Q3 2015 Chicago Suburban Office Market Report

Gaining Velocity

Research & Forecast Report

SUBURBAN CHICAGO | OFFICEThird Quarter 2015

Ronna Larsen Research Manager | Suburban Chicago

The suburban Chicago office market continued to gain velocity in the third quarter of 2015, posting the most significant demand seen in nearly three years.While it has been a bumpy road, the suburban Chicago office market reached its lowest vacancy level since the beginning of the recession. As some larger tenants including Motorola, Kraft Heinz and Stats migrate to downtown Chicago locations, there may be some continued hiccups in recovery. However, there have been a growing number of small- to mid-sized tenants expanding their real estate footprints.

Trends

The increasing velocity of investment and user sales throughout the suburban office market continued in the third quarter. Notable transactions included Columbia Property Trust’s four-building, 792,166-square-foot portfolio sale to Lone Star Funds and GE Capital/Arden’s seven-property, 3.6 million-square-foot portfolio sale to The Blackstone Group. In addition, several investment properties have recently been added to the market, with more expected in the fourth quarter.

While the number of large tenants in the market has decreased in recent months, there has been an increase of mid-sized tenants searching for space, with the volume of tenants in the market increasing 10 percent from the previous quarter.

In addition, these tenants continue to look for opportunities to create more efficient work environments with ample amenities. Higher parking ratios, employee wellness / fitness centers, food service, tenant lounges and conference centers continue to be a focus in the suburbs, making higher-end Class A space a hot commodity. Subsequently, as the Class A market continues to tighten, rental rates are slowly rising.

Vacancy

Leasing volume in the suburban office market improved in the third quarter of 2015, with vacancy dropping to 20.3 percent the second quarter rate of 20.7 percent. While the Northwest, North and Oak Brook markets witnessed improvement in the third quarter, the Lisle/Naperville market continued its reign of having the lowest overall vacancy rate in the suburbs, ending the third quarter at 17.9 percent.

While vacancy in Class B properties remained flat at 23.6 percent, Class A assets achieved a significant improvement with vacancy dropping to 18.8 percent from 19.4 percent in the previous quarter.

Overall sublease vacancy witnessed some improvement in the third quarter, dropping to 1.4 percent. While the O’Hare market has minimal sublease vacancy at 0.5 percent, the Lisle/Naperville market reported the highest sublease vacancy at 2.5 percent.

Market IndicatorsRelative to prior periods Q2 2015 Q3 2015

VACANCY 20.7% 20.3%

YTD ABSORPTION 29,183 548,194

RENTAL RATE $20.06 $20.14

INVENTORY 115,441,324 115,441,324

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

O'Hare 14 9 3 0

Northwest 33 18 10 3

North 35 15 8 2

Lisle-Naperville 19 8 3 2

Oak Brook 25 10 3 1

Total 126 60 27 8

2 Research & Forecast Report | Third Quarter 2015 | Suburban Chicago / Office | Colliers International

Absorption

Overall net absorption in the third quarter ended with positive 519,011 square feet, up from positive 39,864 square feet reported in the second quarter, bringing year-to-date absorption to positive 548,194 square feet. While all Class A submarkets reported positive absorption, North market accounted for 175,683 square feet of the total.

Large Blocks of Availability

There are currently 37 properties (27 Class A) in the suburban office market that can accommodate large (100,000 square feet and above) users. While the O’Hare and Oak Brook markets have limited large blocks of space available, the Northwest market offers the majority of large block options.

Rents

The average Class A asking rent ended the third quarter at $27.70 per square foot gross, up from $27.63 per square foot gross at the end of the second quarter. Rate increases are expected to continue in higher quality, true Class A assets as the market tightens further.

The average asking rent for all classes in suburban Chicago also increased to $20.14 per square foot gross at the end of third quarter, up from $20.06 at the end of second quarter.

Construction

While there hasn’t been any new speculative development since 2010 and none is expected for the remainder of 2015, build-to-suit activity continues with planned projects in Oak Brook and Naperville. Construction also continues on Zurich North America’s 735,000-square-foot headquarters in Schaumburg.

