Chicago Fulton Market leasing keeps pace with new development
Fulton Market’s growing popularity is not breaking news to anybody following Chicago’s real estate business.
February 25, 2019
- Fulton Market’s growing popularity is not breaking news to anybody following Chicago’s real estate business. One of the most popular submarkets in a city that is traditionally dominated by massive skyscrapers, it is filled with low and mid-rise creative office space.
- In recent years, it has attracted impressive global tenants (McDonald’s, Google, WPP) and developers alike (4.525 MSF of new development 2019-2022, +112% of current supply).
- For a submarket that was an afterthought not even a decade ago, the ability to bring in the major tenants is impressive; however, they don’t contribute to all of the leasing velocity Fulton Market has experienced. In Q4 2018, 80% of all future space that had broke ground was preleased. Today, 73% and counting, of space delivering in 2019, is preleased.
Source: JLL Research