October 16, 2019 Comments Off on Office Leasing Reaches 10-Year High in Downtown Chicago Views: 973 Chicago News, Top Chicago

Office Leasing Reaches 10-Year High in Downtown Chicago

Order Reprints...

Chicago’s downtown office leasing activity reached a decade high in the first three quarters of 2019, with transactions totaling 7.8 million square feet, a 7.4% increase year over year, said Cushman & Wakefield. Robust Class A absorption lowered overall vacancy to 13.1% in the third quarter, from 14.2% in Q3 2018.

“The ongoing demand for high-end space has pushed leasing activity to the highest level we’ve seen in a decade,” said Cushman & Wakefield’s Steven Bauer. “Companies want to be in Class A buildings to attract best-in-class talent in today’s tight labor market. While new construction is adding supply, it’s also leasing up quickly, so development of Class A space is expected to continue.”

Q3’s largest downtown leases were led by Uber’s 450,000-square-foot commitment to 601W Companies’ redevelopment of the Old Post Office (pictured), followed by Accenture’s renewal and expansion to 226,000 square feet at its namesake tower.

Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.

Read more at Cushman & Wakefield

Connect With Cushman & Wakefield’s Bauer

Subscribe to Connect Daily Chicago

For comments, questions or concerns, please contact Paul Bubny

Tags: ,

Comments are closed.

Send this to a friend