Second Quarter 2008 Chicago Downtown Office Market Report

Rents Hit Another Record High
Leasing activity was strong in the 2nd quarter, but a struggling economy,new construction and increasing sublease supply point to a downturn.

Record Rental Rates
The current average asking rate, $30.15 PSF Gross, is another record high, and the 6th consecutive quarterly increase in rates. Rental rates will continue to rise over the next few quarters, and are not likely to drop before several quarters of poor performance force landlords to modify their expectations.

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