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SUBMARKETREPORT
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Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest Southwest 
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SubmarketMetro
* 2007-2012 Forecast
Submarket4Q 07Vacancy4Q 07Asking Rents
Population550,4149,573,949Avg. Annual Five-Year Chg.*1.7%0.6%Total Households184,1893,375,144Avg. Annual Five-Year HH Chg.*1.3%0.4%Median Household Income$72,311$63,396Median Age36.135.5Employment213,8744,656,565Vacancy Rate (4Q 07)7.4%8.9%Avg. Asking Rent (4Q 07)$17.57$19.66
North5.0%$26.41South5.8%$21.11Far North6.6%$22.27Near West6.7%$19.05ArlingtonHeights7.3%$16.98
Southwest 7.4% $17.57
Far Northwest7.9%$17.99Kane8.9%$18.18Lake/McHenry9.3%$20.99Far West10.7%$20.58
The Southwest submarket is an affluent area with amedian income that is more than 14 percent above theposted metro average and a forecast annual populationgrowth of 1.7 percent. These strong demographics haveattracted retailers and developers in the last year, ele-vating construction levels. An average of 132,000square feet has come online annually for the past fiveyears. Meanwhile, vacancy continues to improve froma peak of 11.3 percent in 2003; last year, the ratedropped 210 basis points to 7.4 percent.Retail investment activity in the submarket hasremained unchanged over the last six months, thoughthe focus has shifted to single-tenant properties.Additionally, assets that lie outside of Cook Countyhave been favored by investors due to recent sales andtransaction tax increases. Local buyers make up almost90 percent of the multi-tenant market, as proximity totheir investments allows them to better manage theassets. On the other hand, single-tenant properties withnational-credit tenants, long leases and predeterminedrate hikes have attracted some out-of-state buyers exit-ing other investments.
© Marcus & Millichap 2008www.MarcusMillichap.com
 First Quarter 2008Southwest Submarket, Chicago MSA
Chris Best
Research Associate
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