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Chicago Q3 Office at Slooowww Growth

CHICAGO-Brokers struggle to stay positive as the good vibes from the first half of 2011 are dashed with the cold reality of almost flat job creation in Chicago.

By Robert Carr | Updated on October 14, 2011

CHICAGO-Even the most positive prognostications on the future of the Chicago office market predict very slow, almost flat growth for the next few years, as the region struggles to get past high unemployment and fallout from national economic pressures. Commercial real estate executives in the Chicagoland area had been ecstatic with the progresses made in the first half of the year, but following a crippling summer, third quarter reports show more of a downward trend.

Jobs, of course, are at the root of the problem. While there has been somewhat of a recovery in core markets such as New York City and Washington, DC, as well as a technology job boom in the West, total employment in the Chicago area declined 7.5% peak to trough, and has only rebounded 0.8% since hitting its low in December 2009, according to the third quarter report by MB Real Estate.

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