Predictably, vacancy and availability rates rose across virtually all submarkets as almost 3 million square feet of Class A office space was delivered during the past three months of 2019 to Chicago’s Central Business District (CBD).
The suburban office market saw its overall direct vacancy rate rise from the second quarter’s 19.16% to the fourth quarter’s 19.55%. The overall direct availability rate dropped from 25.11% to 24.16% over the same period.
Bradford Allen is a Chicago-based commercial real estate firm providing a full range of brokerage services to private, public and not-for-profit companies of all sizes.
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