CHICAGO—Absorption in the CBD's office market may have slowed in the third quarter, but the year has already seen a host of new deals and renewals, and according to MBRE, this “should result in significant amounts of positive absorption over the next two years.”

The firm just released its analysis of the third quarter and also found that the vacancy rate for each class of properties in the CBD has continued to sink. The overall rate fell to 13.2%, a decline of about 30 bps since the second quarter, while class A properties ended the quarter at 11.9%, a decline of roughly 20 bps. A possible sign of concern was that the CBD experienced 397,334 square feet of positive absorption, which makes the year-to-date total just 559,791 square feet, or 44% less than it was in the third quarter of last year.

However, a “notable component of recent activity has been the third quarter signed relocations of ConAgra, Kraft-Heinz, Motorola Solutions, and Baxalta which have continued profound impact on the urban migration narrative,” the firm said. Furthermore, with other suburban companies, including McDonald's, making noises about their own possible moves into the CBD, downtown landlords should expect further migration.