Net Absorption and Vacancy | Suburban Office Market

Submarket Vacancy Rates 2013 - 2015

Significant Lease and Sale Activity

Top Suburban Office Leasing Activity 3Q 2015TENANT BUILDING TOWN SUBMARKET CLASS SIZE (SF) DEAL TYPE

HSBC Northwest Crossings Arlington Heights NW B 162,500 New

Fullerton Engineering Consultants Woodfield Lake Office Park Schaumburg NW A 32,000 New

Reed Elsevier* 1007 Church Street Evanston N A 28,000 New

Ecra Group Schaumburg Corporate Center Schaumburg NW A 22,500 Sublease

United Healthcare Services* Corporetum Office Campus Lisle LN A 20,500 Renewal

Top Suburban Office Investment Sales Activity 3Q 2015STATUS PROPERTY TOWN SUBMKT CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER NOTES

Sold 7-Building Portfolio

Various OB, O A 3,455,471 Portfolio Sale

N/A The Blackstone Group

GE Capital/Arden Portion of 188-building $3.3b US portfolio sale

Sold 4-Building Portfolio Various N, LN, OB A 792,166 $118,246,618 $149.27 Lone Star Funds Columbia Prop Trust

Sold 747 E 22nd Street Lombard OB A 209,577 $8,750,000 $41.75 Midas Medical Group Holdings

Vectron Corporation

Sold 1-9 Commerce Drive

Schaumburg NW B 51,513 $5,000,000 $97.06 Carepoint Healthcare

The Missner Group

Chicago Suburban Office | Local Standards - 3rd Quarter 2015Office Market Statistics | Charts

Row Reference:2 O'Hare

Q2-15 Q3-15 ArrowVacancy rate 20.1% 20.2% UpAbsorption (YTD) (65,289) (77,754) DownRents $20.80 $20.84 UpInventory 13,231,498 13,231,498 Same

3 NorthwestQ2-15 Q3-15 Arrow

Vacancy rate 21.5% 21.2% DownAbsorption (YTD) (234,908) (132,788) UpRents $18.02 $18.17 UpInventory 31,947,282 31,947,282 Same

4 North Q2-15 Q3-15 Arrow

Vacancy rate 21.4% 20.7% DownAbsorption (YTD) 370,118 558,602 UpRents $21.68 $21.89 UpInventory 28,694,846 28,694,846 Same

5 Lisle/NapervilleQ2-15 Q3-15 Arrow

Vacancy rate 17.9% 17.9% DownAbsorption (YTD) (103,812) (91,822) Up

Rents $19.94 $19.85 DownInventory 17,991,215 17,991,215 Same

6 Oak BrookQ2-15 Q3-15 Arrow


7 Overall Suburban OfficeQ2-15 Q3-15 Arrow


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

(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

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22.5%

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0

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201520142013201220112010

Net Absorption & Vacancy O'Hare Submarket

Absorption VacancySource: Costar; Colliers International Research

(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

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23.5%

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0

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600,000

201520142013201220112010

Net Absorption & Vacancy Northwest Submarket


558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

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Net Absorption & Vacancy North Submarket


(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

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0

50,000

100,000

150,000

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201520142013201220112010

Net Absorption & Vacancy Lisle/Naperville Submarket


291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

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(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010

Net Absorption & Vacancy Oak Brook Submarket


548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010

Net Absorption & Vacancy Overall Suburban Office


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201520142013201220112010

Asking Gross Rental Rates O'Hare Submarket

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

$0.00

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$10.00

$15.00

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$35.00

201520142013201220112010

Asking Gross Rental Rates Northwest Submarket


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201520142013201220112010

Asking Gross Rental Rates North Submarket


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201520142013201220112010

Asking Gross Rental Rates Lisle/Naperville Submarket


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201520142013201220112010

Asking Gross Rental Rates Oak Brook Submarket


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201520142013201220112010

Asking Gross Rental Rates Overall Suburban Office

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

21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-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 (

%)


2013 2014

Source: Costar; Colliers International Research
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



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201520142013201220112010



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201520142013201220112010



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201520142013201220112010



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201520142013201220112010



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201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


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

*Colliers International Transaction

O’HareThe O’Hare market lost momentum as velocity remains lethargic for the third consecutive quarter.

Vacancy

After making a vast improvement in the second half of 2014, the O’Hare market has slowed down throughout 2015. Overall vacancy increased marginally, rising to 20.2 percent from 20.1 percent recorded at the end of the second quarter. While Class A properties witnessed a slight decrease, dropping 16.3 percent from 16.4 percent in the second quarter, Class B properties reported an increase, rising to 27.2 percent from 26.8 percent in the prior quarter.

O’Hare sublease vacancy remains the lowest of all the submarkets 0.5 percent, down slightly from 0.6 percent in the second quarter.

Absorption

Overall net absorption in the O’Hare submarket was negative 12,465 square feet, compared to positive 4,163 square feet in the second quarter. This brings O’Hare‘s year-to-date net absorption to negative 77,754 square feet. Class B properties were the sole contributor of the negative absorption posted in the third quarter.

