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CBRE Data Show Continued Downtown Office Pain, Chicago Q1 Vacancy Hits Record 21.2%
Demand for Downtown Chicago office space continues growing, but CBRE says that with new supply hitting the market it has not been enough to keep vacancy rates moving higher, with Q1 vacancy up from 19.7% to a record 21.2%.
CBRE data show that the vacancy rate when the pandemic hit was 13.8%.
It was new supply on the marketplace that caused the vacancy rate to edge to a record. For example, it’s been brand new buildings like the 1.5 million sf BMO Tower next to Union Station coming on the market that are the problem, says CBRE. The BMO Tower is sitting half empty.
- ◦Lease
- ◦Economy
