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Third Quarter 2012 Chicago Downtown Office Market Report

Downtown Chicago Office Market Holds Steady, But Demand Points to Further Improvement Ahead

The downtown Chicago office market ended the third quarter with overall availability and vacancy rates of 17.1% and 13.7%, respectively. Compared with the second quarter both are minor increases which can be attributed to the stagnant economic recovery and firms reducing their square footage to maximize space efficiency. Conversely, a side by side analysis of third quarter 2011 and third quarter 2012 shows improvements in most major metrics—asking rate, net absorption and overall vacancy—demonstrating increased stability in the office market.

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