Many companies no longer see expansive and well-manicured suburban headquarters campuses as the best thing for their businesses.
Chicago-area corporations have been voting with their feet and vacating their massive suburban headquarters properties.The trend, which began before the COVID-19 pandemic, initially was attributed to the vibrancy of downtown Chicago as some publicly traded companies sought out commuter-friendly offices in or near the Loop. The moves downtown also situated companies closer to the city dwellings of well-educated young people — potential employees — who weren’t interested in suburban living.
Developers are sometimes able to land entirely new tenants for portions of suburban campuses. In other cases, the sites are transformed into logistics parks or warehouse space. It’s also not uncommon for corporate campuses to spend a period of time on the market before being repurposed.One recently completed headquarters move involves insurer Allstate, which chose to downsize its office space but remain in the north suburbs.
“We are committed to a continued presence in both Deerfield and Chicago,” Walgreens spokesperson Fraser Engerman said. “We are currently marketing the 200 and 300 buildings. The broker is Cushman & Wakefield.”Walgreens last year also placed on the market 575,000 square feet of office buildings at 1411-1435 Lake Cook Road in Deerfield. The company bought those buildings, which haven’t yet sold, in 2004 from Massachusetts Mutual Life Insurance Co.
Sears moved its headquarters to Hoffman Estates from what was at one time the world’s tallest building — the building now known as Willis Tower — more than 30 years ago. The 1992 move sparked plenty of hand-wringing at the time, both about the future viability of the city as well as the wisdom of the various government incentives offered to Sears to help facilitate the move.
Baxter has no intention of staying in its sprawling headquarters campus, but it also doesn’t expect to venture too far. And a move is scheduled to occur soon. A Baxter spokesperson said in an email that “we have identified potential properties for our new headquarters location, all of which are in the same general area as our current Deerfield headquarters. As shared previously, we currently expect to move to a new location by the end of 2023.”When McDonald’s Corp.
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