Rents

Class A average asking rent for the O’Hare market increased to $29.63 per square foot gross in the third quarter of 2015, up from $29.56 in the second quarter.

The average asking rate for all classes also increased, ending the third quarter at $20.84 per square foot gross compared to $20.80 in the second quarter.


VACANCY 20.1% 20.2%

YTD ABSORPTION (65,289) (77,754)


INVENTORY 13,231,498 13,231,498

Vacancy %Class A 16.3%Class B 27.2%Class C 14.6%

Class A 8,128,975 SF 16.3% Vacant

Class B 4,798,093 SF 27.2% Vacant

Class C 304,430 SF

14.6% 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
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

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201520142013201220112010



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201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014




Options for large space requirements in the O’Hare Class A market are sparse. There are currently only four properties that can accommodate large users of 100,000 square feet and above, with three of them being Class A.

Construction

There was no new construction completed in first half of 2015 in the O’Hare market.

Proposed projects include Pointe O’Hare II and O’Hare Corporate Campus, both in Rosemont. If completed, these projects could add 1.4 million square feet to the O’Hare market. In addition, Hosts Hotels & Resorts, Inc. is currently trying to obtain a zoning amendment to develop a 750,000-square-foot office building on the land next to its O’Hare Marriott property.


Top O’Hare Office Leasing ActivityTENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

PICIS /UHG Pointe O'Hare Rosemont A 18,000 Renewal

Asking Gross Rental Rates | O’Hare Office Market

Top 10 Large Available Blocks by Square Feet
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


9600 W Bryn Mawr Avenue 156,832 A5450 N Cumberland Avenue 143,525 A8420 W Bryn Mawr Avenue 119,228 A1350 E Touhy Avenue 104,304 B8750 W Higgins Road 92,166 A10255 W Higgins Road 66,274 A8725 W Higgins Road 66,037 A1700 W Higgins Road 64,189 A9801 W Higgins Road 62,063 B999 E Touhy Avenue 59,710 B

LARGE BLOCKS AVAILABLETOP 10 BY SQUARE FOOTAGE

CLASS A Class B

*Sublease

156,832

143,525

119,228

104,304

92,166

66,274

66,037

64,189

62,063

59,710

9600 W Bryn Mawr Avenue

5450 N Cumberland Avenue

8420 W Bryn Mawr Avenue

1350 E Touhy Avenue

8750 W Higgins Road

10255 W Higgins Road

8725 W Higgins Road

1700 W Higgins Road

9801 W Higgins Road

999 E Touhy Avenue

Top O’Hare Office Investment Sales ActivitySTATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold Pointe O'Hare Rosemont A 270,512 Portfolio Sale* N/A The Blackstone Group GE Capital/Arden

New O'Hare Corporate Towers Rosemont B 202,325 TBD TBD TBD Lincoln Property

*Portion of a 188-building, $3.3b US portfolio sale

NorthwestDespite being the most challenged suburban submarket, the Northwest market rebounded in the third quarter of 2015.

Vacancy

Despite the fact that Motorola, one of the Northwest market’s largest space users, announced it was moving downtown, the Northwest market managed to gain some momentum in the third quarter. Overall vacancy ended at 21.2 percent compared to 21.5 percent reported in the second quarter of 2015.

While both Class A and B properties registered decreases in vacancy, Class A properties had the most significant change, ending the third quarter with 17.2 percent vacancy, down from 17.80 percent at the end of second quarter.

Sublease vacancy in the Northwest market remains low at 0.8 percent.

Absorption

The Northwest market ended the third quarter of 2015 with 102,120 square feet of positive absorption. However, the exodus of some key larger tenants such as GoGo, Inc. earlier in the year has caused year-to-date absorption to remains weak at negative 132,788 square feet.

When considering higher quality, true Class A properties in the Northwest market, year-to-date absorption is positive 105,286 square feet.


The Northwest market continues to offer the most options for large space requirements with 14 properties that can accommodate large (100,000 square feet and above) users, 10 of them being Class A.


VACANCY 21.5% 21.2%

YTD ABSORPTION (234,908) (132,788)


INVENTORY 31,947,282 31,947,282



Class B 11,064,159SF 28.6% Vacant

Class C 1,139,700 SF 17.6% Vacant

Vacanct Space by Property Type



Net Absorption and Vacancy | Northwest Office Market
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014



Rents

The Northwest suburban Class A average asking rate measured $24.21 per square foot gross, up slightly from the second quarter 2015 rate of $24.18.

