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Q2/19 Downtown Chicago Office Market Report

Bradford Allen is pleased to share our Q2/19 office market reports. This quarter, in the downtown office market:

  • Net absorption was positive 796,185 s.f. for the quarter and positive almost one million s.f. year to date.
  • Year over year, direct availability dropped from 14.7% to 14.1%, and the direct vacant/available rate dropped from 10.5% to 9.4%.
  •  Year over year, gross average asking rates climbed to $41.79 p.s.f. from $40.73 p.s.f.

To read the full report, click here.

 

Mid-Year 2019 Suburban Chicago Office Market Report

Bradford Allen is proud to release our Mid-Year 2019 Office Market reports. This year, in the suburban office market:

  • Net absorption was negative 147,587 s.f. for the quarter and negative 613,681 s.f. year to date.
  • Direct availability and vacant and available stood at 25.11% and 19.16%, respectively.
  • Overall, the direct asking rate was $24.76 p.s.f.
  • Lake County unemployment dropped from 3.8% to 3.4%; DuPage County rose to 2.8% from 2.6%; and Cook County rose to 3.6% from 3.4%, year over year.

Download the full report here.

 

Q1/19 Downtown Office Market Report

This quarter, in the downtown office market:

  • Direct absorption was positive 371,026 SF, with total absorption up 477,105 for the quarter.
  • Direct availability dropped from 13.97% to 13.90%, and direct vacancy dropped from 11.89% to 11.63% from last quarter.
  • From Q4/18 to Q1/19, direct asking rents increased across all building classes, most notably in Class A, where they increased from $43.67 to $44.62. Direct asking rents in Class B increased from $35.88 to $36.07, and Class C rents increased from $29.27 to $29.59.

To read the full report click here.

 

Year-End 2018 Suburban Chicago 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.

 

Q4/18 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.