Addison, IL Market TrendsBETA

For multifamily properties in the metro area, the average asking price was $68,387 per unit for the month. This is down 1.6% from the previous year, and down 3.9% from the end of the fourth quarter of 2011. This month, asking prices for multifamily properties are at their lowest in three years. Prior to this, the record three-year low was last month at $68,727.

For office properties in the metro area, the average asking price was $115.42 per square foot for the month. This is down 10% from the previous year, and down 2.5% from the end of the fourth quarter of 2011. Asking prices for office properties have fallen to a new three-year low this month. The previous three-year low was $115.86, set last month.

The average asking price for industrial properties in the metro area was $56.80 per square foot for the month. This represents a decrease of 8.6% year-over-year as well as a decrease of 1.3% compared to the end of the fourth quarter of 2011. Asking prices for industrial properties are the lowest they have been in three years. The previous three-year low was last month at $56.84.

Asking prices for retail properties have risen 0.6% versus last quarter to $122.90 per square foot. For the year, asking prices have still declined 5.6%. In December 2008, the asking prices for retail properties were at their highest in the past three years at $179.76 per square foot. In comparison, the median asking price is now 24.7% lower. The lowest asking price in the past three years was $121.93 set in October 2011.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 16.8% to $49,360 per unit. The highest median sale price over the past three years was $107,961, which was set in April 2009. In comparison, the current median sale price is down by 54.3%. However, the current price is 4.4% above the lowest price of the past three years, which was set in June 2011. The median sale price of multifamily properties in the metro area has been on a downward slope for the fifth month in a row. When the streak began in November 2011, the median price was $51,056.

For the past three months, the median sale price per square foot for office properties in the metro area has risen 5.1%. This follows a three-month down streak that ended in January during which sale prices fell 5.2%. Sale prices per square foot for office properties have seen an increase to $78.86, up 1.7% compared with the last quarter. But for the previous 12 months, sale prices have dipped by 15.2%. The highest median price of the past three years was set in April 2009 at $116.29. In comparison, the current median sale price is down by 32.2%. However, the current price is 5.1% higher than the figure from last month, which was the three-year low.

Compared to the end of the prior quarter, sale prices per square foot for industrial properties have risen 2% to $52.25. Likewise, sale prices are up 10.6% for the last 12 months. The highest median sale price during the past three years was $57.27, set in April 2009. The current median sale price is 8.8% lower. However, the current price is 14.3% higher than the three-year-low set in September 2011. The median sale price of the metro industrial properties has been on a positive climb for two months straight. Back in February 2012, the median price was $51.93.

Sale prices per square foot for retail properties are $79.04, representing a 12.4% decrease from the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 28.2%. This month is the sixth consecutive month of falling median sale price for the metro area's retail properties. The falling streak began in October 2011, at which time the median price was $93.80. The median sale price for the metro area marked its three-year low this month. The previous low was $83.33, which was set last month.

There has been a 0.3% drop in available multifamily properties over the past year in the Chicago Metro Area.

For six consecutive months, the number of office properties available has seen a month-over-month decline, 4.9% overall. Over the past year, the number of office properties available has dropped by 4.9% in the Chicago Metro Area.

The number of industrial properties for sale has seen a month-over-month rise of 1.8% over three consecutive months. The number of industrial properties available in the Chicago Metro Area has risen 0.6% over the past year.

Available retail for sale have been on the rise for the past two months month-over-month, a 0% increase overall. This, however, has yet to offset the 4.5% drop seen in the past year.

Demand on LoopNet for multifamily properties spiked in the Chicago Metro Area market, rising 20.2% since December 2011, 2.6 percentage points more than the 17.5% increase in the national average. Demand for multifamily properties also increased by 28.8% over the past year. The yearly change ranks the Chicago Metro Area twelfth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Chicago Metro Area market, rising 17.2% since December 2011, 4.6 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 27.1% over the past year. The yearly change ranks the Chicago Metro Area fifteenth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Chicago Metro Area market, rising 20.1% since December 2011, 2.3 percentage points less than the 22.4% increase in the national average. Demand for industrial properties also increased by 29.4% over the past year. The yearly change ranks the Chicago Metro Area fourteenth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Chicago Metro Area market, rising 18.2% since December 2011, 1.4 percentage points less than the 19.6% increase in the national average. Demand for retail properties also increased by 26.1% over the past year. The yearly change ranks the Chicago Metro Area nineteenth out of the top 48 metros.

The square footage available for sale in the metro area has fallen consecutively for the past three months for office properties. March showed a new three-year low of square footage available in the metro area. Previously, in April 2010, the low mark was set. The square footage available for sale marks a 6.7% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale for industrial properties in the metro area has risen 4.5% over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. Also, the rise in supply and sale prices makes it appear that more suppliers are coming into the market to take advantage of the rising prices.

