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First Quarter 2019 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 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.