Another company has decided to leave the northwest suburbs for the amenities found in the CBD. Avison Young just completed a 30,000-square-foot lease for international reinsurance firm SCOR US at Willis Tower, 233 S. Wacker Dr. in Chicago’s burgeoning West Loop submarket. The company plans to move its mid-West branch operations to the 108-story building from 1 Pierce Place in suburban Itasca.
“A fair amount of the leasing in Downtown Chicago during the last two to three years has been due to companies relocating from the suburbs,” according to analysis by the commercial real estate firm Studley. Class A availability declined 0.8% to 16.2% in the West Loop area. Overall availability in the CBD has been declining since the fourth quarter of 2010, Studley researchers noted. The West Loop, East Loop and Near North submarkets saw the amount of available class A space decline by 2.5-million-square-feet.SCOR Leaves Itasca, Heads Downtown
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