"I don't think it will take that long," Sykes says of the time it will take to absorb 25 million sf of space. "But there's another three or four years of rough road ahead."

There also is at least 3.6 million sf of new office space being built in the Central and West Loop submarkets. Mayer, Brown, Rowe & Maw is the largest of three anchor tenants at 71 S. Wacker Dr. at 450,000 sf. Pre-leasing at 111 S. Wacker Dr. has hit 65% with two law firms joining anchor tenant Deloitte & Touche, which will have 424,192 sf in The John Buck Co.'s 50-story building. Hines Interests is building an 820,000-sf office tower at 7 S. Dearborn St. anchored by Sidley Austin Brown & Wood, which will occupy 500,000 sf.

While that is good news to the developers, it sets up a game of musical chairs in 2005 and 2006, says Prudential Real Estate Investors VP of acquisitions Collete English Dixon. "That space is going to exacerbate an already difficult situation," she says, as tenants begin exiting their current spaces.

Meanwhile, the cranes could remain busy. "Don't rule out another building being built," Sykes cautions. "You might see another anchor tenant deal or two done before we see a recovery." Indeed, the Chicago plan commission gave the green light in summer 2002 for an 811,000-sf, 69-story building at 111 W. Wacker Dr.