LEASING RISES
Several larger leases boosted quarterly volume, pushing it from 3.0 million square feet (msf) to 3.2 msf. Tenants have leased 12.0 msf in the four most recent quarters, exceeding the long-term market average by 29.6%.
AVAILABILITY DOWN SLIGHTLY
The market's overall availability rate fell by 20 basis points from 15.7% to 15.5%. The Class A rate fell more sharply, declining by 80 basis points to 15.5%.
STABLE RENT
The Class A gross asking rent inched higher, ticking up by 0.6% to $44.97. The overall Downtown asking rent rose by 0.2% from $39.91 to $40.01.
SALES VOLUME RISES
Office property sales during the last six months (through June 2018) totaled $1.36 billion, a slight increase compared to $1.1 billion sold in the second half of 2017.
“Most core office-using sectors remain squarely focused on space efficiency, enhancement of the workplace environment and cost containment. Tech firms in Chicagoland continue to be much more aggressive in their pursuit of talent and attractive space in trendy locations to house them.”
Robert Sevim, Vice Chairman