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Chicago Downtown Office Market Report 1Q’13 |
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Positive Underlying Tone Continues to Characterize Downtown Chicago Office Market
The downtown Chicago office market finished the year on a positive note, and although the pace of improvement has leveled off, the market remains stable with a strong underlying bid for quality space. Overall vacancies declined nominally early this year and ended the first quarter at 12.6%. Stepping back to look at the broader trend, virtually all key market metrics have improved over the past 12 to 18 months. This continues to evidence a slow improving trend since the global economic crisis.
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Chicago Suburban Office Market Report 1Q'13 |
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Suburban Chicago Office Market Signals Steady—Albeit Slow—Improvement
Transaction activity within the suburban Chicago office market was relatively steady to begin the year, and a healthier tone continues to characterize the overall suburban market. Although the vacancy rate edged up during the first quarter from 18.3% to 18.6%, there continues to be ample interest from tenants for high quality space. Many
tenants have been motivated to upgrade their space rather than renew, particularly in situations where attractive rents and/or concessions can help offset relocation costs.
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