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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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    HIGH TAXES SWUNG TOWARDS COMMERICAL REAL ESTATE

    The burden of Cook County’s historically high taxes has swung dramatically toward commercial property in the last decade plus. Now, with Illinois facing a looming pension crisis, that tax weight could be compounded.
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    INDEX VACANCY REMAINS STABLE

    Index vacancy has remained stable while overall vacancy has continued to compress. At 3.0%, the direct vacancy spread is the lowest it’s been since 2nd quarter of 2009.
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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.

December 2014
- Index Vacancy Has Remained Stable While Overall Vacancy Has Continued to Compress

November 2014
- High Taxes Swung Towards Commerical Real Estate

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.