CHICAGO—This is a good time to be an office tenant in West Loop. Many landlords in the submarket may be considering the possibility that their tenants could leave once a series of new office towers open for business starting in 2016, and seem open to making concessions.
“All landlords of second generation buildings are competing for tenants - not just as a result of new construction, but also due to the space left behind by tenants moving to those new buildings,” Rick Schuham, executive vice president of Savills Studley, tells GlobeSt.com.
Savills Studley, for example, has just helped a long-term client, Horwood Marcus & Berk Chartered, to renew and expand its lease to 36,295 square feet at the 42-story Citigroup Center, 500 W. Madison St. HMB will now lease the entire 37th floor.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
