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    CHICAGO BUSINESS DISTRICT REMAINS STRONG IN THE THIRD QUARTER OF 2017

    Chicago’s CBD office market remained strong in the third quarter of 2017 despite an increased direct vacancy rate of 12.2 percent and 380,017 square feet of negative absorption. The 1.1 percentage point vacancy rate increase from the third quarter of 2016 was expected due to the 2.65 million square feet of new inventory that has been added to the market.
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    LACKLUSTER THIRD QUARTER FOR THE CHICAGO SUBURBAN OFFICE MARKET IN 2017

    The Chicago suburban office market had another lackluster quarter, with an overall direct vacancy rate of 21.8 percent, up from 21.7 percent at the end of the second quarter. There was 66,355 square feet of negative overall absorption, bringing the year-to-date total down to 452,942 square feet of negative absorption.
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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 83 basis points to 11.4 percent. Meanwhile, the CBD direct vacancy increased to 12.2 percent at the end of the third quarter of 2017, a 67 basis point increase 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 3rd Quarter Chicago Market Snapshot

2017 3rd Quarter Chicago Market Overview & Snapshots

2017 3rd 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 4th Quarter - Market Index
- Direct vacancy increased to 11.4 percent

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