CRE Midwest

Suburban office experts dish on state of the market and reveal what surprises people most at NAIOP's April conference

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NAIOP member, John Picchiotti, NAI Hiffman and NAIOP Chicago President, Carter Andrus, Prologis, Inc., at the Chapter’s April breakfast meeting on the State of the Suburban Office Market.

The Chicago chapter of NAIOP held it's Salient of Stagnant: The State of the Suburban Office Market conference April 14 in front of a crowd of 140 industry professionals.

The Chicago chapter of NAIOP held it's Salient of Stagnant: The State of the Suburban Office Market conference April 14 in front of a crowd of 140 industry professionals.

One key takeaway from the event was when Dan Deuter of CBRE shared that everyone is shocked when the firm shows them the net absorption statistics.

"The suburbs have outperformed Chicago by about 1.6 million square feet of new demand," he explained.

And when asked about lenders' interest in the suburbs, Bill Barry of Draper and Kramer, Inc. responded that the firm meets with two or three lenders in a typical week and their focus is on categories like apartments, industrial uses—especially multi-tenant—and grocery anchor developments.

"Suburban office is way down on that hierarchy," he said. "Now that being said, you can still get it down."

Click here to read NAIOP's in-depth meeting summary.