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Fourth Quarter 2014 Chicago Downtown Office Market Report

Chicago Office Market Continues to Heat Up

The Chicago economy continues to show signs of improvement as the unemployment rate in the metropolitan area decreased from 8.7% to 6.3% year over year. This translated into a healthier downtown office market with the vacancy rate decreasing from 14.1% to 13.1% year over year. Attributing to this was net absorption for the year of 1,141,848 SF. Vacancy however did increase slightly from 13.0% last quarter due to the former Chicago Public Schools (CPS) office building being added to the downtown inventory.

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