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Monthly Archives: July 2019

Q2/19 Downtown Chicago Office Market Report

Bradford Allen is pleased to share our Q2/19 office market reports. This quarter, in the downtown office market:

  • Net absorption was positive 796,185 s.f. for the quarter and positive almost one million s.f. year to date.
  • Year over year, direct availability dropped from 14.7% to 14.1%, and the direct vacant/available rate dropped from 10.5% to 9.4%.
  •  Year over year, gross average asking rates climbed to $41.79 p.s.f. from $40.73 p.s.f.

To read the full report, click here.

 

Mid-Year 2019 Suburban Chicago Office Market Report

Bradford Allen is proud to release our Mid-Year 2019 Office Market reports. This year, in the suburban office market:

  • Net absorption was negative 147,587 s.f. for the quarter and negative 613,681 s.f. year to date.
  • Direct availability and vacant and available stood at 25.11% and 19.16%, respectively.
  • Overall, the direct asking rate was $24.76 p.s.f.
  • Lake County unemployment dropped from 3.8% to 3.4%; DuPage County rose to 2.8% from 2.6%; and Cook County rose to 3.6% from 3.4%, year over year.

Download the full report here.

 

Bradford Allen appoints Ron Lakin as Senior Managing Director, Downtown Agency Services

Aggressively expanding the firm’s ability to pursue higher-value assets in the Downtown Chicago market

CHICAGO, IL — Bradford Allen announced today the appointment of Ron Lakin as Senior Managing Director, Downtown Agency Services. He will work alongside Andy DeMoss, Senior Managing Director, who was recently named the practice group’s leader.

A well-respected Chicago landlord representative, Lakin brings a wealth of institutional experience and long-standing client relationships. Lakin spent eight years as a Senior Vice President for CBRE after two years with Transwestern and previous roles with ORIX Real Estate Capital Inc., Golub & Co, and Stein & Company (now Mesirow).

“Our agency practice group has developed a formidable position in Chicago’s loft and secondary building markets. And now with Ron on board, the practice group is thrilled to be adding such a well-respected veteran in the Class A sector,” said DeMoss.

Laurence Elbaum, the firm’s Co-Founder added, “Ron’s vast experience and solid industry relationships will prove invaluable as we look forward to the continued growth of the company’s downtown agency practice.”

Lakin’s landmark career has been highlighted by leasing a number of Chicago’s prestigious office buildings and trophy towers, including 350 West Mart Center (1.31M SF), 353 N. Clark (1.18M SF), 321 N. Clark (896,502 SF), and 190 S. LaSalle (798,782 SF).


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.