SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

              /X/ Quarterly Report Pursuant to Section 13 OR 15(d)
                     of the Securities Exchange Act of 1934

                  For the quarterly period ended March 31, 2000

                                       OR

              / /Transition Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                         Commission file number: 1-14307

                                Great Lakes REIT

             (Exact name of Registrant as specified in its Charter)

                               Maryland 36-4238056
         (State or other jurisdiction (IRS employer identification no.)
                        of incorporation or organization)


               823 Commerce Drive, Suite 300, Oak Brook, IL 60523
              (Address of principal executive offices) (Zip Code)


                                (630) 368 - 2900
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No


Number of shares of the registrant's common shares of beneficial interest,  $.01
par value per share, outstanding as of May 5, 2000: 16,409,100


<PAGE>
<TABLE>
<CAPTION>


                                Great Lakes REIT
                               Index to Form 10-Q
                                 March 31, 2000
<S>                                                                                            <C>
                                                                                               Page Number

Part I - Financial Information
         Item 1.      Financial Statements (unaudited):

                      Consolidated Balance Sheets
                      as of March 31, 2000
                      and December 31, 1999                                                               4

                      Consolidated Statements of Income
                      for the three months
                      ended March 31, 2000 and 1999                                                       5

                      Consolidated Statement of Changes
                      in Shareholders' Equity
                      for the three months ended March 31, 2000                                           6

                      Consolidated Statements of Cash Flows
                      for the three months
                      ended March 31, 2000 and 1999                                                       7

                      Notes to Consolidated Financial Statements                                          8

         Item 2.      Management's Discussion and Analysis of Results of
                      Operations and Financial Condition                                                  9

         Item 3.      Quantitative and Qualitative Disclosures about Market Risk                         11

Part II - Other Information

         Item 2.      Changes in Securities                                                              12

         Item 6.      Exhibits and Reports on Form 8-K                                                   12

</TABLE>


<PAGE>
<TABLE>
<CAPTION>

Great Lakes REIT
Consolidated Balance Sheets (unaudited)
(Dollars in Thousands, except per share data)                                             March 31,         December 31,
                                                                                            2000               1999
                                                                                            ----               ----
<S>                                                                                          <C>               <C>
Assets
Properties:
Land                                                                                          $60,983            $60,983
Buildings, improvements, and equipment                                                        412,755            410,478
                                                                                 ----------------------------------------
                                                                                              473,738            471,461
Less accumulated depreciation                                                                  36,141             33,074
                                                                                 ----------------------------------------
                                                                                              437,597            438,387
Cash and cash equivalents                                                                       1,780              1,518
Real estate tax escrows                                                                           263                277
Rents receivable                                                                                6,453              6,274
Deferred financing and leasing costs, net of accumulated amortization                           5,945              6,069
Goodwill, net of accumulated amortization                                                       1,191              1,210
Other assets                                                                                    1,708              1,467
                                                                                 ----------------------------------------

Total assets                                                                                 $454,937           $455,202
                                                                                 ========================================

Liabilities and shareholders' equity

Bank loan payable                                                                            $107,000           $107,000
Mortgage loans payable                                                                         99,516            100,113
Bonds payable                                                                                   4,550              4,550
Accounts payable and accrued liabilities                                                        3,347              5,947
Accrued real estate taxes                                                                      10,149             11,687
Dividends payable                                                                               5,580                  0
Prepaid rent                                                                                    4,271              3,936
Security deposits                                                                               1,109              1,084
                                                                                 ----------------------------------------

Total liabilities                                                                             235,522            234,317
                                                                                 ----------------------------------------

Minority interests                                                                                686                951
                                                                                 ----------------------------------------



