Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Downtown Chicago Office Leasing Posts 10-Year High
Chicago’s downtown office market ended the 2010s on a strong note, with leasing transactions totaling 10.4 million square feet in 2019, up 2.5% over 2018 and the highest annual total this decade, according to the newly-released figures from Cushman & Wakefield. New construction deliveries in the downtown core also reached a decade high of 2.6 million square feet last year.
“Strong positive net absorption in Class A buildings confirms the demand for new, high-quality, and highly amenitized buildings,” said Cushman & Wakefield’s Scott Shelbourne.
Although leasing activity in the suburbs declined 8.5% year over year, Class A buildings in desirable locations continue to outperform older assets, according to Cushman & Wakefield. One 4Q deal that underscores the resilience of the suburban market is US Foods’ 275,000-square-foot lease renewal at the Riverway complex in Rosemont, IL. Cushman & Wakefield represented owner Adventus Realty in the transaction, the Chicago suburbs’ largest office lease since 2017.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
