARRINGTON

SLEEPYHOLLOW

ELGIN

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ARLINGTONHEIGHTS

MOUNT PROSPECT

HOFFMANESTATES

SCHAUMBURGELK GROVE

VILLAGE

SKOKIE

ITASCA

CAROL STREAM

ST. CHARLESADDISON

ELMHURST

OAKBROOK

LOMBARD

OAK PARK

CICERO

AURORA NAPERVILLE LISLE DOWNERS GROVE HINSDALE

BOLINGBROOK

ORLANDPARK

MATTESON CHICAGOHEIGHTS

PARK FOREST

CHICAGO

LAKE FOREST

HIGHLAND PARK

WINNETKA

WILMETTE

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ROSEMONT

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PLAINFIELD

HARVARD

MCHENRY

CRYSTAL LAKE

MARENGO

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CARY

PLEASANT PRAIRIE

GURNEEWAUKEGAN

NORTH CHICAGOGRAYSLAKE

LAKE ZURICH

HANOVER PARK

FRANKLIN PARK

MELROSE PARK

BROADVIEW

McCOOK

BEDFORD PARKBURR RIDGE

WOODRIDGE

ROMEOVILLEALSIP

TINLEY PARK

SOUTH HOLLAND

GARY

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ILLI

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INDI

ANA

PALWAUKEEFIELD

O'HAREINTERNATIONAL

AIRPORT

MIDWAYAIRPORT

Northwest1,252,000 SF

North405,000 SF

East-West1,962,000 SF

O’Hare891,000 SF

The velocity of small and mid-size tenants in the market remains strong in the Suburban Office Market.

There are currently over 100 tenants in the suburbs looking for space between 10,000 and 50,000 square-feet.

O’HareThe O’Hare market attracts corporate users due to convenient access to highways and public transportation as well as proximity to O’Hare International Airport. O’Hare continues to be one of the most active of all the suburban markets. Recently, the city of Chicago announced an $8.5 billion expansion to O’Hare International Airport and plans for a Hyperloop express tunnel connecting O’Hare to the Loop, which will further strengthen the surrounding market.

Vacancy

Overall vacancy in the O’Hare market increased to 15.7 percent, up from 15.0 in the second quarter of 2018 as tenants such as T-Mobile vacated space in the market. Despite the increase, O’Hare vacancy is still the lowest of all the suburban submarkets.

Class A properties were the main contributors to the increase as vacancy rose to 13.9 percent, up from 12.6 percent in the second quarter of 2018. However, it is still a slight improvement from the 14.0 percent reported during the same time period of 2017.

The O’Hare market offers the lowest amount of sublease space of all the suburban markets at 0.3 percent.

Absorption

The O’Hare market reported 88,668 square feet of negative net absorption, compared to 46,129 square feet of positive net absorption at the end of the second quarter. While Class B assets reported positive 15,174 square feet, Absorption in Class A properties dropped to negative 108,583 square feet in the third quarter.


Options for large space requirements are limited in the O’Hare market. There are currently only six properties that can accommodate large users of 100,000 square feet and above, all of which are classified as Class A. Only 3 of these large block opportunities are located in high quality “true” Class A assets.

Class A8,010,748 SF13.9% Vacant

Class B4,891,374 SF18.3% Vacant

Class C249,155 SF

22.5% Vacant

Vacant Space by Property Type

Class A Class B Class C

Vacant Space By Property Type

Net Absorption and Vacancy | O’Hare Office Market


Vacancy rate 16.9% 15.0% 15.7%

Absorption (YTD) 199,347 13,137 (75,531)

Rents $20.81 $21.14 $21.45

Inventory 13,151,277 13,151,277 13,151,277






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Rents

O’Hare Class A gross asking rents are the highest in the suburbs, demonstrating the continued appetite for high quality office space. Class A asking rates increased to $33.10 per square foot gross in the third quarter of 2018, up from $32.95 in the second quarter.

The average asking rate for all classes also increased, rising to $21.45 per square foot gross, up from $21.14 at the second quarter.

Construction

No new speculative construction was completed in the O’Hare market during the third quarter of 2018. However, construction continues on the Elgin O’Hare extension. The improved access to O’Hare will reduce travel times to the airport as well as promote economic development in the O’Hare and surrounding areas. Construction on “The Pearl District,” Rosemont’s mixed-use development, is near completion as The Rose, a boutique hotel, is slated to open in December 2018 and Truluck’s restaurant is scheduled to open mid-October. The new development is already host to entertainment, two restaurants and a minor league baseball stadium.

In addition, construction continues on Central States Funds’ 150,000-square-foot build-to-suit development at 8655 W Higgins Road in Chicago and is scheduled for summer 2019 completion. Completion is scheduled for summer of 2019 and DHL has begun construction on a 25,000-square foot build-to-suit on the Pointe O’Hare II site in Rosemont.

Proposed projects include O’Hare Corporate Campus and 8201 W Higgins Road, a 3.5-acre development in Chicago that is being marketed to both office and retail users. If completed, these projects could add 1.4 million square feet to the O’Hare market.

161,676

143,525

133,235

132,591

113,091

104,956

86,087

55,000

53,427

48,771

9600 W Bryn Mawr Avenue

5450 N Cumberland Avenue

5500 Pearl Street

6300 N River Road

9377 W Higgins Road

9550 W Higgins Road

1101-1171 Tower Lane

9501 Technology Lane

8550 W Bryn Mawr Avenue

999 E Touhy Avenue

Significant Lease and Sale Activity

Top O’Hare Office Leasing Activity 3Q 2018TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Asking Gross Rental Rates | O’Hare Office Market

Top 10 Large Available Blocks by Square Feet

Recent O’Hare Office Investment Sales Activity 3Q 2018STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold Triangle Plaza Chicago A 651,445 $141,000,000.00 $221.67 Shidler Group Equity Commonwealth

Sold O'Hare International Center Rosemont A 516,779 $64,000,000.00 $123.64 Bridge Investment Group The Blackstone Group

Sold 2300 E Devon Avenue Des Plaines B 239,331 $57,025,397.00 $238.27 Easterly Government Properties Saban Capital Group, Inc.

