Author Archives: Rhea Stephen

Q3/21 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q3/2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained unchanged at 3.92%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rates rose from 19.5% to 20.1% and from 14.0% to 15.1%, respectively.
  • Overall, gross average asking rates declined from $41.13 p.s.f. to $41.07 p.s.f., quarter over quarter.

 

 

CRE Office Pulse 004: Chicago’s Suburban Office Market — More Competitive Than You Think

Suburban Chicago’s office vacancy rates may seem historically high, but the headline numbers overlook key details about the marketplace. Large, low-quality properties are having an outsized effect on the averages. Removing these “zombies” from the data shows the market is more competitive than you think.

Read on to find out more

 

Mid-Year 2021 Downtown Chicago Office Market Report

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.

 

 

Mid-Year 2021 Suburban Chicago Office Market Report

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.

 

 

CRE Office Pulse 003: “Seize the Day, Seize the Deal”

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