Search
 

Tight Core Vacancy Proves Chicago Class A Desire

CHICAGO-The newest 30 class A towers have dropped in vacancy to 10.2%, according to MBRE, showing a desire for new product.

By Robert Carr | Updated on June 12, 2012

CHICAGO-A tight vacancy rate for the newest large class A office buildings downtown offer some proof that recent announcements of large tower plans should have some chance of being leased. According to a June report by MB Real Estate, the 10 newest office buildings average vacancy of about 4.1%, which when added to an extreme lack of large block supply shows a definite need for new office downtown.

The MBRE Real Estate Index, included in the company’s monthly Marketbeat research publication, lists the vacancy rate of the 30 class A office buildings larger than 300,000 square feet built in the CBD in the past 23 years. While the current total downtown office vacancy is at 15.8%, the 30 most recent buildings (the oldest built in 1989) have vacancy of only 10.2%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.