CLASS A CLASS B






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017


No Significant 3Q Activity

NorthwestThe Northwest suburban office market has become home to an array of industries, making it one of the most diverse markets in the suburbs.

Vacancy

While the Northwest market has seen improvement in recent years, it has staggered throughout 2018. Third quarter overall vacancy ended at 23.8 percent, relatively flat from the 23.7 percent reported in the second quarter.

While Class A properties increased in vacancy, rising to 23.9 percent from 23.2 percent in the second quarter, Class B properties saw improvement, ending with 25.5 percent vacancy compared to 26.6 at the end of the second quarter.

Sublease options in the Northwest market remain low at 0.5 percent, remaining flat from second quarter.

Absorption

Overall quarterly net absorption in the Northwest market ended the third quarter at negative 23,235 square feet compared to positive 47,455 square feet reported during the second quarter.

Class A assets reported 135,885 square feet of negative absorption in the third quarter, due to tenants such as Catalina Marketing and First Midwest Bank returning space to the market.


The Northwest market continues to offer the most options for large space requirements with 18 properties that can accommodate large (100,000 square feet and above) users, 14 of them being classified as Class A. Only 4 of these large block opportunities are located in high quality “true” Class A assets.

Class A 18,820,186 SF23.9% Vacant


Class C1,401,118 SF9.2% Vacant

Vacanct Space by Property Type



Net Absorption and Vacancy | Northwest Office Market


Vacancy rate 24.3% 23.7% 23.8%

Absorption (YTD) (287,519) (212,315) (235,550)

Rents $19.02 $19.55 $19.61

Inventory 30,388,211 30,388,211 30,388,211






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Rents

The Northwest suburban Class A average gross asking rate increased, rising to $25.89 per square foot gross, compared to $25.77 in the second quarter of 2018.

The average gross asking rate for all classes improved, rising to $19.61 per square foot gross, compared to $19.55 the second quarter of 2018.

Construction

No new speculative construction was completed in the Northwest market during the third quarter of 2018. However, McShane Development Company and MetLife Real Estate Investors are planning Huntington 90, a build-to-suit business park in Hoffman Estates, which can accommodate up to 500,000-square-foot facilities as well as the Offices at Veridian, a 16-acre redevelopment site on the former Motorola campus that can accommodate a user up to 500,000 square feet along with 5.2 acres of land next to Chatham Centre in Schaumburg that could accommodate up to 200,000 SF of Class A office space or up to 60,000 SF of showroom/office space. In addition, AT&T’s former headquarters, a 150-acre site in Hoffman Estates, is under contract with Somerset Development who is working on a mixed-use redevelopment plan for the property.

459,757

360,206

290,679

253,000

249,999

227,698

202,527

188,199

151,267

150,000

1400 & 1450 American Lane

1301 E Algonquin Road

2 Pierce Place

540 W Northwest Highway

3333 Beverly Road

2550 W Golf Road

1707 N Randall Road

1000 E Woodfield Road

150 N Martingale Road

3890 Salem Lake Drive

Asking Gross Rental Rates | Northwest Office Market



Recent Northwest Office Investment Sales Activity 3Q 2018STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold Continental Towers Rolling Meadows A 837,849 $142.51 Rubenstein Partners GlenStar/Walton Street Capital

Sold Woodfield Pointe Office Center Schaumburg A 317,198 $75,363,072.00 $237.59 Davidson Kempner Capital Management

Lexington Realty Trust

UC Lakewood Center Hoffman Estates A 1,690,214 TBD TBD Somerset C-III Capital Partners, LLC

UC Daily Herald Office Center Arlington Heights B 147,373 TBD TBD TBD Paddock Publications

UC Fifth/Third Bank Building Mount Prospect A 103,564 TBD TBD TBD K & K Holdings, LLC

NEW 3890 Salem Lake Drive Long Grove A 150,000 TBD TBD TBD Asset Recovery Fund

Top Northwest Office Leasing Activity 3Q 2018TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Gerber National Claims Services Schaumburg Tech Center Schaumburg B 15,000 Renewal

CLASS A CLASS B






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017


NorthHistorically home to many large financial and healthcare corporate occupiers, The North market has primarily attracted tenants due to proximity to executive housing and experienced labor force. However, the North market suffered its largest vacancy in decades as large corporations have moved some of their workforce downtown or have downsized. While it has made progress in recent quarters, the North market continues to struggle with vacancy and demand.

Vacancy

Vacancy in the North market increased in the third quarter of 2018 as tenants such due to AbbVie and Rand McNally vacating space in the market. Overall vacancy ended the quarter at 19.7 percent compared to second quarter’s 19.2 percent.

While Class A vacancy increased slightly to 21.5 percent compared to 21.3 percent in the previous quarter, Class B vacancy witnessed a more substantial increase as it rose to 15.8 percent form 14.8 percent in the second quarter.

When considering high quality, “true” Class A properties, vacancy is low at 9.1 percent, demonstrating the continued trend for corporate users to seek space in well located and amenitized assets.

Sublease options in the North market remain low at 1.3 percent, flat from second quarter of 2018.

Absorption

Third quarter net absorption in the North market was negative 144,752 square feet compared to positive 156,461 square feet reported during the second quarter.

Both Class A and B properties reported negative absorption in the third quarter.



Class C1,132,728 SF21.9% Vacant




Net Absorption and Vacancy | North Office Market


Vacancy rate 19.6% 19.2% 19.7%

Absorption (YTD) (261,861) 113,496 (31,256)

Rents $22.17 $22.32 $22.57

Inventory 28,138,469 28,138,469 28,138,469






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017




There are 12 blocks of space available for large-sized tenants (100,000 square feet and above) in the North market, with nine of them being classified as Class A. However, when considering high quality, true Class A assets, options are limited.

Rents

Average Class A gross asking rent in the North increased to $31.89, compared to $31.74 per square foot gross in the second quarter of 2018.

