Chicago: Office Market Looking Good For 2016

The 2016 Chicago office market continued to improve in the second quarter, and the CBD’s direct vacancy rate sank 32 bps from 11.97% at the end of the first quarter to 11.65%, its lowest point since 2008, according to a market overview just published by MBRE.

Perhaps the most important events in the quarter were that developers broke ground on another two office towers in the West Loop, bringing the total amount of new space under construction or announced to roughly 4.4 million square feet. But with a sizable amount of this new space already pre-leased, the prospects to absorb the rest without a big boost in the vacancy rate appear good.

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