Bradford Allen is pleased to share with you our Mid-Year 2021 Downtown Chicago Office Market Report.
This quarter in the downtown office market:
- The overall sublet availability rate remained relatively stable at 3.93%, quarter over quarter.
- Quarter over quarter, overall direct availability and vacancy rose from 19.19% to 19.48% and from 13.47% to 14.01%, respectively.
- Overall, gross average asking rates declined to $41.13 p.s.f. from $41.49 p.s.f., year over year.
Bradford Allen is pleased to share with you our Mid-Year 2021 Suburban Chicago Office Market Report.
This quarter in the suburban office market:
- From Q4/20 to Q2/21, the overall sublet availability rate increased from 2.99% to 3.30%.
- From Q4/20 to Q2/21, overall direct vacancy and availability rose from 21.95% to 23.84% and from 26.18% to 27.91%, respectively.
- Overall, the direct asking rate dropped from $25.03 p.s.f. to $24.91 p.s.f., year over year.
Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the firm’s Downtown Agency Services practice has completed three new leases for a total of 35,000 square feet in downtown Chicago. Workbox (represented by Grant Rich and Kyle Hundelt of Colliers) signed a new 13,738-SF lease at 600 W. Jackson in the historic Burnham Otis Building, Windrose Recovery Chicago (represented by David Goldberg of Special Assets) signed a new 10,905-SF lease at 142 E. Ontario, and StrategIQ Commerce signed a 10,150-SF lease at 217 N. Jefferson (represented by Andy Davidson, Boris Yelyashov, and Nathan Miller of MBRE). The team is led by Senior Managing Director Andy DeMoss and includes Director Alex Gordon and Associate Amy Zelasco.
“Touring velocity is back, but getting to the finish line in still a challenge. The current leasing environment requires being nimble, so we are thankful our clients have been able to match our speed and creativity to see these through to fruition,” said DeMoss.
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.
In this episode, Ben takes to the Chicago suburbs and sits down with suburban Senior Managing Director Joel Berger. Having been responsible for Bradford Allen’s suburban market presence for over fifteen years, Joel’s market knowledge is vast and insightful!
We begin by getting to know Joel before diving into a look at how the Chicago suburbs became the rapidly growing market we know today. Joel shares the invaluable lessons he’s learned over the years, outlines the lasting impact of the pandemic, and offers his view of the market’s trajectory in a post-Covid world.
Listen to the show below to get to know Joel Berger, learn more about the Chicago suburban market, and even hear his take on why the Chicago Bears are missing out!
The pandemic is not over, but with vaccination rates rising and public health mitigations easing, office market activity is picking up. Now may be the right time for landlords and tenants to act.
Read on to find out more