The average gross asking rate for all classes also increased, rising to $22.57 per square foot gross, compared to $22.32 in the second quarter of 2018.

Construction

No new speculative construction was completed in the North market during the third quarter and none is expected for the remainder of 2018.

There are a few sites available for future build-to-suit projects in the North market, including Quadrangle Development’s 250,000-square-foot project in Deerfield.

672,027

302,678

205,724

175,545

168,167

154,998

139,927

139,915

121,000

103,115

600 N US Highway 45

2 Overlook Point

4000 Commercial Ave

300 Tower Parkway

3100 Sanders Road

100 Half Day Road

333-455 Knightsbridge Pky

300 N Field Drive

3600 W Lake Avenue

2355 Waukegan Road

Asking Gross Rental Rates | North Office Market


Recent North Office Investment Sales Activity 3Q 2018STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

NEW Two Overlook Point Lincolnshire A 318,403 TBD TBD TBD Northwestern Mutual Life Insurance

NEW 500 Davis Center Evanston A 127,565 TBD TBD TBD Steelbridge

NEW 2315 Sanders Road Northbrook B 78,600 TBD TBD TBD Old World Industries

Top North Office Leasing Activity 3Q 2018

TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Stericycle Bannockburn Lakes Office Park Bannockburn A 100,000 New

Astellas* 3100 Sanders Road Northbrook A 39,250 New

JUUL Labs, Inc.* Deerbrook Corporate Center Deerfield B 18,000 New


CLASS A CLASS B

*Colliers International Transaction






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017


Lisle-NapervilleThe Lisle-Naperville market, known for attracting technology, energy and healthcare tenants with newer construction and bigger floor plates, continues to struggle after suffering a setback in 2016 as available space rose due to the merger and relocation activities of large tenants.

Vacancy

Overall vacancy in the Lisle-Naperville market remained relatively flat in the third quarter of 2018 at 22.5 percent compared to 22.4 percent in the second quarter. Class A properties were the culprit of most of the increase as it rose to 26.9 percent, up from 26.0 percent in the second quarter of 2018. When eliminating large blocks (100,000 square feet and greater) from inventory, vacancy in the Lisle-Naperville market is much lower at 16.9 percent.

When considering high quality, trophy properties, third quarter 2018 vacancy is substantially lower, ending at 11.0 percent.

Although it decreased to 2.1 percent in the third quarter from 2.8 percent sublease vacancy in the Lisle-Naperville market is among the highest in the market.

Absorption

Overall net absorption in the Lisle-Naperville market totaled negative 30,620 square feet compared to 92,374 square feet of positive net absorption in the second quarter.

A majority of the negative absorption in the Lisle-Naperville market came from Class A properties, due to tenants such as Farmers Insurance and Stanley Convergent giving up space in the market.

Class B properties ended the third quarter on a positive note with 59,124 square feet of positive net absorption compared to 54,633 square feet at the end of second quarter.

Class A8,761,882 SF26.9% VacantClass B

6,454,517 SF18.2% Vacant

Class C835,459 SF

10.0% Vacant




Net Absorption and Vacancy | Lisle-Naperville Office Market


Vacancy rate 20.9% 22.4% 22.5%

Absorption (YTD) 97,469 (221,816) (252,436)

Rents $20.69 $21.27 $21.17

Inventory 16,051,858 16,051,858 16,051,858






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017




Nine properties in the Lisle-Naperville market can accommodate large (100,000 square feet and above) users, seven of them being classified as Class A. Only one of these large block opportunities are located in a high quality “true” Class A asset.

Rents

Average Class A gross asking rent in the Lisle-Naperville market increased to $28.74 per square foot gross, compared to $28.57 in the second quarter.

The average gross asking rate for all classes decreased to $21.17 per square foot gross, compared to $21.27 in the second quarter of 2018.

Construction

While no new speculative construction was completed in the Lisle-Naperville market during the third quarter of 2018, developers continue to seek locations for build-to-suit opportunities. 263 Shuman Boulevard, a 360,451-square-foot property in Naperville is undergoing a complete redevelopment. Once complete, the property will feature enhanced landscaping and lobby area, along with improved amenities such as a 5-station full-service, food service area, coffee bar, tenant lounge, game rooms, multiple training and meeting rooms, fitness and wellness center and a bike room. In addition, 1415 W Diehl Road a 819,513-square foot property in Naperville is enhancing its already high quality amenities by further upgrading its common areas, food service, fitness center and conferencing facility.

328,524

250,000

205,633

194,954

162,000

136,000

106,000

102,616

101,763

94,375

263 Shuman Boulevard

4201 Winfield Road

2400 Cabot Drive

750 N Commons Boulevard

215 W Diehl Road

28301 Ferry Road

1415 W Diehl Road

4343 Commerce Court

2441 Warrenville Road

2275 Cabot Drive

Asking Gross Rental Rates | Lisle-Naperville Office Market


Top Lisle-Naperville Office Leasing Activity 3Q 2018TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Aldi Naperville Woods Office Center Naperville A 114,000 New

ARRIS Solutons, Inc.* Lisle Business Center Lisle B 71,000 Renewal

Amerisource Bergen Corporation* One Tellabs Center Naperville A 37,000 New

Quad Graphics* One Tellabs Center Naperville A 28,000 New

Acrisure* MetroWest Naperville A 17,500 New


Recent Lisle-Naperville Office Investment Sales Activity 3Q 2018STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold 750 N Commons Drive Aurora B 112,665 $6,980,000.00 $61.95 SRC 750 North Commons, LLC Pembroke Capital, Inc.

UC Cornerstone I at Cantera Warrenville A 154,697 TBD TBD Fairbridge Partners Northwestern Mutual Life Insurance

NEW Washington Pointe Naperville A 163,623 TBD TBD TBD The Davis Company

NEW 975 Meridian Lakes Drive Aurora B 74,267 TBD TBD TBD AAA Michigan

CLASS A CLASS B






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Oak BrookThe Oak Brook market, which typically attracts smaller tenants in the 10,000- to 20,000-square-foot range and benefits from steady leasing velocity, continues to show improvement due to the impact of Class A leasing near Oakbrook Center Mall.

