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First Quarter 2018 Chicago Downtown Office Market Report

The first quarter began with a plethora of positive economic and confidence indicators for Chicago and the nation (see box below), including Site Selection magazine choosing Chicago for the fifth year in a row as the top metro for potential corporate growth. These all point to a continuing demand for office space acquisition and expansion. The question remains, however, does the current and pending demand for office space necessitate the supply of the one million square feet added over the course of 2017 and the pending three to five million square feet projected to deliver to the urban core over the next three years?

 

To read the full report click here.

 

Fourth Quarter 2017 Chicago Downtown Office Market Report

As 2017 closed out, Chicago’s downtown employment base was growing and the economy was largely still in expansion mode from the last serious contraction in 2010. The office market responded to these conditions with assurance yet also with hesitancy. The fourth quarter posted a slight, direct vacancy uptick of 0.27% to 12.07% and a stable direct availability of 15% compared to 2017’s third quarter.

 

To read the full report click here.

 

Year-End 2017 Chicago Suburban Office Market Report

Chicago’s suburban office market suffered its fair share of hits over the past few years but seems to be on an upward trend. After struggling early in the year, the market ends 2017 with a positive net absorption of over 1.4 million sf, in which 1.65 million sf was added during the fourth quarter alone. Direct vacancy and availability rates compressed from mid-year’s 19.7% and 22.6% to the year end’s postings of 18% and 21.5%, respectively.

 

To read the full report click here.

 

Third Quarter 2017 Chicago Downtown Office Market Report

Corporate executives and eager developers tout the draw of downtown Chicago to recruit talent and consummate deals. Some sectors, notably tech, echo their enthusiasm through the numbers: almost 30% more new-lease and lease-expansion transactions occurred in 2017’s third quarter compared to the second quarter, coupled with a modest drop in direct availability from 15.6% to 15.0%.

 

To read the full report click here.

 

Second Quarter 2017 Chicago Downtown Office Market Report

With two million square feet under active construction and another proposed eight million square feet possibly materializing within Chicago’s Central Business District (CBD) over the next three years, it is no wonder the downtown office market is showing signs of overdevelopment strain, particularly in the West Loop.

 

To read the full report click here.