The Reawakening of the East-West Corridor Submarket
Heavy investments are being made to compete for tenants in Chicago's suburbs. Will COVID-19 be a blessing or a curse?
Behemoth office buildings, expansive parking lots, and undeveloped land have been characteristic of the I-88 corridor for decades. And while they are still largely a part of the horizon, there has been noticeable change and a flurry of movement over the last two years.
Large ‘For Sale’ (followed by ‘Sold’) signs have peppered most of the frontage on the vast stretch. Shortly thereafter, parking lots fill with construction dumpsters, crew trucks, window washers, and landscaping materials. New billboards rise that tout improvements being made within lackluster buildings.
The sleepy suburban office market is awakening… and it’s a full-out competition for talent, tenants, and taxes.
We’ve done some sleuthing and identified 14 large capital improvement projects along the corridor that have made news since 2019. The next few pages outline our findings on what’s being renovated and the amenities that are being added.
In light of COVID-19, however, will the investments pay off?
Will the need for social distancing in corporate environments force companies to expand footprints? If so, suburban destinations are well-positioned with their abundance of space and attractive rent rates.
Or will companies rethink a common workplace and maintain broader work from home programs exacerbated by the lockdown?
About Installation Specialists, Inc. (ISI):
Established in 1973, ISI is Chicago's largest commercial interiors installation company. They install, receive and deliver, and provide asset management services for commercial furniture, architectural walls, window coverings, millwork and other interior products. ISI consistently sets the bar for expertise, professionalism, and best practices among peers.
ISI is an active member of Facilities Services Network (FSN), an international group of independent installation firms which set new benchmarks for performance and value in the management, installation, and care of contract furniture.