fbpx
December 2017

REmark: Percentage of Functionally Obsolete Buildings in the Chicago Market

 

There’s been a lot of talk in recent years about how the shift of tenant requirements has rendered some vacant buildings as “functionally obsolete”. For industrial properties, these factors could be ceiling heights, car or trailer parking, dock doors, or column spacing, among others. For office space considerations include parking, amenities, modern finishes, car parking, and inefficient floor plans. We wondered, just how much space currently on the market could be considered functionally obsolete? Our criteria included completely vacant buildings, built prior to 2000, and that have been available for more than 4 years despite the recovering economy and a tightening of available space. Take a look at the numbers below:

WANT TO LEARN MORE? CONTACT:

Amanda Ortiz
Director of Research
630 693 0645
aortiz@hiffman.com

 

Recent Blog Posts

News
Research
Mid-Year 2021 Market Watch
July 2021

Mid-Year 2021 Market Watch

News
Property Management
NAI Hiffman achieves WELL Health-Safety Rating for 14 Chicago-area office buildings
July 2021

NAI Hiffman achieves WELL Health-Safety Rating for 14 Chicago-area office buildings

Brokerage
News
Research
Suburban Single-Story Office Market Report: Q1 2021
May 2021

Suburban Single-Story Office Market Report: Q1 2021