Vacancy

The Oak Brook market ended the third quarter of 2018 with an overall vacancy rate of 16.5 percent, up from the 16.2 that was reported in the second quarter.

While Class A properties increased in vacancy in the third quarter of 2018, rising to 15.4 percent from 14.9 percent in the second quarter, Class B assets remained flat at 18.6 percent. When considering high quality, trophy properties in the Oak Brook market, vacancy is lower, ending the quarter at 12.9 percent.

Sublease vacancy in the Oak Brook market remained flat at 2.1 percent.

Absorption

The Oak Brook market ended the third quarter of 2018 with 68,927 square feet of negative net absorption, up from second quarter’s total of 245,785 square feet of positive net absorption.

A majority of the negative absorption in the Oak Brook market came from Class A properties, due to McGraw Hill’s relocation to downtown.

Large Blocks Of Availability

The Oak Brook market offers limited options for large space requirements. Only four properties in the Oak Brook market can accommodate large (100,000 square feet and above) users, two of them being classified as Class A.



Class C874,542 SF

10.2% Vacant




Net Absorption and Vacancy | Oak Brook Office Market


Vacancy rate 18.4% 16.2% 16.5%

Absorption (YTD) 112,504 332,168 263,241

Rents $20.29 $20.85 $21.17

Inventory 23,272,189 23,306,989 23,306,989






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Rents

Class A average gross asking rate in the Oak Brook market rose to $30.43 per square foot gross, compared to $29.54 in the second quarter of 2018.

The average gross asking rate for all classes also increased, rising to $21.17 per square foot gross, compared to $20.85 in the second quarter of 2018.

Construction

No new construction was completed in the Oak Brook market during the third quarter of 2018 and no additional construction is expected for the remainder of 2018. However, build-to-suit activity continues as HUB Group is in the process of obtaining zoning rights to construct a new building on York Road next to its existing site for expansion, and Ryan Companies is planning a redevelopment of 700 Oakmont in Westmont. In addition, Hines has plans to redevelop the McDonald’s Campus in Oak Brook in a mixed-use development.

162,254

130,000

127,446

120,156

95,078

90,000

81,911

74,917

74,319

68,000

2001 York Road

700 Oakmont Lane

2122 York Road

*2707 Butterfield Road

747 E 22nd Street

1333 Burr Ridge Parkway

4 Westbrook Corporate Center

814 Comerce Drive

3050 Highland Parkway

1000 Royce Boulevard

Asking Gross Rental Rates | Oak Brook Office Market


Recent Oak Brook Office Investment Sales Activity 3Q 2018STATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold Executive Towers West Downers Grove A 699,634 $84,000,000.00 $120.08 Group RMC The Blackstone Group

Sold Butterfield Office Plaza Oak Brook B 200,774 $11,695,000.00 $58.25 Clear Height Properties Denholtz Associates

UC McDonald's Plaza Oak Brook A 348,951 TBD TBD TBD McDonald's

UC Oak Brook Gateway Oak Brook A 233,166 TBD TBD Fairbridge Partners The Blackstone Group

NEW Oak Brook Regency Towers Oak Brook A 441,720 TBD TBD TBD American Realty Advisors

NEW Highland Pointe I & II Lombard A 388,604 TBD TBD TBD Hamilton Partners

NEW Butterfield Ridge Office Centre Downers Grove A 71,552 TBD TBD TBD Azim Hemani

NEW 800 Enterprise Dr Oak Brook B 55,729 TBD TBD TBD Henry Crown & Co.

Top Oak Brook Office Leasing Activity 3Q 2018TENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Kinder Morgan Eplanade V Downers Grove A 16,000 Renewal/Downsize


*Sublease

CLASS A CLASS B






4 North Q3-17 Q2-18 Q3-18




Rents $20.69 $21.27 $21.17Inventory 16,051,858 16,051,858 16,051,858

6 Oak BrookQ3-17 Q2-18 Q3-18





(75,531)

440,932

(84,236)

156,204

205,692

61,531

15.7%15.1%

18.4%17.8%19.0%

20.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(235,550)

91,224

(497,924)

(67,430)

340,702 378,875 23.8%

23.0%

23.3%

21.7%

21.5%

22.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

24.0%

(600,000)

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(31,256)

(246,727)

(80,819)

679,294

(830,609)

241,526

19.7%19.6%

18.7%

18.4%

20.8%

17.9%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201820172016201520142013



(252,436)

81,434

(152,284)

(443,949)

85,049 53,008

22.5%21.0%21.5%

20.5%

17.1%17.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

0

100,000

200,000

201820172016201520142013



263,241

317,245

205,476

431,673

265,884

(150,696)

16.5%17.5%

18.9%19.8%

21.5%22.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201820172016201520142013



(331,532)

684,108

(609,787)

755,792

66,718

584,244

20.1%

19.8%

20.4%

19.8%

20.4%20.5%

19.7%

19.8%

19.9%

20.0%

20.1%

20.2%

20.3%

20.4%

20.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

1,000,000

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201820172016201520142013



18.4%

23.3%

18.7%

21.5%

18.9%

15.1%

23.0%

19.6%21.0%

17.5%15.7%

23.8%

19.7%

22.5%

16.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy

(%)


