CHICAGO—The West Loop has become the CBD's hottest office marketand one of the reasons is the desire of many tech firms to find adowntown home. And Newark element14, anelectronics and engineering firm, is just the latest tech companyto make this move after spending the last 34 years in Ravenswood onthe North Side. Beginning this week, the firm will occupy all ofthe 22nd and part of the 23rd floors of 300 S. Riverside Plaza, atotal of 65,000-square-feet. It's at least the second major leaserecently signed for the 23-story tower. In 2013, ZurichAmerican Insurance signed a lease for more than 100,000-square-feet.

All 350 of Network's employees will transfer to the new locationand the company hopes to make several new hires to its sales andengineering teams. According to Cook Countyrecords, last year the company sold its previous headquarters at4801 N. Ravenswood Ave. for $6.5 million. TomHudak, the president of sales and marketing for Newark,was not available by press time, but GlobeSt.com will provide anupdate later in the week.

The vacancy rate for the Chicago office market sank to 13.4% bythe second quarter, a drop of 60 bps in the last year, according toColliers. And with more firms like Newark lookingfor downtown space, among other reasons, the firm's researchersbelieve the momentum will carry over into the next year. “As theBaby Boomer generation moves closer to full-fledged retirement,companies are increasing their appeal to the Millennial generationwhich desires a more urban and flexible work setting,” according toColliers' second quarter report. “Many companies have responded byopening satellite offices in the CBD, relocating their technologyand IT groups to the city or by simply relocating the company inits entirety.”