CHICAGO-The office vacancy rate for downtown Chicago in the fourth quarter of 2013 fell to the lowest point in four-and-a-half years at 14.4%.
The third quarter downtown Chicago vacancy rate was 14.7% and 14.9% in the previous three quarters, according to figures released by CBRE Inc.
Another sign of a strengthening market is the downtown's asking rents, which rose to $33.45 per square foot in the fourth quarter, a 2% hike from the previous year and 6% higher over the previous three years, according to Crain's Chicago Business.
Chris Cassata, a senior vice president with CBRE, says that despite increases in asking rents, concessions remain high, particularly for building owners trying to fill long-vacant properties.
Cassata did note that the city is suffering from a lack of available loft space. "If there was loft space all over the city, it would be leased," said Cassata. "There just isn't that much of it." See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
