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Chicago & Midwest  + Downtown  + Office  | 
Boeing is relocating its headquarters from 100 North Riverside in Chicago to suburban Arlington, VA, the company confirmed

Vestian CEO Sees 300K SF Hitting Chicago Loop CBD Behind Boeing Headquarters Move

Late Thursday a report in the Wall Street Journal revealed that Boeing finally decided to make the move and take its headquarters operation from Chicago to suburban Washington DC. Boeing, which later confirmed the relocation, had been contemplating the move for two years as the company wanted to get closer to its increasingly important government clientele.

β€œThe Loop office market was already a slow moving train wreck before Boeing dumping all that supply on the market,” said Michael Silver, CEO and founder of commercial real estate services firm Vestian. He added that before the worst is over CBD vacancy rates could hit 30%, up from around 23% currently.

Boeing bought the building in western River North that it currently occupies  for $169 million in 2005. Silver predicts Boeing will hold a fire sale for the building, selling it for between $95 million to $105 million.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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