Author Archives: Rhea Stephen

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

 

Q1/21 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q1 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate rose from 3.83% to 3.87%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rose to 19.19% from 17.90%, and to 13.47% from 11.98%, respectively.
  • Overall, the quarter posted 1.59 million s.f. of negative absorption.
  • Overall, gross average asking rates increased by $0.07 p.s.f. to $40.78 p.s.f., quarter over quarter.

 

 

CRE Office Pulse 002: “Then & Now The Lingering Side Effects of COVID-19”

One year into the pandemic we sat down with four senior brokers to reflect on the suburban and downtown office markets from the landlord and tenant representative perspectives.

Read on to find out more