Office Market is Navigating Bottom of DownturnNew buyers help spur office sales as asset prices are established Available Space Starting to SteadyDeclining availability is one indication the Chicago suburban office market is approaching, or is at the bottom of, the downturn that began in 2008. Overall availability, following eight consecutive quarters of raises, declined for … Read more
Has The Market Stabilized?Market indicators still lagging economic optimism Vacancy Continues to RiseThe overall vacancy rate in the Chicago Central Business District (CBD) rose to 16.0% for the first quarter of 2010, a 4.4 percentage point jump over the first quarter of 2009, and a 1.0 percentage point jump over the year-end 2009 rate of … Read more
Indicators Show Bottom Is NearCertain micro-markets begin to show turnaround Vacancy Continues to RiseOverall vacancy in the suburban market rose to 24.0% in the first quarter of 2010, a 2.6 percentage point increase compared to the same time in 2009 and a 0.3 percentage point rise since year-end 2009. The North Suburbs has been hit … Read more
CBD Downturn: Have We Hit Bottom?Market turnaround expected to take place in 2011Â New Construction Adds to Increase of Available SpaceOverall availability in the Chicago Central Business District (CBD) rose to 17.8% at year-end 2009, a 6.4 percentage point increase compared to the same time last year, marking the highest percentage available in four and … Read more
Market Downturn Creates Opportunities for TenantsSuburban market downturn likely to last through 2010 Year-End Vacancy Highest of DecadeOverall vacancy in the suburban market rose to 17.7% in the fourth quarter of 2009, a 1.9 percentage point increase compared to the same time in 2008. The Northwest Suburbs submarket was hit the hardest, measuring a 3.1 … Read more
CBD Downturn Slows Its PaceAs the market downturn decelerates, more tenants are entering the market early to examine their options. Are we approaching the bottom? Downturn continues – but is not acceleratingCBD rental rates moved lower and the trend points to a continuing drop through the year, but at a slower rate. The current average … Read more
A Slow Road to Recovery in the SuburbsWith available space at an all time record, office space bargains are everywhere. Vacancy is likely to rise slightly over the next few quarters during the recovery. Rental Rates Hold SteadyAsking rental rates in the suburban market have held nearly even with last quarters’ rates. The second quarter … Read more
CBD Downturn ContinuesChicago’s CBD office market downward trend picks up the pace and is unlikely to show signs of recovery before 2010. Rental Rates Moving LowerCBD rental rates moved lower and the trend points to a continuing drop through the second quarter. The current average gross asking rate, $29.59 per square foot, represents a 1.7% … Read more
Market Continues to DeclineRental rates continue to drop, and vacancies are increasing at a faster rate. With no signs of recovery before 2010, landlords offer larger concessions. Rental Rates Are DroppingAsking rental rates in all suburban submarkets continue to drop as Landlord’s adjust to the new economic climate and compete against the growing flood of … Read more
CBD Downturn Has BegunChicago’s CBD office market shows clear indications of a downturn,which is likely to last through 2009. Rental Rates Are DroppingAfter 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 … Read more
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