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    ANTICIPATING STRONG PERFORMANCE

    Vacancy rate in the CBD continues to fall as the second quarter follows up on the positive absorption of the first. Central Loop and West Loop properties were the main contributors to this positive growth. Demand in the downtown market appears strong with the record-breaking sale of 300 N. LaSalle and continued pre-leasing activity for new developments. MBRE anticipates the strongest downtown Chicago CRE performance since 2008 throughout the rest of this year.
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    CHICAGO COMMERCIAL REAL ESTATE CONTINUES TO RECOVER

    The Chicago suburbs experienced substantial positive absorption in the 2nd quarter attributable largely to the high performing East-West and Northwest submarkets. Class A in particular has seen an improvement year-to-date. Though large deals are infrequent,the growing momentum of smaller leases has helped recovery in the overall market. A number of recent renewals and expansions in the North and East-West submarkets signals select long-term stability as Chicago CRE continues to recover.
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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 2nd Quarter Chicago Market Overview & Snapshots

2014 2nd Quarter Chicago Suburban Market Overview &Snapshots

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.