Steady first quarter for downtown Chicago office market
As 2011 drew to a close, the recovery in the downtown Chicago office market gained momentum, and the year ended on a positive note. Although activity was not quite as robust during the first quarter as compared to the flurry of activity in late 2011, the overall CBD market still appears to be headed in the right direction. Tenants canvassing for space seem more confident and more willing to make commitments, perhaps echoing the string of upbeat economic indicators and the sharp rally in the domestic equity market during the first three months of the year. Particularly encouraging were the labor market statistics which showed several months of job creation and a declining unemployment rate. For now, continued employment gains will be the key metric that will likely determine the strength of the office market recovery.