Commercial Office Space Still Struggling
May 2, 2010
By: Robert Channick

With development grounded, rents dropping and vacancy rates hovering around 20 percent, the Chicago office market remains mired in the downturn. On the bright side, things might not get worse. ...

... The vacancy rate climbed slightly in the first quarter, hitting 17.5 percent in downtown Chicago, according to a report by real estate firm Studley. About 25 percent of office space is available in the suburbs. ...

... "The deals in the marketplace are extremely attractive," said John Goodman, Chicago-based executive vice president with Studley. "Leasing rates are at close to a 20-year low." ...

... "Our business is a leading indicator because if tenants are willing to make longer-term commitments on leases, they have some long-term view of their business at a minimum, of being stable," Goodman said. ...

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