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Facebookhas expanded its Chicago presence by taking about 260,000 squarefeet at 151 N. Franklin, the latest class A development inChicago's CBD.

CHICAGO—Techcompanies and co-working firms continue tofuel the downtown market as office activity remainedhigh in the third quarter. The metro area's vacancy rate dropped to16.6%, a decline of 30 bps quarter-over-quarter and 120 bpsyear-over-year, according to a new report fromNKF. Rental rates also grew, increasing to $29.75per square foot from $29.12 in the second quarter. Downtown vacancyfell half a percentage point to 13.0%.

Facebook signed the largest lease of thequarter, agreeing to take more than 260,000 square feet at 151 N.Franklin. This brings the new trophy building to 91.8% leased. AndWeWork also made headlines by signing leases toopen two more locations. The co-working giant will open a100,000-square-foot office at 515 N. State, which has a largevacant block, and take nearly 70,000 square feet of space at 330 N.Wabash.

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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.