Preferred shares of beneficial interest ($0.01 par value,                                      37,500             37,500
 10,000,000 shares authorized; 1,500,000 9 3/4% Series A
 Cumulative Redeemable shares, with a $25.00 per share
 Liquidation Preference, issued and outstanding in 2000 and 1999)
Common shares of beneficial interest ($0.01 par value,                                            179                178
 60,000,000 shares authorized; 17,952,485 and 17,816,883
 shares issued in 2000 and 1999, respectively)
Paid-in-capital                                                                               230,064            227,907
Retained earnings (deficit)                                                                   (6,900)            (5,936)
Employee share loans                                                                         (18,453)           (16,335)
Deferred compensation                                                                            (17)               (22)
Treasury shares, at cost (1,543,385 and 1,521,785 shares in                                  (23,644)           (23,358)
2000 and 1999, respectively)
                                                                                 ----------------------------------------

Total shareholders' equity                                                                    218,729            219,934
                                                                                 ----------------------------------------

Total liabilities and shareholders' equity                                                   $454,937           $455,202
                                                                                 ========================================


The accompanying notes are an integral part of these financial statements.

</TABLE>
<PAGE>


<TABLE>
<CAPTION>

Great Lakes REIT
Consolidated Statements of Income (unaudited)
(Dollars in Thousands, except per share data)
                                                                                          Three months ended March 31,
                                                                                 ---------------------------------------
                                                                                               2000               1999
                                                                                               ----               ----
<S>                                                                                           <C>               <C>
Revenues:
Rental                                                                                        $18,785           $17,524
Reimbursements                                                                                  5,251             4,968
Interest and other                                                                                443               246
                                                                                 ---------------------------------------

Total revenues                                                                                 24,479            22,738
                                                                                 ---------------------------------------

Expenses:
Real estate taxes                                                                               3,922             3,625
Other property operating                                                                        6,036             6,124
General and administrative                                                                      1,105             1,163
Interest                                                                                        3,746             3,276
Depreciation and amortization                                                                   4,127             3,721
                                                                                 ---------------------------------------

Total expenses                                                                                 18,936            17,909
                                                                                 ---------------------------------------

Income before allocation to minority interests                                                  5,543             4,829

Minority interests                                                                                 13                16
                                                                                 ---------------------------------------

Net income                                                                                      5,530             4,813

Income allocated to preferred shareholders                                                        914               914
                                                                                 ---------------------------------------

Net income applicable to common shares                                                         $4,616            $3,899
                                                                                 =======================================

Earnings per common share - basic                                                               $0.28             $0.24
                                                                                 =======================================

Weighted average common shares outstanding - basic                                             16,334            16,574
                                                                                 =======================================


Diluted earnings per common share                                                               $0.28             $0.23
                                                                                 =======================================

Weighted average common shares outstanding - diluted                                           16,402            16,659
                                                                                 =======================================

</TABLE>
The accompanying notes are an integral part of these financial statements.



<PAGE>



Great Lakes REIT
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
For the Three Months Ended March 31, 2000
(Dollars in Thousands)

Preferred Shares
Balance at beginning of period                                           $37,500
Proceeds from the sale of preferred shares                                    --
--------------------------------------------------------------------------------
Balance at end of period                                                  37,500

Common Shares
Balance at beginning of period                                               178
Exercise of share options                                                      1
--------------------------------------------------------------------------------
Balance at end of period                                                     179

Paid-in capital
Balance at beginning of period                                           227,907
Exercise of share options                                                  2,157
--------------------------------------------------------------------------------
Balance at end of period                                                 230,064

Retained earnings (deficit)
Balance at beginning of period                                           (5,936)
Net income                                                                 5,530
Distributions/dividends                                                  (6,494)
--------------------------------------------------------------------------------
Balance at end of period                                                 (6,900)

Employee share loans
Balance at beginning of period                                          (16,335)
Exercise of share options                                                (2,118)
--------------------------------------------------------------------------------
Balance at end of period                                                (18,453)

Deferred compensation
Balance at beginning of period                                              (22)
Amortization of deferred compensation                                          5
--------------------------------------------------------------------------------
Balance at end of period                                                    (17)


Treasury shares
Balance at beginning of period                                          (23,358)
Purchase of treasury shares                                                (286)
--------------------------------------------------------------------------------
Balance at end of period                                                (23,644)
--------------------------------------------------------------------------------
Total shareholders' equity                                              $218,729
================================================================================


The accompanying notes are an integral part of these financial statements.



