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Third Quarter 2008 Chicago Downtown Office Market Report

CBD Market will Decline through 2009
While the Chicago’s CBD office market remains strong, activity has slowed, rates are dropping, and market is poised for a downturn

Flattening Rental Rates
The current average asking rate, $30.13 gross cost per square foot, is slightly down from last quarter’s all-time high of $30.16, and ends 6 consecutive quarters of increasing rates.  Asking rental rates are likely to hold steady for the next few months, as landlords wait to see what impact the ongoing financial crisis will have on the Chicago market.

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