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Monthly Archives: June 2012

Second Quarter 2012 Chicago Suburban Office Market Report

Suburban Chicago Office Market Cools Off During First Half of 2012

The suburban Chicago office market hit a plateau during the first half of 2012. The overall availability rate has remained unchanged from the first to the second quarter of 2012, resulting in a mid-year figure of 27.3%. This remains slightly higher than the 26.8% statistic at year-end 2011. The overall vacancy rate also remained stable during the second quarter at 23.2%.

During 2011 there were many large tenant relocations that reflected both pent up demand coming out of the financial crisis, as well as the plentiful availability of attractive second-generation space. In many cases, this space was not only well located in Class A buildings, but it also included furniture and upgraded wiring. This added significant appeal and helped motivate tenants to make longer-term commitments.

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Second Quarter 2012 Chicago Downtown Office Market Report

Slight Improvement for Downtown Chicago Office Market 

The status quo remains, with the second quarter statistics for the downtown Chicago office market. This is especially true in the context of our current macroeconomic environment that seems perpetually on the edge of crisis.

Throughout the first six months of the year, the overall availability rate in the Chicago CBD office market has remained relatively unchanged, ending the second quarter at approximately 16.9%. Not surprisingly, the downtown vacancy rate also held steady at 13.2%. Although leasing activity has leveled off to a solid (if unspectacular) pace during the first two quarters of 2012, the year-over-year trend in the downtown office market continues to be positive.

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