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    CHICAGO OFFICE MARKET REMAINS STABLE IN THE FOURTH QUARTER OF 2016

    The Chicago Central Business District (CBD) saw direct vacancy increase by 23 basis points from 11.12 percent at the end of the third quarter of 2016 to 11.35 percent, which remains historically low. There was 337,702 square feet of negative absorption in the fourth quarter, decreasing the total absorption for 2016 to 1,305,274 square feet.
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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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    GROWING SUBLEASE MARKET NO CAUSE FOR ALARM

    In the third quarter of 2016, the sublease market in Chicago’s Central Business District (CBD) increased by 295,991 square feet, bringing the total amount of available sublease space up to 4.12 million square feet.
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    DIRECT VACANCY DOWN FOR THE SIXTH QUARTER

    Direct vacancy in the MB Real Estate (MBRE) Index has decreased for the sixth quarter in a row to 8.3 percent, while overall vacancy has fallen to 11.1 percent, the lowest it has been since 2000.
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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.

2016 4th Quarter Chicago Market Overview & Snapshots

2016 4th Quarter Chicago Suburban Market Overview

CORE NATIONAL MARKET OVERVIEW

Additionally, MB Real Estate Research contributes to and com- piles the CORE National Market Overview, a detailed summary of national and network city office market conditions.

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.

2016 Fourth Quarter - Market Index
- Direct vacancy down to 8.3 percent

2016 Fourth Quarter - Market Beat
- Growing sublease market no cause for alarm