.jpg "Image treatment")
Office market dynamics tightened some at year end; availability declines, rents edge up
The downtown Chicago market witnessed continued tenant demand for Class A space at the close of 2019. The Class A availability rate fell by 40 basis points over the quarter to 12.6%, and by 340 basis points over the year. In response to this demand,Class A asking rents increased 1.2% quarter over quarter, to $46.92 per square foot(psf). Class A asking rents have risen 1.9% over the past 12 months. The dynamics of the Class B market sharply differed, with availability rising 110 basis points over last year to 18.0%. Across all building classes, downtown availability stood at 15.5%, while asking rents increased this quarter to an all-time high of $41.27 psf.