2016 2017



Third Quarter 2018 Office Market Statistics | Local Standards

CLASS BLDGS TOTAL INVENTORY SF

DIRECT VACANCY

RATE

SUBLEASE VACANCY

RATE

VACANCY RATE

CURRENT QTR

VACANCY RATE PRIOR

QTR

QUARTERLY NET ABSORPTION –SF

NET YTD ABSORPTION –SF

COMPLETIONS CURRENT QTR

- SF

UNDER CONSTRUCTION

- SFRENTS

O’HAREClass A 36 8,010,748 13.5% 0.4% 13.9% 12.6% (108,583) (151,165) 0 0 $33.10

Class B 48 4,891,374 18.3% 0.0% 18.3% 18.6% 15,174 102,631 0 0 $18.62

Class C 7 249,155 22.5% 0.0% 22.5% 24.4% 4,741 (26,997) 0 0 $12.62

Subtotal 91 13,151,277 15.5% 0.3% 15.7% 15.0% (88,668) (75,531) 0 0 $21.45

NORTHWESTClass A 88 18,820,186 23.3% 0.6% 23.9% 23.2% (135,885) (362,754) 0 0 $25.89

Class B 171 10,166,907 25.1% 0.4% 25.5% 26.6% 102,811 111,354 0 0 $17.62

Class C 28 1,401,118 9.2% 0.0% 9.2% 9.9% 9,839 15,850 0 0 $15.32

Subtotal 287 30,388,211 23.3% 0.5% 23.8% 23.7% (23,235) (235,550) 0 0 $19.61

NORTHClass A 113 18,147,383 20.3% 1.2% 21.5% 21.3% (37,679) 156,297 0 0 $31.89

Class B 147 8,858,358 14.4% 1.4% 15.8% 14.8% (92,060) (225,639) 0 0 $18.15

Class C 29 1,132,728 21.3% 0.6% 21.9% 20.6% (15,013) 38,086 0 0 $17.67

Subtotal 289 28,138,469 18.4% 1.3% 19.7% 19.2% (144,752) (31,256) 0 0 $22.57

LISLE/NAPERVILLEClass A 54 8,761,882 23.8% 3.1% 26.9% 26.0% (83,742) (271,960) 0 0 $28.74

Class B 121 6,454,517 17.3% 0.9% 18.2% 19.1% 59,124 34,377 0 0 $18.06

Class C 22 835,459 10.0% 0.0% 10.0% 9.3% (6,002) (14,853) 0 0 $16.70

Subtotal 197 16,051,858 20.5% 2.1% 22.5% 22.4% (30,620) (252,436) 0 0 $21.17

OAK BROOKClass A 67 13,146,201 14.0% 1.4% 15.4% 14.9% (73,428) 217,516 0 0 $30.43

Class B 145 9,286,246 15.4% 3.2% 18.6% 18.6% (5,175) 21,748 0 0 $18.52

Class C 19 874,542 10.2% 0.0% 10.2% 11.3% 9,676 23,977 0 0 $14.56

Subtotal 231 23,306,989 14.4% 2.1% 16.5% 16.2% (68,927) 263,241 0 0 $21.17

SUBURBAN TOTALClass A 358 66,886,400 19.5% 1.2% 20.8% 20.1% (439,317) (412,066) 0 0 $30.01

Class B 632 39,657,402 18.3% 1.3% 19.7% 19.9% 79,874 44,471 0 0 $18.19

Class C 105 4,493,002 13.3% 0.2% 13.5% 13.6% 3,241 36,063 0 0 $15.37

Subtotal 1,095 111,036,804 18.9% 1.2% 20.1% 19.8% (356,202) (331,532) 0 0 $21.19

QUARTERLY COMPARISON AND TOTALSQ3-18 1,095 111,036,804 18.9% 1.2% 20.1% 19.8% (356,202) (331,532) 0 0 $21.19Q2-18 1,095 111,036,804 18.4% 1.4% 19.8% 20.3% 588,204 24,670 34,800 0 $21.03

Q1-18 1,094 111,002,004 19.0% 1.3% 20.3% 19.8% (563,534) (563,534) 0 34,800 $20.99

Q4-17 1,094 111,002,004 18.7% 1.1% 19.8% 20.5% 821,830 684,108 0 34,800 $20.81

Q3-17 1,094 111,002,004 19.6% 0.9% 20.5% 20.7% 174,458 (140,060) 0 34,800 $20.60

*AT&T Corporate Campus in Hoffman Estates has been excluded from stats.


Third Quarter 2018 Office Market Statistics | Includes Owner Occupied Properties

CLASS BLDGS TOTAL INVENTORY SF

DIRECT VACANCY RATE

SUBLEASE VACANCY RATE

TOTAL VACANCY RATE CURRENT QTR

TOTAL VACANCY RATE

PRIOR QTR

QUARTERLY NET ABSORPTION –SF

NET YTD ABSORPTION –SF

COMPLETIONS CURRENT QTR - SF

UNDER CONSTRUCTION - SF

O’HAREClass A 41 8,540,440 14.1% 0.5% 14.5% 13.6% (81,050) (123,632) 0 0

Class B 63 5,549,867 16.6% 0.0% 16.6% 18.0% 74,704 173,982 0 0

Class C 16 657,554 10.0% 0.0% 10.0% 10.3% 1,521 (28,129) 0 0

Subtotal 120 14,747,861 14.8% 0.3% 15.1% 15.1% (4,825) 22,221 0 0

NORTHWESTClass A 109 23,704,414 25.5% 0.5% 26.1% 25.5% (105,978) (302,888) 30,000 0