The average asking rate for all classes measured $18.17 per square foot gross, up from $18.02 during the second quarter of 2015.

Construction

No new construction was completed in Northwest market during the third quarter of 2015. However, construction continues on Zurich North America’s 735,000-square-foot headquarters at Meacham Road and Interstate 90 in Schaumburg. Zurich Insurance will move from its current Schaumburg location in 2016, when the development is completed.

Asking Gross Rental Rates | Northwest Office Market

















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


*2000 W AT&T Drive 1,300,000 A1400 & 1450 American Lane 882,069 A2550 W Golf Road 216,592 A1707 N Randall Road 202,463 A1000 E Woodfield Road 183,498 B21440 Lake Cook Road 145,020 A1501 E Woodfield Road 137,035 A5201 Tollview Road 126,284 B700 N Wood Dale Road 125,323 B777 Big Timber Road 125,000 A


CLASS A Class B

*Sublease

1,300,000

882,069

216,592

202,463

183,498

145,020

137,035

126,284

125,323

125,000

*2000 W AT&T Drive

1400 & 1450 American Lane

2550 W Golf Road

1707 N Randall Road

1000 E Woodfield Road

21440 Lake Cook Road

1501 E Woodfield Road

5201 Tollview Road

700 N Wood Dale Road

777 Big Timber Road


Top Northwest Office Investment Sales ActivitySTATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold 1-9 Commerce Dr Schaumburg B 51,513 $5,000,000.00 $97.06 Carepoint Healthcare The Missner Group

New 777 Big Timber Rd Elgin A 127,280 TBD TBD TBD InterCoastal Group

New Golf Corporate Centre Arlington Heights B 93,000 TBD TBD TBD Chicagoland Commercial

Top Northwest Office Leasing ActivityTENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

HSBC Northwest Crossings Arlington Heights B 162,500 New

Fullerton Engineering Consultants Woodfield Lake Office Park Schaumburg A 32,000 New

Ecra Group Schaumburg Corporate Center Schaumburg A 22,500 Sublease

The Shelby Group* Embassy Plaza Schaumburg A 15,500 New

Caremark/CVS* Kensington Business Center Mount Prospect B 15,250 Renewal

iMortgage Woodfield Corporate Center Schaumburg A 16,500 New


NorthThe North market continued to gain momentum for the fifth consecutive quarter.

Vacancy

The North market ended the third quarter of 2015 with 20.7 percent overall vacancy, an ample improvement from 21.4 percent in the previous quarter. Class A product is responsible for the majority of the decrease in vacancy as it fell to 24.1 percent in the third quarter compared to 25.0 percent in the previous quarter.

When considering high quality, true Class A assets, the improvement in vacancy is more significant at 17.0 percent, compared to 19.6 in the previous quarter.

Absorption

The North market ended the third quarter of 2015 with overall net absorption totaling positive 188,484 square feet, bringing year-to-date absorption to a respectable 558,602 square feet, the highest of all the submarkets.

While all classes posted positive absorption for the third quarter, Class A properties, contributed the majority with 175,683 square feet.


All eight blocks of space available for large-sized tenants (100,000 square feet and above) in the North market are Class A. However, when considering high quality, true Class A properties, options are limited.


VACANCY 21.4% 20.7%



INVENTORY 28,694,846 28,694,846


Class A 18,374,563 SF 24.1% Vacant Class B

8,630,978 SF 15.3% Vacant





Net Absorption and Vacancy | North Office Market
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014



Rents

Average Class A asking rent in the North market increased to $29.81 per square foot gross in the third quarter, up from $28.63 per square foot gross during the second quarter of 2015.

The average asking rate for all classes increased to $21.89 per square foot gross, up from $21.68 per square foot gross during the second quarter.

Construction

No new construction was completed in the third quarter of 2015 in the North market.

There are a few sites available for future build-to-suit projects in the North market, including Janko’s 170,000 square-foot project in Lake Forest. In addition, John Buck Company has a 200,000-square-foot project in Deerfield which is currently under contract.

