Owners and brokers have reported many of their tenants are less inclined to move when their leases expire because of the costs of moving. Employment & Employer Services Inc. were among those firms that looked elsewhere, only to decide its current location fit the bill. Meanwhile, the vacancy rate in the West Loop submarket hit 11.5% in the first quarter, according to U.S. Equities Realty research, but is 19.3% if the 3.1 million sf of available sublease space is added in.
While lease terms were not revealed, lease rates at Equity Office Properties' 30-story building at Adams and Wells streets range from $14 per sf to $17 per sf on a net basis. Employment & Employer Services Inc. has a full floor in the building.
HSA Commercial Real Estate vice president Charles Logan represented his long-time client, Employment & Employer Services, while Julia Renschen handled lease negotiations for Equity Office Properties.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.