Snapshots

Chicago direct vacancy falls below 10% for the first time in twelve quarters

Leasing in Chicago’s CBD shows no signs of slowing down after recording thirty straight quarters of positive net absorption.

October 16, 2019
  • Leasing in Chicago’s CBD shows no signs of slowing down after recording thirty straight quarters of positive net absorption, Q1 of 2012 was the last time Chicago had a negative quarter.
  • Direct vacancy also fell below 10% for the first time since Q4 2016, an impressive feat given that there has been over 5.6 MSF of new office product delivered since then, nearly all of which is fully leased. 
  • Pair the past performance with 601W’s Old Post Office project delivering in Q4 2019 (80% leased) and 2.5 MSF set to deliver in 2020 that is already 60% leased before the calendar turns, Chicago vacancy and continued positive absorption appears on pace to continue this impressive run.

Source: JLL Research

Like what you read?