Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.