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Monthly Archives: March 2010

First Quarter 2010 Chicago Downtown Office Market Report

Has The Market Stabilized?
Market indicators still lagging economic optimism

Vacancy Continues to Rise
The overall vacancy rate in the Chicago Central Business District (CBD) rose to 16.0% for the first quarter of 2010, a 4.4 percentage point jump over the first quarter of 2009, and a 1.0 percentage point jump over the year-end 2009 rate of 15.0%. This is the highest overall vacancy rate in the CBD since the third quarter of 2005 when it reached 15.9%.

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First Quarter 2010 Chicago Suburban Office Market Report

Indicators Show Bottom Is Near
Certain micro-markets begin to show turnaround

Vacancy Continues to Rise
Overall vacancy in the suburban market rose to 24.0% in the first quarter of 2010, a 2.6 percentage point increase compared to the same time in 2009 and a 0.3 percentage point rise since year-end 2009. The North Suburbs has been hit the hardest over the last year, measuring a 5.7 percentage point increase to 21.9% when compared to first quarter 2009. Meanwhile, the Northwest Suburbs has fared the best with a modest gain in vacancy, increasing 1.9 percentage points to 26.1% when compared to first quarter 2009.

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