CHICAGO—The office market in Chicago's CBD saw a bit of a slowdown in the first quarter, but a modest turnaround in the second has raised hopes that absorption in 2015 could at least approach the robust level in 2014, the city's best year since the year before the recession.
“It's hard to answer with any certainty,” MBRE's Sara Spicklemire, senior vice president and managing director of leasing services, tells GlobeSt.com, but since first and second quarters tend to be slower, perhaps the market could still see one million square feet absorbed by the end of this year.
The CBD saw 268,172 square feet of positive absorption in the second quarter, according to MBRE's just-published market overview, a welcome statistic considering that the market lost some ground in the first quarter. In 2014, the CBD saw more than 1.2 million square feet of positive absorption.
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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.
