CBD Direct Vacancy Hits Lowest Mark Since 2000

150 North Riverside Plaza will be delivered in January, one of the few additions to the class A office market since 2009.

CHICAGO—MB Real Estate has just published its latest index report on the city’s 30 newest class A office buildings, and found that their direct vacancy increased by 20 bps, and now stands at 8.3%. Meanwhile, CBD direct vacancy has decreased for the sixth consecutive quarter, with overall vacancy falling to 11.1%, the lowest it has been since 2000. And the vacancy spread between the top 30 and the whole CBD decreased by 80 bps to 2.8%.

The largest direct lease signed at an index building in the past three months was Option Clearing Corp.’s lease of approximately 101,620 square feet at The Franklin, 66,537 of which is in the tower at 222 W. Adams and 35,083 of which is in the tower at 227 W. Monroe. The company currently occupies 73,845 square feet in another index building, at 1 N. Wacker.