The plan, the first for Downtown in 45 years, attempts to planfor up to 40 million sf of new office space, 7 million sf of retailspace and 40,000 new multifamily units expected to be added to themarket during the next 20 years. "This is no little plan," saysdepartment of planning and development commissioner Alicia Berg."This is a plan for urban greatness."

Greater North Michigan Avenue Association board member LynnOsgood notes her group has seen its share of the Downtown officemarket shrivel from 14% to 10%, losing 500,000 sf while othersubmarkets grew. U.S. Equities Realty reports North MichiganAvenue's 8.8% vacancy rate is the best Downtown, but thesubmarket's 13.8 million sf surpasses only River North (9.6 millionsf) and the emerging South Loop (1.9 million sf).

Meanwhile, the West Loop has grown to 41.2 million sf, becomingthe largest submarket.