23 percent of suburban Chicago office space vacant, expert says

The Chicago Sun-Times reports:

Kevin McLennan doesn't believe in "zombies" in real estate. Not yet, anyway.

Hard times for office landlords have given rise to predictions that some buildings will become "zombies." It's the term for buildings plagued by empty space, yet the owners are prevented by lenders from accepting leases at reduced rates.


McLennan, senior managing director at the tenant advisory firm Studley Inc., said zombies aren't walking the suburban Chicago market yet. Studley looked at blocks of at least 50,000 square feet of contiguous space and counted 91 of them vacant in the suburbs, a decade high. Studley said 23.7 percent of suburban Chicago office space is vacant, close to a two-decade high.