CHICAGO—MB Real Estate has just published its latest index report on the city's 30 newest class A office buildings, and found that their direct vacancy increased by 20 bps, and now stands at 8.3%. Meanwhile, CBD direct vacancy has decreased for the sixth consecutive quarter, with overall vacancy falling to 11.1%, the lowest it has been since 2000. And the vacancy spread between the top 30 and the whole CBD decreased by 80 bps to 2.8%.
The largest direct lease signed at an index building in the past three months was Option Clearing Corp.'s lease of approximately 101,620 square feet at The Franklin, 66,537 of which is in the tower at 222 W. Adams and 35,083 of which is in the tower at 227 W. Monroe. The company currently occupies 73,845 square feet in another index building, at 1 N. Wacker.
515 N. State continues to have the largest direct block of available space with 350,000 square feet of contiguous space. There are currently no other available direct blocks of space larger than 200,000 square feet.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
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.
