Chicago Ranks Fifth for Large-Scale Office Leases

Although Manhattan claimed the top spot for share of large office leases in 2019, especially among tech-oriented tenants, Chicago ranks among the top five markets for such leases, says CBRE.

The Midwest’s largest city captured 2.7 million square feet of these transactions last year, or 8.4% of all activity. Manufacturing and transportation accounted for the largest segment of these leases in Chicago, followed by government and nonprofits and then technology.

“Companies are choosing to expand in Chicago because of the access to its strong labor force and the lower overall costs when compared to coastal competitors,” said Paul Reaumond, vice chairman with CBRE. “There is also a steady supply of new product, whether it be through ground-up developments or redevelopments, giving firms ample opportunities to complete large leases.”

Only Manhattan claimed a double-digit share of large-scale leasing at 26.8%. It was followed by Washington, D.C., Silicon Valley and Houston.

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