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Chicago Suburban Office Market Report 2Q'11 |
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Overall tone of suburban Chicago office market slowly improves, but market dynamics still favor tenants
From the perspective of transaction activity and general interest in suburban Chicago office space, it is clear that the market has stabilized and improved since the depths of the financial crisis. However, the recovery continues to be slow and uneven. Overall demand and availability rates have not returned to pre-crisis levels. There continue to be some positive signs in the market, but the second quarter showed little material change as compared to the first quarter. The overall vacancy rate improved slightly and ended the second quarter at 23.0%.
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Chicago Downtown Office Market Report 1Q’11 |
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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 office market bottomed in early 2010, and any prolonged economic improvement will ultimately be reflected in the statistics over the medium term.
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