In another blow to any already battered submarket, credit reporting agency Experian is putting its entire suburban Chicago office space on the sublease market.
The agency is giving up nearly 180,000 square feet over four floors at 955 American Lane in Schaumburg, about an hour outside Chicago, according to a leasing brochure created by CBRE.
That’s sure to put a bigger dent into the greater Chicago area’s fifth-largest office market by inventory that has long had a bounty of corporate campuses. But corporations have been shedding office space in outlying suburbs in recent years, opting for downtown Chicago workplaces that have helped them attract and retain young talent.
That’s left the Schaumburg area submarket with a low 24% vacancy rate — the highest in the Chicago area, according to CoStar research.
The pandemic, of course, has upended many a corporate workspace plan as employees work remotely. Many believe the work-for-home trend is no longer a fad, but a way of life. Vaccinations offer hope workers will return to the office, but there are no guarantees.
It’s unclear what Dublin-based Experian’s plans are with its workforce in the Chicago area and at offices elsewhere in North America; the company did not return a request for comment.
CBRE is marketing the fully-furnished space that also includes a rooftop lounge, a fitness center and dedicated IT rooms on each floor.