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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 remained stable in the fourth quarter of 2016, with an overall direct vacancy rate of 20.24 percent and 327,562 square feet of negative absorption. Despite the negative absorption and slightly increased vacancy rate seen in 2016, the suburban market is in a position of relative strength in comparison to the past six years.
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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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    TWO NEW BUILDINGS IN MBRE INDEX

    Direct vacancy in the MBRE Index increased by 86 basis points to 9.1 percent. The increase was caused primarily by two new buildings, which are not yet fully leased. Despite this increase, the 9.1 percent vacancy rate is lower than it has been through much of the past ten years.
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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

2016 4th 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 First Quarter - Market Index
- Two new buildings increase direct vacancy to 9.1 percent.

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