Supply Slightly Outpacing Demand

Chicago's downtown office market posted another strong quarter of demand during the second quarter of the year, reporting 674,727 square feet of positive net absorption, bringing the Central Business District's total net absorption to 1,013,805 square feet of positive demand thru the first six months of the year. Despite the quarter's strong demand, the deliveries of John Buck's 807,000 square foot Tower at 151 N. Franklin, White Oak Realty's 440,000 square foot development at 625 W. Adams, and Sterling Bay's 547,000 square foot build to suit for McDonald's at 110 N. Carpenter accounted for approximately 1.8 million square feet of supply during the quarter, which drove the CBD's vacancy rate up 60 basis points to 12.7 percent.

Click here to view the full report