CHICAGO-Urban Retail Properties is moving to 16,581 square feet on the 24^th floor at the 111 E. Wacker building. The company plans to move from its current lease at 900 N. Michigan.

Boris Yelyashov, VP with Mb Real Estate, says the space was perfectly set up for the tenant and will be an easy move in. He would not comment on the length of the lease except to say it is long-term. The building, part of the 4.6-million-square-foot Illinois Center complex, has an asking rate of $14.50 to $15 per square foot, triple-net.

He tells GlobeSt.com that while it is a great time to be a tenant in this 17.2% vacant downtown office market, executives should still examine their business cases if they are thinking of a move. “Though this is a great time to leverage and some companies may have the right terminate naturally in this market, but at the same time it may not make business sense. They may have lost a big client, for example, and they need to think about where their business is going. They may not want to make a seven-to-10 year commitment if they have three years left on their lease, it may make sense to ride it out,” Yelyashov says.

Also, he says while some believe the economy is better, employment figures are so up and down that it’s hard for any company to make a solid decision based on hope for a recovery. Yelyashov was joined by Andrew Davidson in representing Urban Retail, while JF McKinney & Associates represented building owner Parkway Services Inc. in the transaction.