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Monthly Archives: August 2020

Ten with Ben // “003: Exploring Your Lease Options”

Ben Azulay is back in this week’s Ten with Ben, diving into real estate in the new world. This week, he is focused on lease options and explains why a tenant may want to consider renewal, termination, or expansion options in their lease. Learn why these decisions are crucial for tenants, and why landlords may be hesitant to provide these options based on the market. And, what about possible signage or relocation options?

Listen as Ben discusses the importance, now more than ever, for leases to have flexibility — as well as protection — when tenants are moving into a new space.

 

Mid-Year 2020 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our 2020 mid-year Chicago suburban office market report.

This quarter in the suburban office market:

  • Net absorption was positive 77,400 s.f. for the quarter but negative 422,822 s.f. at mid-year.
  • From year-end 2019 to mid-year 2020, availability rose 24.16% to 24.73% and direct vacancy rose 19.55% to 20.56%.
  • Overall, the direct asking rate was $25.03 p.s.f., a $0.30 p.s.f. increase since year-end 2020.

To read the full report, click here.

 

Q2/20 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our 2020 second quarter Chicago office market report.

This quarter in the downtown office market:

  • Net absorption was negative 540,590 s.f. for the quarter and positive 153,141 s.f. for the year.
  • Quarter over quarter, direct availability rose to 15.71% from 14.69% and vacancy rose to 10.26% from 9.11%.
  • Overall, gross average asking rates declined to $41.49 p.s.f. from $42.18, quarter over quarter.

To read the full report, click here.