X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
chi-new-building (2) Facebook has expanded its Chicago presence by taking about 260,000 square feet at 151 N. Franklin, the latest class A development in Chicago’s CBD.

CHICAGO—Tech companies and co-working firms continue to fuel the downtown market as office activity remained high in the third quarter. The metro area’s vacancy rate dropped to 16.6%, a decline of 30 bps quarter-over-quarter and 120 bps year-over-year, according to a new report from NKF. Rental rates also grew, increasing to $29.75 per square foot from $29.12 in the second quarter. Downtown vacancy fell half a percentage point to 13.0%.

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.

More from this author

GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.