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    ECONOMIC GROWTH EXPECTED TO CONTINUE

    After a tremendously positive year in 2014, absorption in the CBD faltered in the first quarter of 2015 attributable to a few key vacancies. Most are unconcerned with the lull as significant new lease signings continued, rental rates rose, and the sales market remained as strong as ever. Economic growth is expected to continue with 2015 absorption picking up the pace over the next few quarters.
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    VACANCY RATES IMPROVE

    While the high growth rate seen through 2014 slowed in the first quarter of 2015, at 117,776 square feet absorbed, the suburbs still grew in occupancy while the inventory continues to shrink resulting in improved vacancy rates.
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    INVESTMENT SALES MARKET TAKES OFF IN CHICAGO

    CBD Office currently leads all asset types in investment activity for the global capital market, and US cities in particular are top targets for major investors.
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    SPREAD COMPRESSION FALLS BELOW 3%

    Index vacancy remained stable under 11% while overall vacancy continued to fall, driving the spread to under 3% for the first time since the recession. Some of the most significant deals signed in the first quarter of 2015 were at the new developments at 444 W. Lake and 150 N. Riverside. Index vacancy spread compression is expected to continue through 2015.
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CHICAGO MARKET OVERVIEW

The Chicago Market Overview is a comprehensive quarterly report on the CBD and the Suburban office market conditions. The MB Real Estate Research team combines detailed data with timely insight to guide clients on the market’s outlook.

2015 1st Quarter Chicago Market Overview & Snapshots

2015 1st Quarter Chicago Suburban Market Overview

CORE NATIONAL MARKET OVERVIEW

Additionally, MB Real Estate Research contributes to and com- piles the CORE National Market Overview, a detailed summary of national and network city office market conditions.

MARKETBEAT

On months between quarter-end, the Research team publishes the MB Real Estate MarketBeat. It alternates between analysis of a developing trend in the market and of the MB Real Estate Index, a leading indicator vacancy index based on the last thirty buildings constructed in Chicago’s CBD.

May 2015
- Investment Sales Market Takes Off in Chicago

March 2015
- Spread Compression Falls Below 3%

ADDITIONAL INFORMATION

Please contact
Kristy Wenz at KWenz@mbres.com for past issues of the MBRE Chicago Market Overview, MarketBeat, or the CORE National Market Overview, as well as for additional MBRE Research Information.