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Monthly Archives: June 2011

Second Quarter 2011 Chicago Downtown Office Market Report

Downtown Chicago office market continues to exhibit slow, steady improvement during the second quarter

Reflecting a continued slow recovery in the broader economy, the downtown Chicago office market offered up some good news during the second quarter. The availability of direct and sublease space declined during the quarter, and a slight firming of demand helped push down both direct and sublease vacancies. Certainly the level of demand is not robust enough to drive up rental rates materially, but at the same time it is encouraging to see the slow improvement materialize as we recently forecasted. Still, the market remains out of balance favoring tenants as ample supply exists in virtually all downtown locations and across most tiers of space.

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Second Quarter 2011 Chicago Suburban Office Market Report

Overall tone of suburban Chicago office market slowly improves, but market dynamics still favor tenants

From the perspective of transaction activity and general interest in suburban Chicago office space, it is clear that the market has stabilized and improved since the depths of the financial crisis. However, the recovery continues to be slow and uneven. Overall demand and availability rates have not returned to pre-crisis levels. There continue to be some positive signs in the market, but the second quarter showed little material change as compared to the first quarter. The overall vacancy rate improved slightly and ended the second quarter at 23.0%.

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