Supply outpacing demand
Chicago’s downtown office market posted another stable quarter of demand during the third quarter of the year. With 245,552 square feet of positive net absorption, the CBD’s vacancy rate remained unchanged at 12.7 percent, as the positive demand was offset by the delivery of approximately 287,000 square feet of new supply delivered to the Fulton Market submarket. At 12.7 percent, the CBD’s vacancy rate remains at its highest point in more than two years. The delivery of approximately 2.6 million square feet to the market over the past 10 months has pushed the vacancy rate up 145 basis points.
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