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Fourth Quarter 2008 Chicago Downtown Office Market Report

CBD Downturn Has Begun
Chicago’s CBD office market shows clear indications of a downturn,which is likely to last through 2009.

Rental Rates Are Dropping
After two years of steady increase, CBD rental rates are dropping, and show signs of dropping further in 2009. While the current average asking rate, $30.11 gross per square foot, is nearly even with the third quarter average asking rate of $30.13, landlords are signing leases at lower rates and offering increased concession packages. If the next two quarters do not produce new leases, asking rates are likely to drop as well.

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