Seven office buildings along Oak Brook's Butterfield Road could become retail stores under a redevelopment push the village is banking on.
Village President Larry Herman and CBRE senior vice presidents Jeff Mann and Patrick Elwood discussed that strategy on the DuPage Business Beat Podcast on Nov. 3. The episode, hosted by Choose DuPage President and CEO Greg Bedalov, covered Oak Brook's retail outlook, its office market and redevelopment along Butterfield Road over the next five to 10 years.
Butterfield Road proposal
A developer has proposed demolishing seven office buildings on a 22-acre site at 2805-2907 Butterfield Road to build a 225,000-square-foot Amazon retail store and a 150,000-square-foot Ashley Furniture store. The Chicago Tribune first reported the proposal in February.
The project matters for the village budget. Oak Brook does not levy a municipal property tax, so sales tax is its primary revenue source. Herman told the Tribune he expected the stores to increase the village's sales tax collections by several million dollars annually.
"Many of these buildings have suffered from decades of suburban office vacancy, post-COVID work trends, and will never again be economically viable as office space," Herman said, according to the Tribune.
Herman said in February that the proposal would go to the Planning and Zoning Commission for a public hearing. No public record of final Village Board action was available as of publication.
Oakbrook Center performance
The village's retail anchor is thriving. Bisnow reported in September that affiliates of Brookfield's GGP were closing on an $800 million refinancing of Oakbrook Center. A presale report cited by Bisnow showed the property drew about 14.5 million visitors over the prior year, according to Placer.AI data, and generated more than $1.2 billion in sales in the 12 months ending May 2026. That figure was up 81% from $673 million in 2019.
As of July 2026, the mall was 94.1% leased with more than 160 tenants. GGP and its partners have invested more than $374 million in capital expenditures and redevelopment at the property since 2015, the report stated.
Office vacancies drive conversions
Oak Brook's shift fits a regional pattern. Suburban Chicago office vacancy hit 33.4% in the first quarter of 2026, The Real Deal reported in April, citing Crain's Chicago Business. That marked the 21st consecutive quarter of record highs.
Total suburban inventory has fallen from nearly 100 million square feet in 2020 to 93.2 million square feet. The Real Deal reported that Inland Real Estate Group agreed to sell its three-building Oak Brook campus to a buyer planning to demolish it for an Amazon distribution facility. Inland will relocate its headquarters to Downers Grove.
Herman told the Tribune in February that the Butterfield Road project would spur additional retail development connecting Oakbrook Center and Yorktown Mall.
