BY THE NUMBERS
CHICAGO—After a couple of record-breaking years, the Chicago office sales market slowed down considerably in the first half of 2017. With just 17 major sales closing, overall dollar volume dropped to its lowest point in five years, according to a new study from Commercial Café that used Yardi Matrix data. Leasing activity did stay strong throughout the period, but “ongoing company relocations and downsizing efforts are likely to push the vacancy rate higher and companies will have a rough time selling underused assets.” Chicago remains an attractive target for offshore investors, the researchers add, and “the market might get through this slump unfazed.” Sales volume dropped from $2.9 billion in the second half of 2016 to $1 billion, and the number of deals declined by more than half.
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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.
