Brown Commercial Brokers Two Chicago Transactions
February 18, 2025 — Brown Commercial Group Broker Candace Scurto negotiated two Chicago transactions, including an 11,000-square-foot lease for an electrical supply business that is moving to 201 Bond St. in Elk Grove Village, Illinois, in the O’Hare submarket. “The company was looking for more efficient space that would allow them to consolidate two locations into one,” she said. “After looking at multiple spaces, we found this location and were able to secure rent abatement and some tenants improvements to the space.”
Jim Conrad of McLennon Property Management was the listing agent.
Among the key fundamentals shaping the O’Hare industrial market are a 4.4% vacancy rate, which is lower than the overall Chicago average of 5.4%. Rent growth over the past 12 months was 3.4%, close to the Chicago rate of 3.3%. Since, 2018-2019, the O’Hare submarket has seen gross rents for buildings of 50,000 square feet and smaller increase from $8 to $9 per square foot (psf) to $12 to $14 psf. Those lease rates are higher than rates in larger buildings, were rents average close to $11 psf, a 15% increase from the overall Chicago market, according to CoStar.
Scurto also represented the buyer and seller of a 3,000-square-foot office space at 550 W Campus Drive in Arlington Heights, IL. The buyer, Q and A Hospitality, was looking for an office with more functional space for its design staff. The seller was closing its business and no longer needed the space. “There is a shortage of smaller office space that is for sale in the market and we were able to find the buyer and secure a deal within a few weeks,” said Scurto.
