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CBD's Future Not Yet Clear

The new West Loop trophy properties have been a big success, but a lot of new space is still on the way.

chi-110NorthWacker_LowTerrace Sweeping views of the river and downtown is just one of 110 N. Wacker’s selling points. Riverside Investment’s future tower is already about 50% pre-leased, and experts say it has a good chance of being as successful as other West Loop trophy properties.

CHICAGO—The Chicago office market posted a solid performance in the fourth quarter with an uptick in absorption and falling vacancy while rents held firm, according to a new report from Colliers International. Net absorption totaled 488,960 square feet, and River North, at 7.1%, has by far the lowest vacancy rate of the four downtown submarkets. Overall market vacancy stands at 11.6%.

Like most of the nation’s top markets, tech remains an important driver of demand in Chicago. In fact, it has helped ease the pain of many landlords that lost tenants to the West Loop’s new trophy towers.

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Brian J. Rogal

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.

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