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    CHICAGO BUSINESS DISTRICT REMAINS STRONG IN THE SECOND QUARTER OF 2017

    Chicago’s CBD office market remained strong in the second quarter of 2017 with a direct vacancy rate of 11.6 percent. Tenants continued to move into the new office towers at 444 W. Lake and 150 N. Riverside, creating 393,302 square feet of overall positive absorption despite the shadow space left behind.
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    MEDIOCRE SECOND QUARTER FOR THE CHICAGO SUBURBAN OFFICE MARKET IN 2017

    The second quarter of 2017 only saw 32,881 square feet of positive overall absorption, brought down by significant negative absorption in the North suburban submarket. The overall direct vacancy rate was 21.7 percent, up from 21.4 percent at the end of the second quarter.
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    DEVELOPMENTS IN THE SOUTHWEST LOOP

    Six major developments are slated for construction in the southwest corner of Chicago’s Loop. Excitement about the future of the area has increased with the recent announcement that Amtrak has selected Chicago-based Riverside Investment & Development Co. to revitalize Union Station and develop 14 acres of the surrounding real estate.
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    MBRE INDEX DIRECT VACANCY DECREASED

    Direct vacancy in the MB Real Estate Index, has decreased by 10 basis points to 9.0 percent. Meanwhile, the CBD direct vacancy decreased to 11.1 percent at the end of the first quarter of 2017, a 21 basis point decrease from the previous quarter.
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CHICAGO MARKET OVERVIEW

The Chicago Market Overview is a comprehensive quarterly report on the CBD and the Suburban office market conditions. The MB Real Estate Research team combines detailed data with timely insight to guide clients on the market’s outlook.

2017 2nd Quarter Chicago Market Snapshot

2017 2nd Quarter Chicago Market Overview & Snapshots

2017 2nd Quarter Chicago Suburban Market Overview

MARKET BEAT / MARKET INDEX

On months between quarter-end, the Research team publishes MB Real Estate's Market Beat and Market Index. It alternates between analysis of a developing trend in the market and updating of MBRE's proprietary vacancy index, based on the last thirty buildings constructed in Chicago’s CBD.

2017 2nd Quarter - Market Index
- Direct vacancy has decreased by 10 basis points to 9.0 percent.

2017 2nd Quarter - Market Beat
- Developments in the southwest Loop.