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CHICAGO-Downtown office tenants continue to remain cautious in their decision making, significantly slowing deals in the second quarter, according to a report by tenant rep firm Studley. For example, completed transactions only reached 1.1 million square feet in the quarter, more than 50% lower than the CBD’s long-term historical average.

However, though the vacancy rate remains at about 17.2%, tenants and landlords are getting better at meeting deal requirements in this post-recession year, according to the report. More landlords have been willing to discuss early renewals and restructures, and tenants shedding some space have extended their lease term as compensation for landlords’ recapture of unneeded space.

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