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Chicago Downtown Office Market Report 2Q’10 |
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Office Market Continues to Show Signs of Stabilization
Investor confidence revisits the marketplace
Vacancy Starts to Stabilize
Indicators show the Central Business District (CBD) is steadying as we navigate the bottom of the downturn. Overall vacancy decreased nominally in the sec ond quarter to 15.9%, from 16.0% posted in the first quarter, but still higher than the 15.0% overall vacancy rate at the beginning of the year. Sublease vacancy saw a decline as well, to 1.8%, a 0.1 percentage point decline from first quarter, and a 0.3 percentage point decrease over the first half of 2010.
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Chicago Suburban Office Market Report 2Q'10 |
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Office Market is Navigating Bottom of Downturn
New buyers help spur office sales as asset prices are established
Available Space Starting to Steady
Declining availability is one indication the Chicago suburban office market is approaching, or is at the bottom of, the downturn that began in 2008. Overall availability, following eight consecutive quarters of raises, declined for the second straight quarter to 26.1%, a 0.3 percentage point decrease from the first quarter and a 1.0 percentage point drop since year-end 2009. Sublease space declined as well, to 2.3%, down from 2.5% in first quarter, and 2.7% from the end of 2009. The potential stability is positive for this market that has been in bad shape since the downturn started; however for availability to consistently decline, large office users will have to re-emerge in a market currently driven by users requiring 10,000 square feet (sf) or less.
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