Now home to many of the city's most prestigious new buildings, Chicago's West Loop has the highest average asking rates at $44.45 per square foot.
CHICAGO—After dropping significantly in the first quarter, the vacancy rate for Downtown Chicago moved up by 80 bps to 13.3% in the second, according to a new report from Colliers International on the top office markets in the US. It was the greatest increase among the 10 markets studied.
Other key indicators for Chicago's CBD were mixed. Average asking rates moved up slightly to $40.70 per square foot and net absorption was barely positive at 50,800 square feet. Only Downtown Atlanta, the only city to see negative absorption, recorded a lower number.
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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.
