CHICAGO—The office market in downtown Chicago is in the midst ofone of its best years since the onset of the economic recovery. Inthe third quarter, the CBD recorded a positive absorption of300,854-square-feet, according to MBRE'sjust-published market overview.
This pace roughly matches what happened in the first twoquarters, and year-to-date the CBD has aboutone-million-square-feet of positive absorption. “Through threequarters, the positive absorption in the CBD has already outpacedthe most recent peak absorption figure in 2011 and, if current paceholds, will exceed the 2012 and 2013 figures combined.”
And Andrew Davidson, executive vice presidentand managing director of corporate services at MBRE, tellsGlobeSt.com that part of the credit for this expansion goes to thediversity of the CBD's economy.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
