Eight Regions Lead Q2 Office Growth – and Not NYC or DC
June 29, 2012
By: Robert Carr
In a slight reversal of fortune, the West Coast has taken over as the growth engine for the current national office market, according to recent second quarter numbers provided to GlobeSt.com ...
... According to Q2 data collected by New York City-based Studley and provided to GlobeSt.com, Chicago mirrors the rest of the country with a large mass of Class B and lower-rated space, but very little quality office available Like many big US cities, Chicago has no new office construction underway, with little come to market since the recession.
John Goodman, head of Studley’s Chicago office, tells GlobeSt.com that with big tenants circling the downtown, there’s a good chance ground will break on a new Chicago office tower in the next 12 months. “For tenants looking for around two-to-three floors in Class B buildings, there’s plenty of options,” he says. “But over, say, 75,000 square feet, there’s just not much available.”
He says he believes Chicago is poised to continue its pattern of strong growth the city has shown the past two decades. “I think people today, especially young people sought by the large corporations, don’t have this overriding view that they have to live on the coasts,” he says. “However, you still have Chicago as the big draw for Midwest talent.” ...
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