Often people don't realize how local commercial real estate can be. Residential property, everyone knows can vary from neighborhood to neighborhood. Here is a quick example of just how much variance there can be in the office leasing market just in the western suburbs. Looking at North Dupage County vs. the East West Corridor which is adjacent to but covering an area further southwest of north Dupage. So take a look at the graphs for this perspective. (GOLD=North DuPage Blue=EW Corridor)
VACANCY RATE
ASKING RENTS
MONTHS ON THE MARKET
Despite the wide variance in both the vacancy rate and the months on market, asking rents are very comparable. Another reason to consult with a commercial broker who knows the market and provide accurate and timely advice.
