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ABSORPTION STAGNATES IN THE CBD, INCREASES IN THE SUBURBS
Chicago saw its Suburban commercial real estate market outperform the CBD for the second quarter in a year as occupancy increased 330,000 square feet. Despite both markets showing signs of improvement, the Suburban market has yet to prove it can sustain the type of absorption seen during the first quarter.
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RIVER NORTH CONTINUES TO SHINE
After choosing downtown Chicago over Silicon Valley, Google will bring 3,000 employees to the Merchandise Mart in River North. The CBD’s most demanded submarket saw its direct vacancy rate drop to 9.4 percent during the 3rd quarter.
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EXPLORING THE DISCONNECT BETWEEN MARKET FUNDAMENTALS AND ABSORPTION
Despite market fundamentals such as job growth and investment activity surpassing levels not seen since before the recession, the Chicago are commercial real estate market has not responded, yet.
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Developers Eye the West Loop
As the CBD becomes increasingly dense, proposed additions to the MBRE Index compete with existing space to form the “new” West Loop.
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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.
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 2013
- Exploring the Disconnect Between Market Fundamentals
and Absorption
March 2013
- Developers Eye the West Loop
ADDITIONAL INFORMATION
Please contact
Scott Mason at SMason@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.