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    ONE MILLION SF OF POSITIVE ABSORPTION

    At 300,584 sf of positive absorption for the third quarter, the growth in the CBD was commensurate to that which we have seen through the first two quarters of 2014. Year-to-date the CBD has experienced roughly one million sf of positive absorption. Through three quarters, the positive absorption in the Chicago Business District has already outpaced the most recent peak absorption figure in 2011 and, if current pace holds, will exceed the 2012 & 2013 figures combined.
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    VACANCY FALLS BELOW 21 PERCENT OVERALL

    Direct vacancy in the suburbs continued to fall through 3rd quarter to 20.96 percent. This is the first time since 2008 that vacancy has fallen below 21 percent overall. The North and O’Hare submarkets together were responsible for the lion’s share of the 286,935 square feet of positive absorption this quarter. Positive absorption in the suburbs year-to-date has exceeded one million square feet.
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    TECH SECTOR ACTIVE BUT NOT EVERYTHING

    Recent headlines have highlighted the exponential growth and the vast potential of the technology sector in Chicago. While developments to this end have been significant, and while technology has found a receptive place in Chicago’s diverse economy, it still isn’t necessarily the predominant driver of the current marketplace.
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    INDEX DIRECT VACANCY CONSISTENT WHILE CBD VACANCY FALLS

    Direct vacancy has continued to fall in the CBD going into fourth quarter of 2014. Recent large deals and a shrinking vacancy spread between MBRE Index buildings and the rest of the market are indicative of a limited supply of large block trophy space and signal the need for new supply.
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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.

2014 3rd Quarter Chicago Market Overview & Snapshots

2014 3rd 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.

September 2014
- Index Direct Vacancy Consistent While CBD Vacancy Falls.

August 2014
- Tech Sector Active But Not Everything.

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.