Chicagoland Real Estate Update

Chicagoland Real Estate Update

Latest Statistics in the Chicagoland Real Estate Market

1. Medical Office Buildings (MOBs): The vacancy rate for MOBs in Chicago fell in 2024, with average asking rents rising despite a robust pipeline of deliveries. This trend reflects the growing demand for healthcare services and the preference for convenient locations outside traditional hospital campuses.

2. Leasing Activity: Chicago’s Central Business District (CBD) recorded 1.7 million square feet of new leasing activity in Q4 2024, an increase of 28.4% quarter-over quarter. This indicates a strong demand for office spaces, including medical offices, in the CBD.

3. Suburban Office Market: The suburban office market in Chicago recorded negative 2.4 million square feet of overall net absorption as of year-end 2024. This suggests a shift in demand from suburban to urban locations, potentially impacting medical office spaces in suburban areas.

4. Industrial Market: The overall vacancy rate in Chicago’s industrial market rose to 4.7% in Q4 2024, driven by the delivery of 9.3 million square feet of vacant speculative space. While this is not directly related to medical real estate, it provides context for the broader commercial real estate market in the area.

5. Healthcare Real Estate Trends: The demand for medical outpatient buildings is expected to grow, driven by an aging population, increasing healthcare spending, and new technologies. This trend is likely to impact the medical real estate market in Chicago positively.

What’s inside:

  • Chicagoland Update
  • featured properties
  • tenant representation
  • Free analysis

Featured Medical Properties

2172 Blackberry Drive Geneva, Illinois

This exceptional Class A build-to-suit opportunity in Geneva, IL, offers a customizable 10,716 SF single-story building, ideal for a single-user tenant looking to own or lease a premier space. Planned for completion in 2025, the site is zoning-approved and pad-ready, ensuring a faster construction timeline. Strategically located near Northwestern Medicine Delnor Hospital, this property benefits from proximity to on-staff doctors and a well-established medical office building housing specialties such as Internal Medicine, Dental, Dermatology, Urology, Counseling, and more. Additionally, it is adjacent to Walgreens and surrounded by major retailers, enhancing convenience for tenants and visitors alike. High visibility and traffic exposure are key advantages, with 16,500 vehicles passing daily at Route 38 & Bricher Road and over 35,000 at Route 38 & Randall Road. This prime location offers an unparalleled opportunity for businesses seeking a modern, customizable space in a thriving medical and retail hub.
Need something more immediate? We have two available suites for lease in the existing building, with move-in ready medical buildouts. Call to tour today!

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Tenant Representation

PrimeIV Hydration 500 S. Third Street, Suite 106 Geneva, IL 60134

We are pleased to have represented Lindsay Christensen of PrimeIV in her opening of a new suburban location at Dodson Place in Geneva. Construction is to begin this spring, with an opening in mid 2025.

To find out more, please visit:
https://primeivhydration.com/locations/illinois/geneva-60134/

 

To find out how we can help you open your next location, please call us at 630-444-0444.

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Tenant Representation

All healthcare practices can benefit from having a medical tenant representation broker, including start-ups, established practices, multi-location practices, and sole practitioners. We will advocate on your behalf and perform a market evaluation, site selection, lease analysis, and financial analysis based on your requirements, walking you through the process each step of the way. With our experience in negotiations on purchases, new leases, and lease renewals, you can focus on your practice instead of the details of the real estate process. With over 50 years of combined experience, we will save you time and money, and best of all in any lease we get paid by the landlord so our services are completely free to you and your practice.

Free Analysis for Owners

At no cost or obligation, we would be happy to provide a custom market report tailored to your property, so you can see what is on the market and whether you want to lease or sell. See what’s out there for lease. See what your property is worth.

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Contact Us

We look forward to hearing from you! Consider us a resource for market knowledge related to your commercial real estate needs. Call us with any questions or use this form to request information.