<PAGE>
<TABLE>
<CAPTION>


Great Lakes REIT
Consolidated Statements of Cash Flows (unaudited)
(Dollars in Thousands)
                                                                                          Three Months Ended March 31,
                                                                                 ---------------------------------------
                                                                                             2000               1999
                                                                                             ----               ----
<S>                                                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                                     $5,530            $4,813
Adjustments to reconcile net income to cash
     flows from operating activities
   Depreciation and amortization                                                                4,127             3,721
   Other non cash items                                                                            18                23
Net changes in assets and liabilities:
   Rents receivable                                                                             (179)               232
   Real estate tax escrows and other assets                                                     (224)              (46)
   Accounts payable, accrued expenses and other liabilities                                   (2,240)               862
   Accrued real estate taxes                                                                  (1,538)           (1,440)
   Payment of deferred leasing costs                                                            (369)             (495)
                                                                                 ---------------------------------------
Net cash provided by operating activities                                                       5,125             7,670
                                                                                 ---------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to buildings, improvements and equipment                                            (2,828)           (3,660)
Other investing activities                                                                         --             (200)
                                                                                 ---------------------------------------
Cash used by investing activities                                                             (2,828)           (3,860)
                                                                                 ---------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common  and preferred shares                                                 --                --
Payment of share offering costs                                                                    --                --
Proceeds from exercise of share options                                                            40                 1
Proceeds from bank and mortgage loans payable                                                      --             7,275
Distributions / dividends paid                                                                  (914)           (6,060)
Distributions to minority interests                                                              (19)                --
Purchase of minority interests                                                                  (259)             (256)
Purchase of treasury shares                                                                     (286)           (4,405)
Payment of bank and mortgage loans and bonds                                                    (597)             (577)
Payment of deferred financing costs                                                                --              (13)
                                                                                 ---------------------------------------
Net cash used by financing activities                                                         (2,035)           (4,035)
                                                                                 ---------------------------------------

Net increase (decrease) in cash and cash equivalents                                              262             (225)
Cash and cash equivalents, beginning of year                                                    1,518             2,466
                                                                                 =======================================
Cash and cash equivalents, end of quarter                                                      $1,780            $2,241
                                                                                 =======================================

Supplemental disclosure of cash flow:
Interest paid                                                                                  $3,717            $3,310
                                                                                 =======================================


Non cash financing transactions:
Employee share loans                                                                           $2,118              $433
                                                                                 =======================================
Increase in preferred dividends payable                                                            --              $142
                                                                                 =======================================
</TABLE>

The accompanying notes are an integral part of these financial statements.



<PAGE>


Great Lakes REIT
                   Notes to Consolidated Financial Statements
                   Dollars in thousands, except per share data
                                   (Unaudited)

1.       Basis of Presentation

Great Lakes REIT, a Maryland real estate investment trust, (the "Company"),  was
formed  in 1992 to invest  in  income-producing  real  property.  The  principal
business of the Company is the ownership,  management,  leasing,  renovation and
acquisition of suburban office and light industrial properties primarily located
in the Midwest.  At March 31, 2000, the Company owned and operated 36 properties
primarily  located in suburban  areas of Chicago,  Detroit,  Milwaukee,  Denver,
Cincinnati,  Columbus  and  Minneapolis.  The  Company  leases  office and light
industrial space to over 500 tenants in a variety of businesses.

The consolidated  financial  statements  include the accounts of the Company and
its wholly-owned subsidiaries and controlled partnership.  Intercompany accounts
and transactions have been eliminated in consolidation.

The  accompanying  consolidated  financial  statements  have  been  prepared  in
accordance with the instructions to Form 10-Q and do not include all information
and footnotes necessary for a fair presentation of financial  position,  results
of operations and cash flows in conformity  with generally  accepted  accounting
principles.  These  statements  should be read in conjunction with the Company's
most recent year-end  audited  financial  statements  contained in the Company's
Annual Report on Form 10-K for the year ended December 31, 1999, as amended (the
"1999 10-K"). In the opinion of management, the financial statements contain all
adjustments  (which are normal and recurring)  necessary for a fair statement of
financial results for the interim periods. For further information, refer to the
consolidated financial statements and notes thereto included in the 1999 10-K.