Asking Gross Rental Rates | North Office Market

















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


600 N US Highway 45 972,531 A**1000 Milwaukee Avenue 405,039 A300 Tower Parkway 175,545 A26125 N Riverwoods Boulevard 159,821 A*150 S Saunders Road 143,161 A3000 Lakeside Drive 111,141 A1 Overlook Point 107,984 A2355 Waukegan Road 106,495 A100 S Saunders Road 85,816 A200 Tri State International 78,997 A


CLASS A Class B

*Sublease**Direct/Sublease Combined

972,531

405,039

175,545

159,821

143,161

111,141

107,984

106,495

85,816

78,997

600 N US Highway 45

**1000 Milwaukee Avenue

300 Tower Parkway

26125 N Riverwoods Boulevard

*150 S Saunders Road

3000 Lakeside Drive

1 Overlook Point

2355 Waukegan Road

100 S Saunders Road

200 Tri State International


Top North Office Investment Sales ActivitySTATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold One Parkway North Deerfield A 271,500 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold 544 Lakeview Parkway Vernon Hills

A 145,000 $21,644,150.00 $149.27 Lone Star Funds Columbia Property Trust

New Edens Corporate Center Northbrook A 181,330 TBD TBD TBD The Davis Companies

Top North Office Leasing ActivityTENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

Reed Elsevier* 1007 Church Street Evanston A 28,000 New



Lisle-NapervilleDespite a lackluster third quarter, the Lisle-Naperville market continues to have the lowest direct vacancy rate of all markets.

Vacancy

The Lisle-Naperville market ended the third quarter of 2015 at 17.9 percent overall vacancy, flat from the second quarter results. While vacancy increased at Class B properties, Class A properties improved, ending the third quarter with 13.6 percent vacancy, down from 13.9 percent in the previous quarter.

While direct vacancy is the healthiest of all of the suburban submarkets at 15.3 percent, sublease vacancy remains the highest of all the markets. However, sublease vacancy showed improvement in the third quarter as it decreased to 2.5 percent, down from 4.0 percent in the second quarter.

Absorption

The Lisle-Naperville market ended the third quarter of 2015 with 11,990 square feet of positive net absorption, bringing year-to-date overall net absorption to negative 91,822 square feet.

While absorption declined in Class B properties, Class A properties witnessed positive absorption in the third quarter with 36,054 square feet, compared to negative 65,688 square feet in the previous quarter.


Six properties in the Lisle-Naperville market can accommodate large (100,000 square feet and above) users, three of them being Class A.


VACANCY 17.9% 17.9%

YTD ABSORPTION (103,812) (91,822)


INVENTORY 17,991,215 17,991,215


Net Absorption and Vacancy | Lisle-Naperville Office Market
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014





Class C 914,382 SF 8.8% Vacant




Rents

The average Class A asking rent in the Lisle-Naperville market measured $26.87 per square foot gross at the end of third quarter, down marginally from $26.89 per square foot at the end of the second quarter.

The average asking rate for all classes also decreased to $19.85 per square foot gross from $19.94 at the end of second quarter 2015.

Construction

No new construction was completed in the Lisle-Naperville market during the third quarter of 2015 and no notable construction is planned or underway.

Asking Gross Rental Rates | Lisle-Naperville Office Market

















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


*6200 S Route 53 360,000 B263 Shuman Boulevard 354,000 A*4201 Winfield Road 249,996 A2600 Lucent Lane 225,000 A2400 Cabot Drive 205,633 B2441 Warrenville Road 148,243 A*750 N Commons Boulevard 112,605 B4343 Commerce Court 96,278 A535 E Diehl Road 83,792 A1245 Corporate Boulevard 82,000 B


CLASS A Class B

*Sublease

360,000

354,000

249,996

225,000

205,633

148,243

112,605

96,278

83,792

82,000

*6200 S Route 53

263 Shuman Boulevard

*4201 Winfield Road

2600 Lucent Lane

2400 Cabot Drive

2441 Warrenville Road

*750 N Commons Boulevard

4343 Commerce Court

535 E Diehl Road

1245 Corporate Boulevard


Top Lisle-Naperville Office Investment Sales ActivitySTATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold 215 W Diehl Road Naperville A 150,000 $22,390,500 $149.27 Lone Star Funds Columbia Property Trust

Sold Lisle Executive Center Lisle B 150,000 Undisclosed Boxer Property Pearlmark Real Estate Partners

UC Metrowest Naperville A 205,055 TBD TBD TBD Franklin Partners

New Central Park of Lisle Lisle A 622,287 TBD TBD TBD The Blackstone Group

New Corporetum VI Lisle A 172,695 TBD TBD TBD Winthrup Realty Trust

New Corporetum III Lisle A 91,722 TBD TBD TBD Prudential Life Insurance

Top Lisle-Naperville Office Leasing ActivityTENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

United Healthcare Services* Corporetum Office Campus Lisle A 20,500 Renewal


Oak BrookThe Oak Brook market continued to rebound in the third quarter after suffering a hiccup earlier in the year.

