Chicago’s office market has traditionally been dominated by trophy towers and high-rise construction. While there is plenty of demand for trophy space fueling the current development activity (4.3 million square feet), those buildings are not meant for every tenant. Some companies are more attracted to loft spaces, creative offices or repositioned assets. To help in the tenant analysis, JLL Research has created the Downtown Chicago Building Matrix – Cost vs. Class with examples in each quadrant:… Read More
The downtown office market saw measured growth in the first quarter of 2015, with vacancy down to 12.7 percent and rent up 4.7 percent. But those numbers alone don’t tell the full story.
“The tech boom and suburban migration are not new phenomena, but both classes of tenants continue to drive leasing momentum,” said JLL Senior Vice President Nooshin Felsenthal. “It all comes back to job growth and companies’ desire to attract top-tier talent.”
Here are seven secrets behind downtown’s rising office market and its potential for landlord leverage:… Read More