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CHICAGO—The state of Illinois faces a number of economic challenges, including the inability of its politicians to resolve the unfunded pensions issue, and a continuing weakness in the Chicago metropolitan area’s job market. Nevertheless, both the office and industrial markets in commercial real estate showed modest strength in the second quarter, according to research by Newmark Grubb Knight Frank. The office market, for example, “recorded its fifth consecutive quarter of positive net occupancy gains as vacancy fell to 18.3%,” the firm found. Furthermore, the area’s “industrial market saw 1.5-million-square-feet absorbed in the second quarter of 2013,” however, this was “less than half of the space absorbed the previous quarter.”  

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