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Chicago & Midwest  + Office  |  May 9, 2018
Paul Bubny
By: Paul Bubny

Rightsizing Shrinks Office Footprints in CBD

Chicago’s CBD office market was relatively flat in the first quarter, as occupiers rightsized their footprints and gave back space, according to CBRE. Most notably, Deloitte scaled down from nearly 500,000 square feet at 111 S. Wacker Dr. to about 291,000 square feet.

As a result, direct vacancies in the CBD office market improved by just 10 basis points to 12.1%. Class A product saw a 90-bp drop to 10.9% from the start of the year, though, driven in part by a handful of large deals such as Publicis’ 681,545-square-foot renewal and expansion at 35 W. Wacker (pictured).

Q1 saw a slight decline in the number of available blocks of CBD space greater than 100,000 square feet: 27, down from 28 at the end of 2017. Available locks in the 20,000- to 49,000-square-foot bracket declined by nine to 177.


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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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