"Our leasing brokers say the pipeline is not that strong and they don't expect much more this year," Ted Buenger, office broker, CB Richard Ellis Inc., Chicago, tells GlobeSt.com Midwest Bureau Chief Mark Ruda.
Sublease space is fueling the vacancies. Chicago's East-West corridor is at 17.4% vacancy; O'Hare submarket, 15.1%; north suburbs, 15%; northwest suburbs, 13.5%; Downtown, 13.9%.
In Houston's 77 million-sf market, 500,000 sf was absorbed in the first quarter with the same volume expected in the second, Randolph Strait, vice president/leasing, Crescent Real Estate Equities, tells Southwest Bureau Chief Connie Gore. Energy industry tenants are propping up Houston's office market, Strait says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
