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chi-finkl3 (2) Sterling Bay’s vision for the former Finkl steel plant could create a whole new submarket in Chicago.

CHICAGO—Office tenants in Chicago’s CBD were quite active during the third quarter, and it looks like 2017 will be as healthy for the market as 2016. Year-to-date, tenants have leased about 7.5 million square feet, or roughly the same as last year, according to a new report from Savills Studley. The overall availability rate fell 60 bps this year, down to 15.5%, although it’s also a 20 bps increase in the past 12 months. And all this activity has helped keep rental rates swinging upward. The overall asking rate increased from $38.34 to $38.83 in the last quarter, and in the Far West Loop/Fulton Market neighborhood, rents went from $42.19 to $43.99, a 4.3% spike.

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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.

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