Absorption

Net absorption for the overall Chicago office market was positive 1,204,806 square feet in the fourth quarter 2010. That compares to positive 509,461 square feet in the third quarter 2010, positive 708,629 square feet in the second quarter 2010, and negative (508,599) square feet in the first quarter 2010.

Tenants moving out of large blocks of space in 2010 include: American Hospital Association moving out of 119,171 square feet at One North Franklin Bldg; Citigroup moving out of 116,683 square feet at 227 W Monroe St; and UTStarcom moving out of 76,720 square feet at Atrium Corporate Center. Tenants moving into large blocks of space in 2010 include: FDIC moving into 150,120 square feet at 200 N Martingale
Rd; DeVry, Inc. moving into 145,077 square feet at Highland Landmark V; and BP moving into 120,618 square feet at CME Center.

The Class-A office market recorded net absorption of positive 1,246,205 square feet in the fourth quarter 2010, compared to positive 132,877 square feet in the third quarter 2010, positive 445,489 in the second quarter 2010, and negative (120,404) in the first quarter 2010.

The Class-B office market recorded net absorption of positive 140,546 square feet in the fourth quarter 2010, compared to positive 319,807 square feet in the third quarter 2010, positive 160,141 in the second quarter 2010, and negative (236,855) in the first quarter 2010.

The Class-C office market recorded net absorption of negative (181,945) square feet in the fourth quarter 2010 compared to positive 56,777 square feet in the third quarter 2010, positive 102,999 in the second quarter 2010, and negative (151,340) in the first quarter 2010. Net absorption for Chicago’s central business district was positive 215,680 square feet in the fourth quarter 2010. That compares to positive 22,000 square feet in the third quarter 2010, positive 480,168 in the second quarter 2010, and negative (735,651) in the first quarter 2010. Net absorption for the suburban markets was positive 989,126 square feet in the fourth quarter 2010. That compares to positive 487,461 square feet in third quarter 2010, positive 228,461 in the second quarter 2010, and positive 227,052 in the first quarter 2010.

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Initially Beth Osten & Associates will take 17,000 square feet at the new location with plans to grow into an additional 4,000 square feet within the next 36 months. The new space has enough room to accommodate a several large therapy gyms, individual treatment rooms and an enclosed outdoor play space.  In addition, a spacious and comfortable waiting room to welcome families during visits will be built out.

“The new facility will provide us with the opportunity to more efficiently and comfortably treat our clients,” said Owner Beth Osten. “The environment will enhance team collaboration and our ability to provide state of the art, multidisciplinary services to children with special needs and their families.”

Old Orchard Woods is an 8-building, 285,000-square-foot office complex conveniently located at Old Orchard Road and I-94. Offering tenants excellent access and visibility, it is home to many notable tenants including Peapod, NorthShore University HealthSystem, Rand McNally and Everest College.

DRI’s Brett Opie represented ownership in the transaction. Victor Sanmiguel and Peter Billmeyer of Chicagoland Commercial represented the tenant.

About Beth Osten & Associates

Since 1993, Beth Osten and Associates has been serving children with special needs and their families through state of the art multidisciplinary therapy services.  The practice specializes in a wide range of developmental disorders including sensory processing disorders and treatment of children on the autism spectrum. The clinic uses developmentally informed treatment approaches that focus on the individual differences of the child. Parents are included as a valued as part of the treatment team. Services include occupational, physical, and speech therapy as well as educational and mental health services.  The clinic offers individual and group services across the pediatric age range from infancy to young adulthood.

About DRI

Founded in 1984, Development Resources, Inc. has served hundreds of clients in all aspects of property development.  As Chicago’s first independent real estate development firm, DRI has been involved in the management, development, and construction of over 40 million square feet of space.

About Chicagoland Commercial

Chicagoland Commercial, Inc.’s Tenant Advisory Division was established to provide fully integrated commercial tenant advisory services.  With over $100M in transactions, our professional team possesses the conflict free expertise and regional market knowledge to effectively provide effective real estate solutions for corporate space users in the greater Chicagoland area. 

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