2019 Was A Flight To Quality For Office Tenants, Flight To Stability For Investors
According to research released earlier this year by Taylor Johnson client Marcus & Millichap, in 2019, developers added 4.8 million square feet of new, Class A office space to the Chicago market and were expected to build an additional 4 million square feet this year. We shared the findings with media including RE Journals, which helped break down the takeaways, including tenants’ clear appetite for newly developed and renovated space — especially in the West Loop — and investors’ continued interest in stabilized Class B properties. Read more here.
Marcus & Millichap is providing ongoing research on COVID-19’s impact on commercial real estate. Access the latest reports on the firm’s website, and click here to register for Marcus & Millichap’s upcoming webcast, “Getting Through the Global Health Crisis Together,” taking place on Thursday, April 2.
Developers added 4.8 million square feet of Class A office space to the Chicago market in 2019, according to Marcus & Millichap research.