The Chicago suburbs are also experiencing high levels of office vacancies:

The office vacancy rate in the suburbs has ticked up again and is now at a record high. Real estate services firm Jones Lang LaSalle says the suburban office vacancy rose to 28.9% in the second quarter, up from 28.5% in the first quarter. A year ago it was 27.1% and at the beginning of 2020 it was 22.1%. The data is further evidence that companies are still shrinking office footprints as remote work continues. JLL says the suburbs have lost more than 3 million square feet of office space since 2020, nearly the same amount that was lost during the Great Recession that started in 2008.

If these office spaces are lost permanently, here are several things suburban communities would lose:

1. Property tax revenue. These payments contribute to municipal budgets and might help reduce property tax burdens for residents.
2. Prestige. Having office space and big corporations is a source of civic pride. Not all suburbs have this. These are visible symbols of economic success.
3. Jobs within the suburb. Even if a majority of employees come from outside of the particular suburb in which the offices are located, communities and leaders can tout the number of jobs located in the suburb.

On the flip side, if a number of these jobs permanently move to people’s residences, particularly single-family homes, this might help redefine what the suburban single-family home includes. The suburban home might no longer be a strong, private refuge from the outside world, but instead be a combination workplace and home.