Chicago Office Market Continues to See Positive Absorption and Rising Rates
Chicago’s downtown office market continues on a steady path. Despite overall vacancy in the CBD increasing slightly to 12.8% from last quarter’s 12.6%, it remains below last year’s 13%. While seeing negligible change in vacancy, unemployment in both Illinois and throughout the country continues down the path of improvement. According to the Bureau of Labor Statistics, US unemployment is at its lowest rate since April 2008 at 5.1% and Illinois is at its lowest rate since February of 2008 at 5.6%.