Class B 330 17,090,165 20.9% 0.5% 21.4% 21.6% 38,947 20,888 0 0

Class C 63 2,335,177 10.9% 0.0% 11.0% 10.8% (3,109) 24,506 0 0

Subtotal 502 43,129,756 22.9% 0.5% 23.4% 23.2% (70,140) (257,494) 30,000 0

NORTHClass A 143 23,985,885 17.5% 0.9% 18.4% 18.3% (39,059) (39,059) 0 0

Class B 287 21,943,141 7.4% 0.6% 8.0% 7.6% (87,907) (10,438) 0 0

Class C 63 2,078,705 15.5% 0.3% 15.8% 15.7% (1,512) (34,866) 0 0

Subtotal 493 48,007,731 12.8% 0.8% 13.6% 13.3% (128,478) 107,398 0 0

LISLE/NAPERVILLEClass A 67 12,720,287 16.7% 2.1% 18.8% 18.0% (99,015) (285,316) 0 0

Class B 223 12,442,846 10.9% 0.6% 11.5% 12.9% 173,277 96,714 0 0

Class C 55 2,474,136 4.7% 0.0% 4.7% 4.9% 4,402 49,032 0 0

Subtotal 345 27,637,269 13.0% 1.2% 14.3% 14.6% 78,664 (139,570) 0 0

OAK BROOKClass A 78 14,848,537 12.8% 1.3% 14.1% 13.6% (78,282) 261,705 0 0

Class B 221 12,522,813 12.8% 2.3% 15.1% 15.3% 10,407 (9,518) 0 0

Class C 53 2,067,547 5.3% 0.0% 5.3% 6.9% 32,807 70,059 0 0

Subtotal 352 29,438,897 12.3% 1.6% 13.9% 13.8% (35,068) 322,246 0 0

SUBURBAN TOTALClass A 438 83,799,563 18.5% 1.0% 19.5% 19.0% (403,384) (297,429) 30,000 0

Class B 1,124 69,548,832 13.1% 0.8% 13.8% 14.2% 209,428 271,628 0 0

Class C 250 9,613,119 9.0% 0.1% 9.1% 9.5% 34,109 80,602 0 0

Subtotal 1,812 162,961,514 15.6% 0.9% 16.5% 16.4% (159,847) 54,801 30,000 0

QUARTERLY COMPARISON AND TOTALSQ3-18 1,812 162,961,514 15.6% 0.9% 16.5% 16.4% (159,847) 54,801 30,000 0Q2-18 1,811 162,931,514 15.4% 1.0% 16.4% 16.7% 622,121 214,648 34,800 30,000

Q1-18 1,810 162,896,714 15.8% 0.9% 16.7% 16.5% (407,473) (407,473) 0 64,800

Q4-17 1,810 162,896,714 15.7% 0.8% 16.5% 17.1% 1,134,276 2,176,300 183,000 64,800

Q3-17 1,809 162,713,714 16.4% 0.7% 17.1% 17.3% 274,227 1,042,024 21,018 247,800


LN=Lisle/Naperville N=North NW=Northwest OB=Oak Brook Area O=O’Hare FS=For Sale NEW=New to Market UC=Under Contract

Top Lease Transactions 2018 | Suburban Chicago

TENANT ADDRESS TOWN SUBMARKET CLASS SIZE (SF) TYPE QUARTER

CVS Caremark Riverwalk II Buffalo Grove N A 141,000 Renewal 2Q2018

Aldi Naperville Woods Office Center Naperville LN A 114,000 New 3Q2018

Komatsu America Triangle Plaza Chicago O A 100,000 New 1Q2018

Stericycle Bannockburn Lakes Office Park Bannockburn N A 100,000 New 3Q2018

Allstate* 9022 Heritage Parkway Woodridge OB B 94,250 Renewal 1Q2018

ARRIS Solutons, Inc.* Lisle BusinessCenter Lisle LN B 71,000 Renewal 3Q2018

T-Mobile Executive Towers West Downers Grove OB A 70,000 New 1Q2018

AjroHuntleigh* Meadows Office Park Addison NW B 62,000 Expansion 1Q2018

Mizkin America Kensington Office Plaza Mount Prospect NW A 54,000 Renewal 1Q2018

Elkay* Woodland Corprate Tower Downers Grove OB A 47,000 New 1Q2018

Alera Group, Inc.* Three Parkway North Deerfield N A 45,000 Expansion 2Q2018

AveXis Innovation Park Libertyville N A 44,000 New 1Q2018

Northrop Grumman Corporation Northwest Crossings Arlington Heights NW A 41,750 New 1Q2018

WOW! 4350 Weaver Parkway Warrenville LN B 40,000 New 2Q2018

Astellas* 3100 Sanders Road Northbrook N A 39,250 New 3Q2018

Amerisource Bergen Corporation* One Tellabs Center Naperville LN A 37,000 New 3Q2018

Wipfli* Tri-State International Lincolnshire N A 33,500 New 1Q2018

Engs Commercial Finance One Pierce Place Itasca NW A 33,000 Sublease 1Q2018

Schenker, Inc.* Chatham Center Schaumburg NW A 31,500 New 2Q2018

Depomed Landmark of Lake Forest I Lake Forest N A 31,250 New 1Q2018

Akron, Inc. West Lake of Conway Park Lake Forest N A 34,500 Renewal 1Q2018

Live Nation Atrium Corporate Center Rolling Meadows NW A 34,500 Renewal/Expansion 1Q2018

G Treasury Riverwalk II Buffalo Grove N A 31,000 New 1Q2018

GSA* 5100 River Road Schiller Park O A 30,000 Renewal 2Q2018

Capgemini 6400 Shafer Court Rosemont O A 29,000 Renewal 2Q2018

Quad Graphics* One Tellabs Center Naperville LN A 28,000 New 3Q2018

Hitachi High Technologies Woodfield Preserve Schaumburg NW A 26,500 Renewal 1Q2018

IAT Insurance Group Continental Towers Rolling Meadows NW A 23,500 New 1Q2018

Fresenius Medical Care of Illinois Corporate Plaza of Elmhurst Elmhurst OB B 22,750 Renewal 2Q2018

OMS Woodfield Corporate Center Schaumburg NW A 22,500 New 2Q2018

Arkadin Schaumburg Corporate Center Schaumburg NW A 21,500 Renewal/Downsize 2Q2018

Industrious 909 Davis Street Evanston N A 20,000 New 1Q2018

Oak Street Health The Crossings Oak Brook OB A 19,500 New 2Q2018

JUUL Labs, Inc.* Deerbrook Corporate Center Deerfield N B 18,000 New 3Q2018

Securitas Sercurity Serices USA* Woodland Corporate Tower Downers Grove OB A 18,000 Expansion 1Q2018

Acrisure* MetroWest Naperville LN A 17,500 New 3Q2018

American Auto Garden Two Century Centre Schaumburg NW A 16,000 Renewal 2Q2018

Kinder Morgan Eplanade V Downers Grove OB A 16,000 Renewal/Downsize 3Q2018

Effner Financial Schaumburg Corporate Center Schaumburg NW A 16,000 Renewal 2Q2018

