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CHICAGO—The road to economic recovery has been a long one, and more than five years after the recession was officially declared over the office vacancy rate in downtown Chicago has finally sunk to a pre-crisis level. In the third quarter, the overall availability rate fell by 100 bps to 15.0%, the lowest since the end of 2008, according to a new report by Savills Studley. The drop in vacancy was also notable in the class A sector. Availability dipped 90 bps to 14.3%, also the lowest it has been since 2008.

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