The Chicago Metro Medical Office Building (MOB) market has been rising on lower levels of completions and strong absorption all throughout the pandemic. Its occupancy rate is currently 92.4% (4Q21) which is up from a recent low of 90.7 set in 1Q19. But this cycle is due to change in 2022. Chicago currently has several projects under construction and about 1.9 MSF is currently scheduled to deliver in 2022. One such project is the UNIVERSITY OF ILLINOIS SURGERY CENTER & SPECIALTY CLINIC, 200K SF, Opening in the Fall of 2022. It is being developed by Medicus and Ankura. So Revista will keep an eye on the Chicago market in 2022.