Vacancy

The Oak Brook market continued its decline in vacancy, ending the third quarter at 20.5 percent compared to 21.5 percent in the previous quarter. Vacancy decreased in all of Oak Brook’s property classes in the third quarter.

Class A properties saw a significant decrease in vacancy as the rate dropped to 19.0 percent from 19.8 percent in the previous quarter. When considering high quality, true Class A assets, vacancy is even lower at 13.0 percent, down from 14.2 percent in the second quarter.

Absorption

The Oak Brook market ended the third quarter of 2015 with 228,882 square feet of positive net absorption, up from positive 98,854 square feet in the second quarter. This sizable rebound brought year-to-date absorption to positive 291,956 square feet.

While all sectors achieved positive absorption in the third quarter, Class A properties were the highest contributor, adding 99,791 square feet of positive net absorption.

Large Blocks Of Availability

Four properties in the Oak Brook market can accommodate large (100,000 square feet and above) users. Three of the four properties are Class A.


VACANCY 21.5% 20.5%



INVENTORY 23,576,483 23,576,483








Net Absorption and Vacancy | North Office Market
















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014



Rents

The current Class A average asking rent in the Oak Brook market measured $27.98 per square foot gross, an increase from $27.90 in the second quarter of 2015.

The average asking rate for all classes also increased, rising to $19.93 per square foot gross, up from $19.85 per square foot gross in second quarter of 2015.

Construction

While there wasn’t any new speculative development in the Oak Brook market during the third quarter and none is expected for the remainder of 2015, build-to-suit activity continues as Chamberlain Group, a division of Duchossois Group, plans to build a 252,600-square-foot office development on the land it acquired from Follett Corporation on Swift Drive in Oak Brook. In addition, SKF Group is now seeking a tenant for its 130,000-square-foot R&D center in Naperville that was originally intended for Gothernburg, a Sweden-based manufacturer. Construction on the property is scheduled for later this fall.

Asking Gross Rental Rates | Oak Brook Office Market

















(77,754)

208,141

71,224

141,967

(43,073)

378,270

20.2%

19.6%

21.2%

21.7%

22.8%

22.5%

19.0%

19.5%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

500,000

201520142013201220112010



(132,788)

384,663 313,961

91,787

(603,628)

387,305

21.2%

20.8%

22.0%

23.0%

23.2%

21.3%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

23.5%

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

201520142013201220112010



558,602

(1,257,132)

265,583 186,516

(3,154) (180)

20.7%

22.7%

18.3% 19.2% 19.9% 19.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

(1,400,000)

(1,200,000)

(1,000,000)

(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



(91,822)

86,346

214,346

37,519

207,178

(151,967)

17.9%

17.4%

17.8%

19.0% 19.2%

20.4%

17.0%

17.5%

18.0%

18.5%

19.0%

19.5%

20.0%

20.5%

21.0%

(200,000)

(150,000)

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

201520142013201220112010



291,956 248,533

(218,185)

(53,391)

220,684

(50,087)

20.5%

21.7%

22.8%

21.9%

21.6%

22.4%

20.0%

20.5%

21.0%

21.5%

22.0%

22.5%

23.0%

(300,000)

(200,000)

(100,000)

0

100,000

200,000

300,000

400,000

201520142013201220112010



548,194

(329,449)

646,929

404,398

(221,993)

563,341

20.3%

20.8%

20.5%

21.0%

21.4%

21.2%

20.2%

20.4%

20.6%

20.8%

21.0%

21.2%

21.4%

21.6%

(400,000)

(200,000)

0

200,000

400,000

600,000

800,000

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

201520142013201220112010



21.2% 22.0%

18.3% 17.8%

22.8%

19.6% 20.8%

22.7%

17.4%

21.7% 20.2%

21.2% 22.7%

17.9%

20.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


Vaca

ncy (

%)


2013 2014


700 Oakmont Lane 256,767 A2655 Warrenville Road 149,615 A*2707 Butterfield Road 120,156 B3010 Highland Parkway 101,487 A747 E 22nd Street 95,078 A*3333 Finley Road 94,257 B2000 S Finley Road 78,300 B3050 Highland Parkway 74,319 A1000 Royce Boulevard 68,000 A2651 Warrenville Road 65,376 A


CLASS A Class B

*Sublease

256,767

149,615

120,156

101,487

95,078

94,257

78,300

74,319

68,000

65,376

700 Oakmont Lane


*2707 Butterfield Road

3010 Highland Parkway

747 E 22nd Street

*3333 Finley Road

2000 S Finley Road

3050 Highland Parkway

1000 Royce Boulevard



Top Oak Brook Office Investment Sales ActivitySTATUS PROPERTY TOWN CLASS SIZE (SF) SALE PRICE PRICE/SF BUYER SELLER

