Rising vacancies, distress in suburban office market

Suburban office vacancies climbed for a 10th straight quarter, nearing the highest level this decade as companies continue to cut jobs and reduce their space... Almost one-fourth of the 96 million square feet of office space in the suburbs is now vacant, including space that’s available for sublease, according to real estate services firm Jones Lang LaSalle Inc... The rising vacancy rate, which has soared to 24.3% from 19.8% two years ago, has caused a handful of suburban office landlords to default on their loans, leading to at least two big foreclosure lawsuits...

Crain's Chicago: Rising vacancies, distress in suburban office market