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Chicago & Midwest  + Office  | 

Chicago Office Sales Spike 41% Year Over Year

After the first half of 2017 saw Chicago office sales volume citywide drop to the lowest level in five years, the current year has gotten off to a considerably better start. Yardi Matrix data show that first-quarter sales were up 41% year-over-year, ending the quarter with 14 deals closed for a total of $1.3 billion, the second-best Q1 performance in five years.

A big chunk of the Q1 total came from a single transaction: Sterling Bay’s $510-milion purchase of Groupon headquarters at 600 W. Chicago Ave. from Equity Commonwealth. The sale left Equity Commonwealth—Chicago-based since Sam Zell was installed as board chairman—with just one asset in the Windy City, Triangle Plaza.

On a Y-O-Y basis, pricing per square foot was down 14% to $218 as Q1 ended. However, that’s by comparison to the five-year peak recorded in Q1 2017, and represents a 2.2% increase from the previous quarter.

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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).

  • ◦Sale/Acquisition