downtown

Downtown Chicago office market recovery continues, but it’s a slow and uneven climb Despite the spate of disappointing leading economic indicators and persistently high unemployment, the Chicago office market appears to be moving in the right direction, albeit slowly. The overall availability rate in Chicago’s central business district (CBD) remains elevated at 18.4%, but there are … Read more

Downtown Chicago office market continues to exhibit slow, steady improvement during the second quarter Reflecting a continued slow recovery in the broader economy, the downtown Chicago office market offered up some good news during the second quarter. The availability of direct and sublease space declined during the quarter, and a slight firming of demand helped … Read more

Bouncing along the bottom: Downtown office market remains stable as it grinds through sublease space The encouraging streak of recent quarters of positive net absorption did not continue during the first quarter, but we do not think this portends any real deterioration in the market. In fact, we continue to believe that the overall Chicago … Read more

Year-end conditions show mixed results, but signs are pointing to a slow recovery The commercial office market in Chicago’s central business district (CBD) appears to have bottomed out in 2010. The overall annual net absorption rate (the net change in occupied space) and increased sales activity seem to indicate a slowly reviving market. Annual net absorption … Read more

Office Market Continues to Show Signs of StabilizationInvestor confidence revisits the marketplace Vacancy Starts to StabilizeIndicators show the Central Business District (CBD) is steadying as we navigate the bottom of the downturn. Overall vacancy decreased nominally in the sec ond quarter to 15.9%, from 16.0% posted in the first quarter, but still higher than the … 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

CBD Downturn: Have We Hit Bottom?Market turnaround expected to take place in 2011  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

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

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

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