Choose DuPage, an economic development alliance located in Lisle, recently released its 2016 Second Quarter Economic Indicators Report showing a successful performance for the county during the first half of 2016. DuPage County has experienced notable real estate dealings and vacancy absorption, while its low unemployment rate confirms the county’s robust economic environment. Investors continue to see the DuPage market as desirable with its proximity to transportation, skilled workforce and opportunity for further growth.
According to the report, during the first half of 2016, a combined total of more than 5.5 million net square feet of office and industrial space was absorbed throughout DuPage County.
The Lisle-Naperville markets reported their lowest overall vacancy rate in the second quarter citing business expansions including local accounting and technology firm Sikich which has increased its total footprint in Naperville by 50 percent. The Washington Commons office complex in Naperville recently sold for $18 million to a California real estate firm that plans to upgrade and build out the move-in-ready suites to further attract businesses to the building.
2016 Mid-Year Review Highlights:
- DuPage County continues to maintain the lowest unemployment rate in the Chicagoland region at 5.1 percent; far below the City of Chicago’s 6.5% and state’s 6.0% unemployment rate.
- DuPage County industrial vacancy rates have decreased to 5 percent compared to 5.7% at the same time in 2015; over 4.3 million square feet of industrial space has been absorbed in the first six months of 2016 showing strong industrial development.
- DuPage County office vacancy rates have also decreased by 0.9 percent over the past year with over 1.2 million square feet of office space being absorbed over the first quarter and second quarters; space is being acquired by new businesses moving into the area as well as the expansion of existing DuPage businesses.
- DuPage County continues to attract premier tenants and property developers without the use of incentives; DuPage is home to two of the largest suburban deals of 2016 with the $125M Zeller Realty Group purchase of the 515k square foot Commerce Plaza and the purchase of Mid America Plaza for $80M; both properties located in the Oak Brook market.
“DuPage County’s continued solid economic performance during the first half of the year confirms the strength of the county’s business climate,” said John Carpenter, president and CEO of Choose DuPage. “DuPage has some of the most stable markets in the region, new businesses are making DuPage their home while local industries continue to expand and grow their footprint.”
Oak Brook reported some of the most positive news when the Zeller Realty Group announded its purchase of Oak Brook’s Commerce Plaza.
For all the details, including some corporate departures to Chicago, find The Choose DuPage 2016 Quarterly Economic Indicator Reports at www.choosedupage.com. The reports were compiled from Choose DuPage member data and professional economic data provider EMSI.
