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    NEW CHICAGO OFFICE TOWERS KICK OFF THE MARKET IN THE FIRST QUARTER OF 2017

    The first quarter of 2017 was an exciting start for Chicago’s CBD office market, which saw the vacancy rate at an exceptionally low 11.1 percent and 733,832 square feet of positive absorption. Tenants are moving into two of the first new office towers to have been developed since 2009, 444 W. Lake and 150 N. Riverside.
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    CHICAGO SUBURBAN OFFICE MARKET IN A RELATIVELY STRONG POSITION 4Q OF 2016

    The Chicago suburban office market lost ground in the first quarter of 2017, with an overall direct vacancy rate of 21.4 percent, up from 20.24 percent at the end of 2016. There was 481,535 square feet of negative absorption, primarily in the North suburban submarket.
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    SUBURBAN CORPORATE CAMPUSES: OPPORTUNITIES FOR CHANGE

    The Chicago office market has undergone a fundamental shift from suburban to urban dominance in recent years. The growing surplus of vacated corporate campuses is bringing rent and sale prices down, creating valuable opportunities.
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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 1st Quarter Chicago Market Overview & Snapshots

2017 1st 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 Second Quarter - Market Index
- Direct vacancy has decreased by 10 basis points to 9.0 percent.

2017 First Quarter - Market Beat
- Vacant suburban corporate campuses create opportunities.