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Chicago Office Market Continues Upward Momentum

CHICAGO—Class A properties have been the standouts, with rental rates in the CBD and suburbs increasing 7.6% and 5% in the past year.

chi-new-building (2) 151 N. Franklin, one of the latest class A development to break ground in the CBD.

CHICAGO—The Chicago region’s office market seems poised to finish 2016 on a strong note. The overall vacancy rate has remained at 13.3% since the end of last year, but the CBD did record a slight uptick during the second quarter, and the suburban markets posted a 20 bps decrease year-over-year to 15.6%, according to stats just published by Avison Young.  

Furthermore, average asking rental rates continue to trend higher – up 1.1% at mid-year 2016 from one year earlier, the company found. Class A properties, both in the CBD and in the suburbs and, have been the standouts, increasing 7.6% and 5%, respectively.

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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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