News
Slidin' Down in the 'Burbs
June 30, 2010
| Even if it's cool near the lake, JLL's O'Hare Plaza office is getting warmer, with two new hires in suburban office agency leasing. Doug Shehan and Norm Murdoch, teammates since 2001, moved down the street from Cushman & Wakefield to JLL's new office. | |
 | |
| Doug and Norm have completed more than 165 transactions in the last five years and have leased spaces in almost every submarket. They're making the move now, they say, because many suburban office buildings are under stress and changes in ownership are likely. New ownership often leads to opportunities for new leasing assignments. They join a new 30-person suburban team that includes experts in industrial and office, as well as tenant reps. | |
 | |
| Suburban office vacancy has been up for the last two years, a little longer than most major markets, the team reports. With declining rates and property values, landlords aren't as willing to offer the $40-$50/SF for TI once available. Doug and Norm say they're very mindful of increasing their basis in buildings with declining values. They believe core markets, like Oak Brook, Schaumburg, and the near northern suburbs, will start to see some recovery soon. |
