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Chicago’s YTD Office Sales Beat 12-Month 2017 Tally

The Chicago region’s office sales market year-to-date has already bested the 12-month tally of 2017, with $3.3 billion in trades for the first six months of 2018 compared to $3.1 billion last year, Yardi’s CommercialCafe reported. The $1.84-billion tally in the second quarter alone was 41% above the five-year average.

Between the city and its suburbs, approximately 7.1 million square feet of office space traded across 15 transactions during the most recent quarter. That makes it the second-best Q2 in five years, second only to the record-breaking $2.54 billion in sales volume in 2015.

The quarter also saw Chicago’s biggest office deal since 2015: Sterling Bay’s acquisition of One and Two Prudential Plaza (pictured) from 601W Companies. That $680-million acquisition ranks third in the annals of Chicago office deals to the $1.3-billion trade of the Willis Tower and the $712-million trade of Aon Center, both in 2015.


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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 16-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 7-10 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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