"They have many locations, and this is a short-term lease that they needed for seasonal accounts," Borkowski tells GlobeSt.com. Part of Midwest's decision to take the property was based on the fact that 200,000-square-feet in the building remains vacant, and available for the company. Midwest's lease term on the space, which will house about 10 employees, is good for anywhere from seven to 12 months.
"The submarket has done quite well over the past three years, but recently there's been more speculative development, so vacancy has gone up, like most other markets, with the recent changes in the market," Borkowski says. "The advantage is to the tenant, and there have been some great deals out there."
He says Midwest's lease was one such deal. Average asking lease rates in the area range from $4 to $8 per square foot, net, according to Cushman & Wakefield market research.
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