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Chicago Downtown Office Market Report 4Q’09 |
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CBD Downturn: Have We Hit Bottom?
Market turnaround expected to take place in 2011
New Construction Adds to Increase of Available Space
Overall 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 a half years. Availability in the River North submarket increased 6.8 percentage points in 2009. This was the largest jump in a CBD submarket with a large portion resulting from the completion of 300 North LaSalle Street and 353 North Clark Street during the year.
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Chicago Suburban Office Market Report 4Q’09 |
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Market Downturn Creates Opportunities for Tenants
Suburban market downturn likely to last through 2010
Year-End Vacancy Highest of Decade
Overall vacancy in the suburban market rose to 17.7% in the fourth quarter of 2009, a 1.9 percentage point increase compared to the same time in 2008. The Northwest Suburbs submarket was hit the hardest, measuring a 3.1 percentage point increase to 18.7% when compared to the previous year. While overall vacancy in the suburban market is still on the rise, sublease vacancy reported a 0.1 percentage point decrease in 2009 indicating the bottom could be near. This is a positive sign for a market largely hit by corporate downsizing and consolidations.
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