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CHICAGO—Landlords of the 30 newest class A office buildings in downtown Chicago saw the direct vacancy rates for their properties decline slightly over the last quarter from 10.0% to 9.9%, and the overall direct vacancy rate for the CBD sank by 20 bps, to 14.5%, according to data just published by MBRE. It marks the first time in four years that the direct vacancy rate went below the 2009 equivalent rate. “This indicates that the office market’s gradual improvement coincides with the recovering economy,” the researchers note. “The direct vacancy rate spread decreased slightly as well from September to December which indicates demand for class B and C buildings is catching up with the newest product.”

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