While it was in the investment sales arena that Chicago’s office sector really shone in the first half of 2018, the sector’s leasing performance in the third quarter wasn’t too shabby. After CBD vacancies ticked upward in Q2, they moved in the right direction again in Q3, according to NKF’s latest report.
Vacancy in the Greater Chicago office market declined by 30 basis points quarter to quarter to 16% and by 50 bps in the CBD to 13%. The CBD improvement was driven in part by a continuing trend of headquarters moves from the suburbs, albeit at a slower pace.
Facebook signed Q3’s largest lease, agreeing to take more than 260,000 square feet at The John Buck Company’s newly-opened 151 North Franklin (pictured). This brought the building to 91.8% leased, even as Facebook recently expanded its footprint at Hines’ 191 North Wacker Dr. to more than 100,000 square feet.
Get to know us and Chicago’s commercial real estate elite at Connect Media’s Chicago launch event, scheduled for Nov. 8.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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