WSP USA, Inc.* Lisle Business Center Lisle LN B 15,750 Renewal 2Q2018

ACEOM 25 NW Point Building Elk Grove Village NW A 15,000 Expansion 2Q2018

Asset Recovery Solutions, LLC.* O'Hare Lake Office Park Des Plaines O B 15,500 Renewal 1Q2018

Gerber National Claims Services Schaumburg Tech Center Schaumburg NW B 15,000 Renewal 3Q2018




2018 Investment Sale Activity | Suburban Chicago

STATUS PROPERTY TOWNSUB-MARKET CLASS SIZE (SF) SALE PRICE

PRICE/SF BUYER SELLER QUARTER

Sold Westbrook Corporate Center Westchester OB A 1,073,408 $132,000,000.00 $122.97 RMC Corporation

The Blackstone Group

2Q2018

Sold Schaumburg Towers Schaumburg NW A 882,069 $86,600,000.00 $98.18 American Landmark Properties

Retail Properties of America 2Q2018

Sold Continental Towers Rolling Meadows NW A 837,849 $121,500,000.00 $142.51 Rubenstein

PartnersGlenStar/Walton Street Capital 3Q2018

Sold Executive Towers West Downers Grove OB A 699,634 $84,000,000.00 $120.08 Group RMC The Blackstone

Group 3Q2018

Sold Triangle Plaza Chicago O A 651,445 $141,000,000.00 $221.67 Shidler Group Equity Commonwealth 3Q2018

Sold O'Hare International Center Rosemont O A 516,779 $64,000,000.00 $123.64 Bridge Investment

GroupThe Blackstone Group 3Q2018

Sold Windy Point I & II Schaumburg NW A 488,795 $71,383,621.00 $146.04 Bridge Investment Group

Piedmont Office Realty Trust 1Q2018

Sold Presidents Plaza Chicago O A 431,346 $147,000,000.00 $174.93 Angelo Gordon & Co. GlenStar Properties 2Q2018

Sold Naperville Corporate Center Naperville LN A 420,391 $38,725,000.00 $92.12 Real Capital

Solutions, Inc. TriGate Capital, LLC 1Q2018

Sold 263 Shuman Boulevard Naperville LN A 354,000 Undisclosed Bixby Bridge

CapitalColumbia Property Trust 2Q2018

Sold Woodfield Pointe Office Center Schaumburg NW A 317,198 $75,363,072.00 $237.59

Davidson Kempner Capital Management

Lexington Realty Trust 3Q2018

Sold 1603 Orrington Ave Evanston N A 307,528 $91,300,000.00 $269.28 Golub & Company Investcorp International, LLC 2Q2018

Sold 2300 E Devon Avenue Des Plaines O B 239,331 $57,025,397.00 $238.27 Easterly Government Properties

Saban Capital Group, Inc. 3Q2018

Sold Two Woodfield Lake Schaumburg NW B 240,880 $11,800,000.00 $48.99 Vinakom McKnight Capital 1Q2018

Sold 2625 Butterfield Road Oak Brook OB B 214,767 $13,000,000.00 $60.53 Clear Height Properties

Denholtz Associates 2Q2018

Sold 1051 Perimeter Drive Schaumburg NW B 201,188 $6,050,000.00 $30.07 Marc Realty Sabal Financial Group, LP 1Q2018

Sold Butterfield Office Plaza Oak Brook OB B 200,774 $11,695,000.00 $58.25 Clear Height

PropertiesDenholtz Associates 3Q2018

Sold InterPark Corporate Center Chicago O B 165,000 $9,400,000.00 $56.97 Berger Asset

ManagementThe Equitable Funds, LLC 2Q2018

Sold 2300 Cabot Drive Lisle LN A 151,664 $22,149,010.00 $146.04 Bridge Investment Group

Piedmont Office Realty Trust 1Q2018

Sold 4245 Meridian Parkway Aurora LN A 140,384 $22,474,000.00 $160.09 GFH Financial

GroupExeter Property Group 2Q2018

Sold 544 Lakeview Parkway Vernon Hills N A 139,324 $14,200,000.00 $101.92 Ravinia Capital

GroupWells Real Estate Funds 2Q2018

Sold Balmoral Business Campus Rosemont O A 133,327 $11,200,000.00 $84.06 Integris Ventures Balmoral Business

Campus Assoc. 2Q2018

Sold Oakmont Office Circle Westmont OB A 121,666 $12,025,000.00 $98.84 Group RMC TA Realty 1Q2018Sold Oak Creek Center Lombard OB B 119,933 $9,009,855.00 $75.12 Group RMC Golub & Company 1Q2018

Sold Naperville Corporate Office Park Naperville LN A 115,753 $5,000,000.00 $43.20 DynaCom

ManagementMidland Loan Services 2Q2018

Sold 750 N Commons Drive Aurora LN B 112,665 $6,980,000.00 $61.95 SRC 750 North Commons, LLC

Pembroke Capital, Inc. 3Q2018

Sold Willow Lake Tech Center Schaumburg NW B 103,900 $6,150,000.00 $59.66 Ascendance

PartnersWelsh Office Center, LLC. 2Q2018

Sold Golf Corporate Centre Arlington Heights NW B 93,007 $6,300,294.00 $67.74 Chicagoland

CommercialChicagoland Commercial 2Q2018

Sold Kensington Office Plaza I Mount Prospect NW A 89,000 $6,750,000.00 $75.84 Progresiff LP First Industrial

Realty Trust 2Q2018






Sold Eden's Gateway Skokie N B 65,368 $5,304,878.00 $81.15 Shure, Inc. The Alter Group 2Q2018

Sold Naperville Financial Center I Naperville LN A 57,848 $6,400,000.00 $110.63

Gateway Investment Partners

Sara Investment Real Estate 2Q2018

Sold University Place Evanston N A 55,685 $10,759,500.00 $193.22 Northwestern Memorial Hospital Hill Properties 2Q2018

