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First Quarter 2014 Chicago Downtown Office Market Report

Outside Corporations and Technology Tenants Continue to See Value in Chicago CBD

Overall conditions in the CBD office market tightened during the 1st quarter as certain economic indicators improved. Although GDP growth for the U.S. is slow, the country’s unemployment rate has continued to drop. Chicago’s fell to 9.9% in February – the lowest since February 2009. While this rate is relatively high compared to New York City and other metros; it’s still a good sign for Chicago’s economy. This translated into CBD vacancy and availability decreasing year over year from 13.9% to 13.5% and 18.1% to 17.3%, respectively.

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