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Chicago Downtown Office Seeing 3X the Transactions

CHICAGO-Transwestern’s second quarter report shows improved fundamentals and activity is up in the CBD, with one million square feet of absorption, but the suburbs still struggle.

By Robert Carr | Updated on July 11, 2011

CHICAGO-First, the good news: The Chicago CBD absorbed about one million square feet of office in the second quarter, according to a report by Transwestern/Delta Associates. However, where downtown is strong, the suburban office market is anemic, with negative 37,000 square feet absorbed and rents declining by almost 5%.

Corby Marx with Transwestern’s Tenant Advisory Group tells GlobeSt.com that he’s seeing three times the deal activity by mid-year 2011 from the past two-three years. “It’s a great time for tenants, as they test the waters and try to lock in current rates for long periods. The lack of new construction is adding to the recovery,” he says.

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