Sold Highland Landmark III Downers Grove A 275,197 $41,078,656 $149.27 Lone Star Funds Columbia Property Trust

Sold Corridors III Downers Grove A 221,969 $33,133,312 $149.27 Lone Star Funds Columbia Property Trust

Sold Westbrook Corporate Center Westchester A 1,073,408 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold Oakbrook Terrace Tower Oakbrook Terrace A 792,192 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold Commerce Plaza Oak Brook A 515,005 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold One Lincoln Centre Oakbrook Terrace A 303,098 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold 1111 W 22nd St Oak Brook A 229,756 Portfolio Sale* The Blackstone Group

GE Capital/Arden

Sold 747 E 22nd St Lombard A 209,577 $8,750,000.00 $41.75 Midas Medical Group Holdings

Vectron Corporation

UC Highland Pointe Lombard A 367,108 TBD TBD TBD LaSalle Investment Management

New One Oakbrook Terrace Oakbrook Terrace A 161,373 TBD TBD TBD UBS

Top Oak Brook Office Leasing ActivityTENANT BUILDING TOWN CLASS SIZE (SF) DEAL TYPE

ComEd One Lincoln Centre Oakbrook Terrace A 19,500 Expansion



Third Quarter 2015 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 37 8,128,975 15.5% 0.8% 16.3% 16.4% 8,034 3,864 0 0 $29.63

Class B 50 4,798,093 27.1% 0.1% 27.2% 26.8% (20,499) (82,745) 0 0 $18.88

Class C 9 304,430 14.6% 0.0% 14.6% 14.6% - 1,127 0 0 $14.00

Subtotal 96 13,231,498 19.7% 0.5% 20.2% 20.1% (12,465) (77,754) 0 0 $20.84

NORTHWESTClass A 86 19,743,423 16.1% 1.1% 17.2% 17.8% 103,514 62,311 0 0 $24.21

Class B 174 11,064,159 28.3% 0.3% 28.6% 28.7% 6,132 (192,399) 0 0 $16.96

Class C 28 1,139,700 16.7% 1.0% 17.6% 16.9% (7,526) (2,700) 0 0 $13.35

Subtotal 288 31,947,282 20.3% 0.8% 21.2% 21.5% 102,120 (132,788) 0 0 $18.17

NORTHClass A 108 18,374,563 21.6% 2.5% 24.1% 25.0% 175,683 404,932 0 0 $29.81

Class B 152 8,630,978 14.8% 0.5% 15.3% 15.4% 9,780 70,815 0 0 $18.89

Class C 33 1,689,305 12.0% 0.0% 12.0% 12.2% 3,021 82,855 0 0 $16.96

Subtotal 293 28,694,846 19.0% 1.8% 20.7% 21.4% 188,484 558,602 0 0 $21.89

LISLE/NAPERVILLEClass A 50 9,587,981 13.1% 0.5% 13.6% 13.9% 36,054 (53,004) 0 0 $26.87

Class B 126 7,488,852 19.0% 5.5% 24.5% 24.2% (24,667) (34,487) 0 0 $17.30

Class C 24 914,382 8.8% 0.0% 8.8% 8.9% 603 (4,331) 0 0 $15.39

Subtotal 200 17,991,215 15.3% 2.5% 17.9% 17.9% 11,990 (91,822) 0 0 $19.85

OAK BROOKClass A 66 13,200,293 18.4% 0.7% 19.0% 19.8% 99,010 124,867 0 0 $27.98

Class B 149 9,327,317 19.9% 2.8% 22.7% 23.3% 51,269 96,635 0 0 $17.60

Class C 21 1,048,873 18.5% 0.6% 19.1% 26.6% 78,603 70,454 0 0 $14.20

Subtotal 236 23,576,483 19.0% 1.5% 20.5% 21.5% 228,882 291,956 0 0 $19.93

SUBURBAN TOTALClass A 347 69,035,235 17.5% 1.3% 18.8% 19.4% 422,295 542,970 0 0 $27.70

Class B 651 41,309,399 21.7% 1.8% 23.6% 23.6% 22,015 (142,181) 0 0 $17.93

Class C 115 5,096,690 14.0% 0.3% 14.3% 15.8% 74,701 147,405 0 0 $14.78

Subtotal 1,113 115,441,324 18.9% 1.4% 20.3% 20.7% 519,011 548,194 0 0 $20.14

QUARTERLY COMPARISON AND TOTALSQ3-15 1,113 115,441,324 18.9% 1.4% 20.3% 20.7% 519,011 548,194 0 0 $20.14Q2-15 1,113 115,441,324 19.1% 1.6% 20.7% 20.8% 39,864 29,183 0 0 $20.06

