Office Demand Is Alive and Well in These Cities

From “Office Demand is Alive and Well in These Cities” – GlobeSt.

Jim Adler, executive vice president, Office Services Group, for NAI Hiffman, tells GlobeSt.com that 7 million square feet of new leasing activity in the Chicago suburbs in 2022 were enough to absorb the amount of space added to the market, effectively maintaining vacancy from the beginning of the year.

“That’s a very different story from the previous six quarters of negative absorption in 2021 and 2020,” Adler said. “We view this as a very positive sign in that while we continue to see blocks of space added to the market, there was an equal amount of tenant demand to offset the negative trend. As more companies return to the office, the vacancy outlook for 2023 also remains promising.”

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About Hiffman National: 

Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America.

About NAI Hiffman:  

NAI Hiffman is one of the largest independent commercial real estate services firms in the US, with a primary focus on metropolitan Chicago, and part of the NAI Global network. We provide institutional and private leasing, property management, tenant representation, capital markets, project services, research, and marketing services for owners and occupiers of commercial real estate. To meet our clients’ growing needs outside of our exclusive NAI Hiffman territory, we launched Hiffman National, our dedicated property solutions division, which provides property management, project services, and property accounting services across the country. NAI Hiffman | Hiffman National is an award winning company headquartered in suburban Chicago, with more than 250 employees strategically located throughout North America.