chi-new-building (2) Facebook has expanded its Chicago presence by taking about 260,000 square feet at 151 N. Franklin, the latest class A development in Chicago's CBD.

CHICAGO—Tech companies and co-working firms continue to fuel the downtown market as office activity remained high in the third quarter. The metro area's vacancy rate dropped to 16.6%, a decline of 30 bps quarter-over-quarter and 120 bps year-over-year, according to a new report from NKF. Rental rates also grew, increasing to $29.75 per square foot from $29.12 in the second quarter. Downtown vacancy fell half a percentage point to 13.0%.

Facebook signed the largest lease of the quarter, agreeing to take more than 260,000 square feet at 151 N. Franklin. This brings the new trophy building to 91.8% leased. And WeWork also made headlines by signing leases to open two more locations. The co-working giant will open a 100,000-square-foot office at 515 N. State, which has a large vacant block, and take nearly 70,000 square feet of space at 330 N. Wabash.

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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.