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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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    UPCOMING NEW OFFICE DEVELOPMENTS

    New office inventory has been added to Chicago’s CBD for the first time since 2009, and there is more to come. Three developments with a total of 2.65 million square feet have been delivered this year, four more are currently under construction and will add an additional 2.1 million square feet in 2018.
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    MBRE INDEX DIRECT VACANCY INCREASES

    Direct vacancy in the MB Real Estate (MBRE) Index has increased by 1.6 percentage points to 10.6 percent. Meanwhile, the CBD direct vacancy increased to 11.6 percent at the end of the second quarter of 2017, a 50 basis point increase from the previous quarter. The CBD’s higher vacancy rate in the second quarter was primarily due to the increase in total inventory.
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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 3rd 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 3rd Quarter - Market Index
- Direct vacancy increased to 10.6 percent

2017 3rd Quarter - Market Beat
- Upcoming new office developments