Tenant Flight to Quality Driving Demand

Chicago’s downtown office market posted a relatively slow quarter of demand throughout the third quarter of the year, reporting 245,696 square feet of positive net absorption, bringing the Central Business District’s total net absorption to 1,343,149 square feet of positive demand thru the first nine months of the year. As a result of sluggish absorption during the third quarter, the vacancy rate decreased by a mere ten basis points to a total of 12.7 percent.