UC Lakewood Center Hoffman Estates NW A 1,690,214 TBD TBD Somerset C-III Capital

Partners, LLC Marketing

UC McDonald's Plaza Oak Brook OB A 348,951 TBD TBD TBD McDonald's Marketing

UC Oak Brook Gateway Oak Brook OB A 233,166 TBD TBD Fairbridge Partners The Blackstone Group Marketing

UC Cornerstone I at Cantera Warrenville LN A 154,697 TBD TBD Fairbridge Partners

Northwestern Mutual Life Insurance

Marketing

UC Daily Herald Office Center

Arlington Heights NW B 147,373 TBD TBD TBD Paddock

Publications Marketing

UC Fifth/Third Bank Building Mount Prospect NW A 103,564 TBD TBD TBD K & K Holdings, LLC Marketing

UC ArborLake Centre Deefield N A 196,523 TBD TBD TBD James Campbell Company Marketing

NEW Oak Brook Regency Towers Oak Brook OB A 441,720 TBD TBD TBD American Realty

Advisors Marketing

NEW Highland Pointe I & II Lombard OB A 388,604 TBD TBD TBD Hamilton Partners Marketing

NEW Two Overlook Point Lincolnshire N A 318,403 TBD TBD TBDNorthwestern Mutual Life Insurance

Marketing

NEW Washington Pointe Naperville LN A 163,623 TBD TBD TBD The Davis Company Marketing

NEW 3890 Salem Lake Drive Long Grove NW A 150,000 TBD TBD TBD Asset Recovery

Fund Marketing

NEW 500 Davis Center Evanston N A 127,565 TBD TBD TBD Steelbridge Marketing

NEW 2315 Sanders Road Northbrook N B 78,600 TBD TBD TBD Old World Industries Marketing

NEW 975 Meridian Lakes Drive Aurora LN B 74,267 TBD TBD TBD AAA Michigan Marketing

NEW Butterfield Ridge Office Centre Downers Grove OB A 71,552 TBD TBD TBD Azim Hemani Marketing

NEW 800 Enterprise Dr Oak Brook OB B 55,729 TBD TBD TBD Henry Crown & Co. Marketing

FS Centennial Center Schaumburg NW A 276,215 TBD TBD TBD Sovereign Partners, LLC Marketing

FS 540 W Northwest Highway Barrington NW B 253,000 TBD TBD TBD Bourns, Inc Marketing

FS Two Century Centre Schaumburg NW A 226,387 TBD TBD TBD Sovereign Partners, LLC Marketing

FS 2400 Cabot Drive Lisle LN A 205,633 TBD TBD TBD GlenStar Marketing

FS Commerce Point I & II Arlington Heights NW A 189,177 TBD TBD TBD Harjit Singh Marketing

FS Darien Business Park Darien OB B 175,505 TBD TBD TBD The Capital Companies, LLC Marketing

FS Deer Park Office Center Deer Park N A 167,077 TBD TBD TBD Hamilton Partners Marketing

FS 300 N Field Drive Lake Forest N A 139,915 TBD TBD TBD The Missner Group MarketingFS 28301 Ferry Road Warrenville LN B 136,234 TBD TBD TBD FD Stone Water Marketing

FS 1250 N Arlington Heights Road Itasca NW A 130,934 TBD TBD TBD Hamilton Partners Marketing

FS 2245 Sequoia Drive Aurora LN A 129,253 TBD TBD TBD Zeller Realty MarketingFS 777 Big Timber Road Elgin NW A 127,280 TBD TBD TBD InterCoastal Group Marketing

FS 700 N Wood Dale Road Wood Dale NW B 125,523 TBD TBD TBD UBS Realty Investors, LLC Marketing





FS 141 NW Point Boulevard

Elk Grove Village NW B 114,642 TBD TBD TBD American Academy

of Pediatrics Marketing

FS 360 E 22nd Street Lombard OB B 111,185 TBD TBD TBD Levy Organization Marketing

FS Commerce Plaza of Buffalo Grove Buffalo Grove N B 98,105 TBD TBD TBD 1845 North

Clybourn, LLC Marketing

FS Commerce Point II Arlington Heights NW A 95,682 TBD TBD TBD Harhit Singh Marketing

FS 2600 Forbes Avenue Hoffman Estates NW A 90,000 TBD TBD TBD Serta International Marketing

FS Kensington Corporate Center Mount Prospect NW A 87,453 TBD TBD TBD Nanta

Buranakanchana Marketing

FS Deerpath Atrium Vernon Hills N B 77,646 TBD TBD TBD EquiTrust Life Insurance Marketing

FS 3250 N Arlington Heights Rd Itasca NW B 72,961 TBD TBD TBD The John Buck

Company Marketing

FS 4201 Lake Cook Road Northbrook N B 66,000 TBD TBD TBD ACG Management Co Marketing

FS 27545 Diehl Road Warrenville LN B 62,440 TBD TBD TBDBurnham Management Company

Marketing

FS 3201 Old Glenview Road Wilmette N B 60,047 TBD TBD TBD Terraco, Inc. Marketing

FS Basswood Executive Plaza Schaumburg NW B 54,641 TBD TBD TBD CR-Basswood, LLC Marketing

FS 2125 Point Boulevard Elgin NW B 52,700 TBD TBD TBD Hudson Americas, LP Marketing

FS Fountain Square Building Evanston N B 52,398 TBD TBD TBD Mavakis Properties Marketing

FS MidPoint I Woodridge LN B 51,579 TBD TBD TBD Atni Management, LLC Marketing

Copyright © 2017 Colliers International

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

About Colliers International Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.

colliers.com

396 offices in 68 countries on 6 continentsUnited States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111

$2.6billion in annual revenue

2billion square feet under management

15,000professionals and staff

MARKET CONTACT:Ronna Larsen Senior Research Manager, Suburban Office | Chicago+1 847 698 [email protected]

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