MB Real Estate has released our 2nd Quarter 2011 Chicago Market Overview, a quarterly report that tracks trends, analyzes data, and provides you with our forecast for the Chicago CBD and Suburban office markets.
For just the second quarter since the economic downturn, vacancy declined in the CBD. The increase in demand was modest however, driven by a few large lease transactions. Conversely, vacancy rates continue their climb in Suburban Chicago due to firms relocating or shedding unneeded space. Although several firms have recently announced plans to create jobs, Chicago’s office markets are still working through the recessionary job losses and an uneven recovery is expected.
In addition to the Chicago Market Overview, reference our in-depth 2nd Quarter 2011 Submarket Snapshots, which include highlights and analysis of each of the Chicago submarkets that MB Real Estate tracks.