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Chicago Office Tenants Return to the Leasing Market
Despite the continuing pandemic, Chicago’s office sector remains active and represents opportunity, Cawley Chicago says in a new report. The locally based services firm notes that 28 office projects totaling seven million square feet are under construction.
Downtown, says Cawley Chicago principal Zach Pruitt, “we have started to see an uptick of activity over the past 30 – 45 days with tenants in the market. Many of the tenants in the market today were in the market three to six months ago, but they hit the pause button with news of the pandemic.”
Now, Pruitt says, they’re relaunching that process. However, “many of these groups are taking a few steps back from where they left off three to six months ago, and they are now reevaluating.” In so doing, they’re weighing options they might have not considered before, a trend favoring emerging submarkets.
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