Bradford Allen Logo

Third Quarter 2014 Chicago Downtown Office Market Report

Vacancy and Availability Rates Continue to Decrease in Downtown Office Market

The downtown office market continues to decrease in vacancy and availability this quarter as net absorption is now over 1 million square feet for the year. Chicago’s economy has continued to improve as the unemployment rate decreased to 7.4% in August compared to 10.7% a year earlier. This decrease is the largest annual unemployment rate decline since September of 1994 (-3.5%). Overall this is translating into a tighter Chicago office market with vacancy and availability rates at 13.0% and 16.4% compared to 2013 Q3 numbers of 13.8% and 17.8%, respectively.

Read Full Market Report Here