BY THE NUMBERS
CHICAGO—The past year saw a significant jump in the vacancy rate of Chicago's office market, largely due the opening of several new trophy office towers. But leasing within the towers has gone well, and in the fourth quarter the region's overall vacancy rate dropped 40 bps to 17.4%, the lowest it's been in 2017, according to a new report from Newmark Knight Frank. Rental rates increased 1.1% year-over-year to $27.47. And the big trades continue. Sterling Bay, for example, went under contract to purchase 600 W. Chicago for about $500 million.
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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.