Q1-15 1,113 115,441,324 19.1% 1.7% 20.8% 20.8% (10,681) (10,681) 0 0 $20.02

Q4-14 1,113 115,441,324 19.0% 1.8% 20.8% 20.8% 56,729 (329,449) 0 0 $20.00

Q3-14 1,113 115,441,324 19.0% 1.9% 20.8% 21.2% 466,818 (386,178) 0 0 $19.91


Third Quarter 2015 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 40 8,500,582 14.8% 0.8% 15.5% 15.7% 11,792 7,622 0 0

Class B 61 5,449,648 24.6% 0.3% 24.8% 24.4% (20,899) (73,901) 0 0

Class C 17 653,418 11.2% 0.0% 11.2% 12.4% 7,705 4,813 0 0

Subtotal 118 14,603,648 18.3% 0.5% 18.8% 18.8% (1,402) (61,466) 0 0

NORTHWESTClass A 98 21,606,672 16.1% 0.9% 17.0% 17.5% 105,206 111,879 0 0

Class B 320 16,839,899 21.7% 0.4% 22.1% 21.8% (40,968) (306,016) 0 0

Class C 65 2,108,787 16.2% 0.7% 16.9% 16.1% (15,567) (27,861) 0 0

Subtotal 483 40,555,358 18.5% 0.7% 19.1% 19.2% 48,671 (221,998) 0 0

NORTHClass A 136 24,060,443 16.6% 1.9% 18.5% 19.3% 176,230 405,479 0 0

Class B 279 21,247,085 7.6% 0.3% 8.0% 8.1% 35,131 71,730 0 0

Class C 60 2,514,523 10.0% 0.0% 10.1% 10.5% 9,807 88,208 0 0

Subtotal 475 47,822,051 12.3% 1.1% 13.4% 13.9% 221,168 565,417 0 0

LISLE/NAPERVILLEClass A 56 10,902,216 11.5% 0.4% 11.9% 12.3% 39,792 (49,266) 0 0

Class B 206 11,719,940 14.5% 3.5% 18.0% 18.2% 23,591 (7,880) 0 0

Class C 53 1,688,447 11.0% 0.0% 11.0% 11.0% 103 (12,694) 0 0

Subtotal 315 24,310,603 12.9% 1.9% 14.8% 15.1% 63,486 (69,840) 0 0

OAK BROOKClass A 70 13,908,958 17.6% 0.7% 18.2% 18.9% 97,617 140,093 0 0

Class B 224 12,939,567 15.8% 2.0% 17.8% 18.3% 59,160 57,451 0 0

Class C 51 2,016,808 16.4% 0.3% 16.7% 20.2% 70,962 75,931 0 0

Subtotal 345 28,865,333 16.7% 1.3% 17.9% 18.7% 227,739 273,475 0 0

SUBURBAN TOTALClass A 400 78,978,871 15.7% 1.1% 16.8% 17.4% 430,637 615,807 0 0

Class B 1,090 68,196,139 15.2% 1.2% 16.5% 16.5% 56,015 (258,616) 0 0

Class C 246 8,981,983 13.2% 0.2% 13.4% 14.2% 73,010 128,397 0 0

Subtotal 1,736 156,156,993 15.4% 1.1% 16.4% 16.8% 558,795 375,608 0 0

QUARTERLY COMPARISON AND TOTALSQ3-15 1,736 156,156,993 15.4% 1.1% 16.4% 16.8% 558,795 375,608 0 0Q2-15 1,736 156,156,993 15.6% 1.2% 16.8% 16.8% 10,884 (183,187) 0 0

Q1-15 1,736 156,156,993 15.6% 1.2% 16.8% 16.7% (194,071) (194,071) 26,000 0

Q4-14 1,735 156,130,993 15.3% 1.4% 16.7% 16.8% 340,340 366,429 180,000 26,000

Q3-14 1,734 155,950,993 15.4% 1.4% 16.8% 17.1% 473,880 26,089 0 206,000

Copyright © 2015 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 InternationalColliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.

colliers.com

502 offices in 67 countries on 6 continentsUnited States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108

$2.3billion in annual revenue

1.7billion square feet under management

16,300professionals and staff

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

Documents

Q3 2015 Chicago Suburban Office Market Report