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    THE CHICAGO OFFICE MARKET GREW AT A MODERATE PACE IN THE THIRD QUARTER OF 2016

    The Chicago Central Business District (CBD) saw direct vacancy decrease by 53 basis points from 11.65 percent at the end of the second quarter of 2016 to 11.12 percent, the lowest it has been since 2001. There was 660,555 square feet of total absorption in the third quarter, increasing the absorption for 2016 to 1,642,976 square feet. The sublease market continues to grow
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    CHICAGO SUBURBAN OFFICE MARKET SEES IMPROVEMENT IN THE 3Q OF 2016

    The Chicago suburban office market did well in the third quarter of 2016 with 128,334 square feet of positive absorption, bringing the year to date total up to 358,906 square feet of negative absorption from the 487,241 square feet of negative absorption seen in the second quarter. The overall direct vacancy rate decreased by 16 basis points to 19.9 percent.
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    GROWING CONCERN OVER OFFICE MARKET SHADOW SPACE

    Vacancy rates may increase for the first time since 2009, due to the shadow space created by office towers under construction in Chicago’s Central Business District. These new towers will have the most impact on Class A properties in the West Loop submarket.
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    DIRECT VACANCY DOWN TO 8.1 PERCENT

    Direct vacancy in the MB Real Estate (MBRE) Index has decreased to 8.1 percent, the lowest it has been since 2009. Leasing activity continues to be minimal due to the low amount of immediately available space.
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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.

2016 3rd Quarter Chicago Market Overview & Snapshots

2016 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.

MARKET BEAT / MARKET INDEX

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

2016 Third Quarter - Market Index
- Direct vacancy down to 8.1 percent

2016 Third Quarter - Market Beat
- Growing concern over office market shadow space

ADDITIONAL INFORMATION

Please contact Caitlin Ritter at CRitter@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.