Office Space
June 26, 2012
By: David Roeder

The midyear data on downtown and suburban office space in Chicago draw a portrait of an economy adrift.

For the first time in a while, downtown vacancy rates rose during the second quarter, according to a report by the tenant advisory firm Studley Inc. The report finds that at midyear, downtown vacancies stand at 17.6 percent, up from 17.5 percent in the first quarter. ...

... There likewise is little direction in rental rates, with the downtown average of $32.65 a square foot up 0.46 percent from the first quarter, Studley said. ...

... Studley’s submarket data showed vacancies picking up in the central Loop along with rental rates. Something’s got to give with those dual trends. The firm also reported declines in office rental rates in the Near North and South Loop areas.

The firm said several blocks of space hitting the sublease market affected its figures. Studley noted that United Airlines is marketing 240,000 square feet at 77 W. Wacker for sublease, and the National Restaurant Association has put 42,000 square feet on the market at 175 W. Jackson.

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