Tag Archives: Downtown Chicago

Q1/22 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market reports.
Chicago’s downtown office market remained dynamic amid distress in Q1/22 as the flight-to-quality trend continued. With a direct vacancy rate above 18%, rising sublet availability, high-profile properties in distress and ample new deliveries, tenants are finding enticing concessions. Digging beneath the headline statistics, we note:

  • The direct vacant and available rate was slightly lower (14.9%) than last quarter (15.2%).
  • Net absorption turned negative after a positive Q4/21, but demand is robust for Class A space in red-hot submarkets
  • Sublet availability is skewed toward Class B buildings.
  • Class B buildings comprise the majority of properties with troubled loans.

 

 

Year-End 2021 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained relatively stable at 3.9%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy remained flat at 19.8% and 15.2%, respectively.
  • Overall, the market posted a $40.38 p.s.f. gross asking rate.
  • The quarter posted 370,000 s.f. of positive absorption.

 

 

Q3/21 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q3/2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained unchanged at 3.92%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rates rose from 19.5% to 20.1% and from 14.0% to 15.1%, respectively.
  • Overall, gross average asking rates declined from $41.13 p.s.f. to $41.07 p.s.f., quarter over quarter.

 

 

Bradford Allen completes 35,000 SF of leasing in Downtown Chicago

Chicago, IL ­– Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the firm’s Downtown Agency Services practice has completed three new leases for a total of 35,000 square feet in downtown Chicago. Workbox (represented by Grant Rich and Kyle Hundelt of Colliers) signed a new 13,738-SF lease at 600 W. Jackson in the historic Burnham Otis Building, Windrose Recovery Chicago (represented by David Goldberg of Special Assets) signed a new 10,905-SF lease at 142 E. Ontario, and StrategIQ Commerce signed a 10,150-SF lease at 217 N. Jefferson (represented by Andy Davidson, Boris Yelyashov, and Nathan Miller of MBRE). The team is led by Senior Managing Director Andy DeMoss and includes Director Alex Gordon and Associate Amy Zelasco.

“Touring velocity is back, but getting to the finish line in still a challenge. The current leasing environment requires being nimble, so we are thankful our clients have been able to match our speed and creativity to see these through to fruition,” said DeMoss.


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.

 

Bradford Allen Completes 7,000-SF Lease Renewal in Downtown Chicago

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen are pleased to announce that Managing Director Justin Kessler and Associate Riley Schleifer completed a 7,000-square-foot lease renewal for Stone & Johnson at 111 W. Washington Street in Chicago, IL. The Landlord was represented by Erica Rogers of Golub & Company.

“We presented Stone & Johnson with a number of alternatives in the market, but their current space was already a great fit, and coupled with an aggressive offer from ownership, it ultimately meant that remaining was their best option. By leveraging the current market, a renewal also offered Stone & Johnson a significant savings to their previous lease,” said Kessler.

Stone & Johnson is a civil litigation law firm headquartered in Chicago, IL. The firm has a broad range of experience which includes the defense of disputes involving insurance coverage, premises liability, construction accidents and defects, workers’ compensation, products liability, professional liability, school bus operation, and automobile accidents. The firm possesses Martindale-Hubbell’s highest AV rating, which ranks the firm’s legal ability as preeminent and its ethical standard as very high. The firm is also listed in Martindale-Hubbell’s coveted Bar Register as one of a select number of litigation firms in the Chicagoland area.


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.