2015 INVESTMENT SALES REACH HISTORIC LEVELS.
In the third quarter, year-to-date total sales reached $6.2 billion, which exceeds the total annual transactions of any
ANOTHER ROUND OF CORPORATE DEPARTURES RAISE CONCERNS FOR THE SUBURBAN
In the third quarter, ConAgra, Kraft-Heinz, Motorola Solutions, and Baxalta all announced that their suburban offices will be relocated to the CBD.
PEAK EMPLOYMENT AND SUSTAINED OCCUPANCY
Given the continued space growth during the rest of the region’s lowest employment period, it’s clear that Chicago’s metro has enjoyed an advantaged position during recovery, drawing the largest proportion of the greater area’s active business tenants and accompanying workforce.
DIRECT VACANCY DECLINE
CBD direct vacancy has continued its incremental decline with overall vacancy falling to 13.49 percent through the period. The index vacancy spread accordingly fell 17 basis points to 2.66 percent. Index buildings have seen a flurry of deals in the last quarter with four large new deals signed for almost 270,000 square feet, as well as two large renewals
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.
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.
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.
- Direct Vacancy Decline
- Peak Employment and Sustained Occupancy
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.