CHICAGO—Both of the CBD's new trophy office towers have solid leasing momentum, and the overall vacancy rate for the city's top office properties has only increased slightly even with all the new choices in the market. That was the conclusion of researchers from MB Real Estate, who just released their latest index report, which examines the CBD's 30 newest class A buildings.
The opening of 444 W. Lake in the fourth quarter of 2016, and the January delivery of 150 N. Riverside, added two new structures to the company's index. The properties replaced 227 W. Monroe and 35 W. Wacker, both of which were built in 1989. This also decreased the index's total square footage to 26,900,164 out of the CBD's 133,230,229.
444 W. Lake is already 83.3% leased and its largest tenants are McDermott, Will & Emery and DLA Piper. And 150 N. Riverside is 81.7% leased. Its largest tenants will be William Blair & Co. and Hyatt Hotels Corp.
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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.
