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The City of Chicago's newly released The newly released Energy Benchmarking Report revealed a 25% reduction in carbon emissions by properties greater than 50,000 square feet

Chicago Office Availabilities Rise for Sixth Consecutive Quarter

Chicago office witnessed its sixth consecutive quarter of rising availability during the second quarter, although new supply coming to the market has dwindled, Savills reported. Availability ended Q2 at 21.9%, increasing an additional 30 basis points from Q1.

Apart from North Michigan Avenue, every downtown submarket now has availability in excess of 20.0%, with space options in the West Loop reaching their highest level in a decade, according to Savills. However, the Fulton Market District saw availability drop by 500 bps, due in part to a large lease signed by Kimberly-Clark at 1155 West Fulton St.

Savills concludes that despite the market disruption trophy and A+ buildings remain largely unimpacted, continuing to command near-record high rents. Additionally, Fulton Market developments remain highly appealing to office tenants. Although growth in market availability is slowing, oversupply will persist in the near to medium-term, particular in older properties lacking updated amenities.


Inside The Story

Savills Chicago

About Paul Bubny

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 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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