BY THE NUMBERS
CHICAGO—Chicago's CBD office market has undergone a significanttransformation over the past two decades, according to a new reportfrom MBRE. The total office inventory hasincreased by more than 10 million square feet since 2004, while theclass C inventory has shrunk by over 10 million square feet duringthe same time period. In 2004, the CBD office inventory was equallydistributed between class A, B, and C properties; it is now 41%class A, 35% class B, and only 24% class C. In Chicago's CBD, classC buildings have traditionally been vintage office buildingsconstructed before 1940 and “loft” offices in industrial andwarehouse buildings that have been adapted for reuse. And many,have been converted into residences or hotels. The HyattCentric at 100 W. Monroe, for example, was converted froma 130,000 square foot office building that was built in 1927.
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