BY THE NUMBERS
CHICAGO- Office-using employment rose by only 1.2% in Chicago during 2016, according to a new report from Savills Studley. But that subpar hiring was offset by the continued relocation of suburban firms into the CBD. And deal volume exceeded 10 million square feet for the second year in a row. The delivery of several new office towers has opened up many possibilities for those seeking space, and the class A availability rate jumped about 200 bps in 2016. “Tenants negotiating leases next year in Downtown's highest caliber properties should anticipate more rental rate hikes,” according to the firm. “Significant relocations to newly constructed properties will open up a few more options and curb rental rate growth slightly.”
NEWS & NOTABLES
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.
