BY THE NUMBERS
CHICAGO—The overall direct vacancy rate in the CBD increased in the second quarter, despite positive absorption, due to the increase in total inventory, according to a new report from MBRE. There was a 41 bps increase from 11.14% at the end of the first quarter of 2017 to 11.55% at the end of the second quarter. The class A vacancy rate increased by 21 bps from the first quarter to 10.12% by the end of the second quarter. The class B vacancy rate increased by 44 bps by the end of the second quarter, bringing the rate to 13.01%. The class C vacancy rate is 11.9%, a 75 bps increase. Chicago's CBD sublease market decreased by 364,833 square feet in the second quarter of 2017, bringing the total amount of available sublease space down to 3,579,244 square feet. “This is the third quarter in a row that the sublease market inventory has contracted after reaching a seven-year high in the third quarter of 2016,” MBRE notes.
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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.
