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Downtown Deals Focus on Early Renewals, Extensions

CHICAGO-An overall second-quarter office vacancy rate of 18.9%, including sublease space, is 40 basis points better than the first quarter number, but a half-point worse than the second quarter of 2004.

By Mark Ruda | Updated on July 11, 2005

CHICAGO-Downtown office brokers may have done a fair amount of business in the second quarter, but it hardly put a dent in the market’s vacancy rate, according to a report by CB Richard Ellis. The overall vacancy rate, including sublease space, checked in at 18.9% in the second quarter, the firm reports.

The overall vacancy rate is 40 basis points better than the first quarter number, but a half-point worse than the second quarter of 2004. Tenants continue to take advantage of market conditions to add additional years to their deals at current lease rates. “A fair amount of leasing activity transpired with many tenants actively investigating options for early renewals and extensions, but without additional space needs,” explains CB Richard Ellis senior vice president David Tropp.

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