Author Archives: Rhea Stephen

Year-End 2021 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • The overall sublet availability rate increased from 3.9% to 4.5%.
  • Overall direct vacancy and availability rates were 27.4% and 32.7%.
  • The market posted a $24.58 p.s.f. gross asking rate.
  • There was 1.1 million s.f. of negative absorption.

 

 

Year-End 2021 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained relatively stable at 3.9%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy remained flat at 19.8% and 15.2%, respectively.
  • Overall, the market posted a $40.38 p.s.f. gross asking rate.
  • The quarter posted 370,000 s.f. of positive absorption.

 

 

CRE Office Pulse 005: Leaders & Laggards in the Pandemic

In our previous Office Pulse, we challenged the conventional view that the suburban Chicago office market was suffering from record-high vacancy rates brought on by the pandemic. In this follow-up, we set out to examine Chicago’s central business district (CBD) office market using a similar methodology to understand how the pandemic affected longer-term occupancy trends downtown. Chicago tenants are at a crossroads, and the data clearly reveal how Covid-19 caused a new disruption in the CBD.

Read on to find out more

 

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