CHICAGO-The development team from Hines made headlines in Chicago once again earlier this year with their announcement that the law firm McDermott Will & Emery will anchor the new one-million-square-foot office tower that Hines is planning to build here.

The 225,000-square-foot lease was a major coup for Hines, one of several developers with plans to develop new office product in the CBD for the first time since 2010. But it was also a reminder that, with construction of that project still yet to commence, Chicago won't see any significant amount of new office inventory come on line until 2016 at the soonest — probably even later.

That's good news for landlords throughout the city, where leasing activity continues to gain steam. A variety of factors are at play.