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Home / Construction/Development / Chicago MOB Market Building into Growth

Chicago MOB Market Building into Growth

February 24, 2022 by Mike Hargrave Topics: Construction/Development, Leasing/Property Management

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.

UNIVERSITY OF ILLINOIS SURGERY CENTER & SPECIALTY CLINIC, 200K SF, Opening Fall 2022
Mike Hargrave
Mike Hargrave

Other Articles by Mike Hargrave:

    • Lenders to the Medical Office Sector Signaling Caution, Lower Volumes
    • Inflationary Pressures Impacting the Revista MOB Industry Fundamentals Report
    • MOB Transaction Volume Sets Quarterly and Annual Volume Records in 1Q22

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