The 2012 edition of Jones Lang LaSalle’s annual Chicago Skyline Review is hot off the presses, and the results are already catching the attention of the Chicago business media.
The report — which analyzes the stacking plans of the CBD’s 54 most important office buildings and gives a snapshot of the overall leasing climate here — uncovers a “tale of two cities” of sorts, as is detailed in today’s Chicago Sun-Times.
The bottom line: for the majority of users (ie, less than 25,000 SF), Chicago remains a tenant’s market with plenty of available options. But with a dearth of large available spaces (ie, 100,000 SF and up), the market is significantly tighter on the top end. With no new construction in sight for several more years, select landlords with large available blocks are aleady testing the waters with higher asking rents.
As more and more local companies announce plans to boost their local payrolls — and with a variety of suburban, out-of-state and international companies making moves here — leverage could begin to shift more firmly toward landlords as soon as next year.
To request a copy of the JLL Chicago Skyline report, send an email to Chicago.Skyline@am.jll.com.
To read the full Sun-Times story click here.