Commercial Leasing in Illinois
The Commercial Leasing industry in Illinois has grown over the past five years as economic conditions have continued to improve post-subprime mortgage crisis, and is expected to continue its slow yet steady growth over the next five years as well. Over the past five years, office construction and leasing have been on the rise, in large part due to Chicago's improving job market, as well as its more affordable price tag compared to other major cities. A similar trend was observed in the industrial and retail markets over the five-year period, albeit with some differences in volatility. Over the next five years, the continued economic recovery will drive industry growth, as the need for commercial space aligns with business development and corporate expansion. Nonetheless, certain factors, including the increasing prevalence of work-from-home arrangements, retail bankruptcies and the rate of building developments in Chicago, could prove troublesome for industry operators moving forward.
Operators in this industry serve as lessors of buildings that are not used as residences or dwellings. Industry participants include: owner-lessors of nonresidential buildings; establishments that rent real estate and then act as lessors in subleasing it to others; and establishments that provide full-service office space. This industry excludes general warehousing and storage companies, such as self-storage businesses.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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