This is the sixth consecutive month that square footage available for sale has declined month-over-month for retail properties. The current available square footage for sale has remained steady over the past year for retail properties. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The available number of units for multifamily properties has risen 2.5% versus last quarter. But for the year, number of units is down 2.8%. The current number of units available for sale reflects a 2.8% fall in the metro area over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Multifamily properties in the Chicago Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 154 days before being sold, 0.3% longer than last year. In comparison, these buildings last 155 days at the state level, 0.2% less than last year. Compared with January 2010, when days on market was at its highest, they've now fallen 26.7%.

Office properties in the Chicago Metro Area are turning over faster than the same time last year, as the days on market slid 10.1% to 243 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 16.6%, to 240. From September 2011, when the time on market was at its highest, it has fallen 22.7%.

Industrial properties in the Chicago Metro Area stay on the market for 289 days, which is 9% shorter than last year. Overall in Illinois the time on market has dropped by 7.9% during the same time period. Compared with April 2009, when the time on market was at its lowest, these properties are now on the market 35.8% longer.

Retail properties in the Chicago Metro Area are turning over more quickly compared to last year, as the time on market dropped 14.2% to 201 days. Overall in Illinois the time on market has dropped even further as a percentage, by 16%, to 189 during the same time period. Compared with the highest time on market set in September 2011, these properties are now turning over 23.7% faster.

The average asking lease rate for office properties in the metro area was $16.45 per square foot for the month. This shows a drop of 2.7% year-over-year, and a decline of 0.7% from the end of the fourth quarter of 2011. Asking rates for office properties hit a new three-year low this month. The previous three-year low was last month at $16.47.

The average asking lease rate for industrial properties in the metro area was $6.61 per square foot for the month. This shows a drop of 1.2% year-over-year, and a decline of 0.6% from the end of the fourth quarter of 2011. Asking rates for industrial properties reached a three-year high in October 2007 at $7.00 per square foot. The current median asking lease rate is 1.6% lower. The lowest asking lease rate over the past three years was $6.51 in December 2005.

For retail properties in the metro area, the average asking lease rate was $15.97 per square foot for the month. This represents a decrease of 3.5% year-over-year as well as a decrease of 1% compared to the end of the fourth quarter of 2011. Asking lease rates for retail properties have fallen to a new three-year low this month. The previous three-year low was $16.07, set last month.

The number of office properties for lease in the metro area has been rising two months in a row month-over-month, moving up 0.3% in that time. However, this has yet to offset the drop of 1.6% over the past year.

For the past three months, the number of of industrial properties for lease has been on the rise month-over-month, increasing 1.5% over that period, but it was not enough to offset the 7.4% decline seen in the past year.

This is the second month of an increase in retail properties for lease in the metro area, representing a 0.6% increase. This was insufficient to offset the 4.8% decrease of the past year.

Demand on LoopNet for office properties spiked in the Chicago Metro Area market, rising 22.9% since December 2011, 5.8 percentage points less than the 28.8% increase in the national average. Demand for office properties also increased by 26.1% over the past year. The yearly change ranks the Chicago Metro Area thirty-fifth out of the top 48 metros.

While interest in industrial properties listed on LoopNet has risen 13.3% over the past year, that change ranks forty-sixth out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Chicago Metro Area market, rising 18.9% since December 2011, 6.9 percentage points less than the 25.8% increase in the national average.

Demand on LoopNet for retail properties spiked in the Chicago Metro Area market, rising 23.9% since December 2011, 1.4 percentage points less than the 25.3% increase in the national average. Demand for retail properties also increased by 14.6% over the past year. The yearly change ranks the Chicago Metro Area forty-second out of the top 48 metros.

The square footage available in the metro area has fallen consecutively for the past five months for office properties. Office properties in the metro area have seen a 9.4% drop in square footage over the past year.

Over the past five months, industrial properties has seen a steady increase of 4.3% available in square footage in the metro area. This was insufficient to offset the 8.6% decrease of the past year. The available square footage for industrial properties has risen 3.8% versus last quarter. But for the year, square footage is down 8.6%.

The square footage available in the metro area is in a 10 month downward trend month-over-month for retail properties. Retail properties saw a new three-year low in square footage available for the month of March. The previous low was set last month. The square footage available for retail properties in the metro area represents a 14% decline over the past year.

Over the past year, the time on market for office properties in the Chicago Metro Area has decreased 1.5% to 249 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 4.1%, to 245. Metro days on market is down 13.7% from its highest point in February 2010.

The time on market for industrial properties in the Chicago Metro Area has fallen 13.2% from last year, to 246 days. Overall in Illinois the time on market has dropped even further as a percentage, by 14.9%, to 241 during the same time period. From December 2010, when the time on market was at its highest, it has fallen 13.5%.

The days on market for retail properties in the Chicago Metro Area have increased year-over-year, and this change is smaller than that on the state-level overall. Properties now stay 351 days on the market, which is an increase of 20.8% year-over-year. This month marked a new high for days on market in the metro area. The previous high was established last month at 347 days. The time that retail properties stay on the market in the metro area has been increasing every month for the past six months.