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Office vacancies, industrial demand and adaptive reuse reshape Hoffman Estates market
Summary
Presenters said suburban office vacancy remains elevated (about 26% overall; ~30% in Hoffman Estates) while small‑bay industrial and adaptive‑reuse projects (Bell Works, former Sears site) are absorbing demand; speakers said recovery is beginning but depends on large-block moves and utility constraints for data centers.
Speakers at the Hoffman Estates CRE breakfast described a local market in transition: industrial and data-related investment is strong while suburban office occupancy remains challenged, prompting conversions and repositioning.
Max Hoy of Clear Height Properties said small-bay industrial (50–100k sq ft) is in tight supply and that landlords have seen strong rent growth as institutional buyers acquire assets and repurpose sites. He highlighted a Hoffman Estates…
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