Chicago-Area Office Market Robust, But For How Long?
Despite spotty job growth and challenges to local government finances, the Chicago metropolitan area’s office market continued to show significant strengthening in the first quarter of 2016, according to a new report from Taylor Johnson client Transwestern. In a recent interview with GlobeSt.com, Transwestern’s Sandy McDonald discussed key trends that are driving leasing and development activity in the area, including strong demand for Class A space – both downtown and in select suburban submarkets where rents are more affordable.
Transwestern predicts the downtown office market will continue to tighten until new developments – the first in nearly a decade – come online in 2017.