Downtown Office Market Recovery Speeds Up As Multiple Tenants Sign Expansions
Chicago’s office market and the economy improved again this quarter. Despite a surprise contraction in 1Q GDP growth, the unemployment rate hit a low this June. National and statewide unemployment rates dropped to 6.1% and 7.9%, respectively. Both of these rates haven’t been this low since 2008. The improving economy correlated into vacancy and availability rates decreasing YOY from 14.1% and 18.4% to 13.4% and 16.6%, respectively.