A Good Year Ahead for Chicago Office Market
The Chicago office market ended 2015 on a high note, with declining vacancy in both the city and suburbs and net absorption of 1.8 million square feet in the fourth quarter — more than the three previous quarters combined, according to Taylor Johnson client Transwestern. These are just some of the takeaways from Transwestern’s 4Q “Chicago Office Market” report, which was recently featured on GlobeSt.com. With favorable fundamentals expected to continue in the months ahead, 2016 is shaping up to be another solid year for Chicago office properties. You can access the full Transwestern office report here.
Office vacancy in Chicago’s central business district dropped to 12 percent last quarter, its lowest level since the start of the recession in 2007.