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Year-End Quarter 2018 Suburban Office Market Report

 As 2018 came to a close, the suburban office market continued its multi-year trend of shrinking vacancy and record investment sales. Direct availability and vacancy both fell from 21.60% to 20.41% and 17.06% to 16.52%, respectively, while direct weighted asking rents climbed to $24.38 from $23.59, year over year. The 2018 year-end total space absorption was a net positive 438,780 sf. 

 

To read the full report click here.

 

Fourth Quarter 2018 Chicago Downtown Office Market Report

At 2018’s year end, Chicago’s CBD office market maintained its upward pace with 94,341 sf of positive absorption for the quarter, and over 2 million sf of positive absorption for the year. Similar to last quarter, direct availability dropped from 15.23% to 13.97% and direct vacancy dropped from 12.18% to 11.89%, year over year. From 3Q18 to 4Q18, direct asking rents increased from $40.16psf to $40.51psf, a new record-high asking rate.

 

To read the full report click here.

 

Third Quarter 2018 Chicago Downtown Office Market Report

The buoyancy of Chicago’s downtown office market continues into the third quarter with a positive absorption of over a quarter million square feet, totaling over two million square feet absorbed in 2018. In addition, year over year, direct availability dropped from 14.99% to 14.11% and direct vacancy dropped from 12.03% to 11.68% while direct asking rents increased from $38.68psf to $40.16psf, a new high-record asking rate.

 

To read the full report click here.

 

Mid-Year 2018 Chicago Suburban Office Market Report

As the federal government tries its best to monitor growth and stem inflation (see box below), local village and city economies continue on their paths to recovery from the great recession which began over a decade ago. Quietly and assuredly, overall direct suburban vacancy and availability rates compressed over the past year from 19.45% to 17.06% and 21.35% to 21.25%, respectively, while gross asking rents increased by almost a dollar and half to $24.24psf. Although the first half of 2018 saw only 2.5 million sf of leasing deals inked, it also witnessed its first string of three, consecutive, half-way marks/six-month periods of positive net absorption since 2013 with 456,280 sf added to the metro’s ledgers*.

To read the full report click here.

 

Second Quarter 2018 Chicago Downtown Office Market Report

At the mid-year 2018, Chicago’s downtown office market exhibited the traits of equilibrium. Restraining the economic giddiness of increased employment and consumer confidence is the passing of the second of four promised interest-rate increases for 2018. The real success of this quarter’s office market, however, is how it responded after almost two million sf of space was added to the urban core’s ledger since the beginning of the year. To support this claim of confidence, Chicago’s CBD posted 1,713,755 sf of positive absorption, YTD, with 60% of all leasing transactions occurring in 2Q18.

 

To read the full report click here.