2.       Segment Information

The Company has three  reportable  segments  distinguished by property type. The
property  types  are  office,  with  89% (as  measured  by  square  feet) of the
Company's overall portfolio, office/service center (11%), and industrial (0%, as
the  Company  sold its only  industrial  property  in 1999),  and are  primarily
located in the Midwest. As of March 31, 2000, the properties were leased to more
than 500 tenants,  no single tenant  accounted for more than 5% of the aggregate
annualized base rent of the Company's portfolio and only 20 tenants individually
represented more than 1% of such aggregate annualized base rent.

The Company  evaluates  performance  and allocates  resources  based on property
revenues (rental and reimbursement  income) less property operating expenses and
real estate taxes to arrive at net operating income which is a widely recognized
industry measure of a property's performance.

Following is a summary report of segment  information for the three months ended
March 31, 2000 and 1999.
                                          For the three months ended
                                                    March 31,
                                   ---------------------------------------
                                              2000                1999
Revenues
Office                                         $22,302             $20,661
Office/service center                            1,734               1,619
Industrial                                          --                 139
Deferred rental revenues                            --                  73
Interest and other                                 443                 246
                                   ========================================
  Total                                        $24,479             $22,738
                                   ========================================

Net operating income
Office                                         $12,966             $11,652
Office/service center                            1,112                 914
Industrial                                          --                 104
                                   ========================================
  Total                                        $14,078             $12,670
                                   ========================================

Depreciation
and amortization
Office                                          $3,645              $3,281
Office/service center                              348                 298
Industrial                                          --                  26
Other                                              134                 116
                                   ========================================
  Total                                         $4,127              $3,721
                                   ========================================

Interest expense
Office                                          $3,371              $2,890
Office/service center                              375                 332
Industrial                                          --                  54
                                   ========================================
  Total                                         $3,746              $3,276
                                   ========================================



Additions to properties
Office                                          $2,684              $3,418
Office/service center                              121                 189
Industrial                                          --                  36
Other                                               24                  17
                                   ========================================
  Total                                         $2,829              $3,660
                                   ========================================

Income before allocation to
minority interests
Office                                          $5,950              $5,481
Office/service center                              389                 284
Industrial                                          --                  24
Deferred rental revenues                            --                  73
Interest and other income                          443                 246
General and administrative                     (1,105)             (1,163)
Other depreciation                               (134)               (116)
                                   ----------------------------------------
  Income before allocation
  to minority interests                         $5,543              $4,829
                                   ========================================


Following is a summary of segment assets at March 31, 2000 and December 31,1999:

                                             March 31,         December 31,
                                   ----------------------------------------
                                               2000                1999
Assets
Office                                        $410,687            $411,738
Office/service center                           30,439              30,635
Other                                           13,811              12,829
                                   ----------------------------------------
Total                                         $454,937            $455,202
                                   ========================================


3.       Subsequent Events

On April 6, 2000,  the Company sold its Downers Grove,  Illinois  property for a
contract price of $12,700.

ITEM 2.  Management's  Discussion  and  Analysis  of Results of  Operations  and
         Financial Condition (Dollars in thousands)

The  following  is a  discussion  and  analysis  of the  consolidated  financial
condition and results of  operations  for the three months ended March 31, 2000.
The following  should be read in  conjunction  with the  consolidated  financial
statements and related notes  appearing  elsewhere  herein and the  consolidated
financial statements and related notes contained in the 1999 10-K.

Overview

The principal  business of the Company is the  ownership,  management,  leasing,
renovation,  and acquisition of suburban office properties  located primarily in
the Midwest.  At March 31, 2000,  the Company  owned and operated 36  properties
primarily located in suburban areas of Chicago,  Detroit,  Milwaukee,  Columbus,
Minneapolis, Denver and Cincinnati. The Company leases space to over 500 tenants
in a variety of businesses.

Three months ended March 31, 2000 compared to three months ended March 31, 1999

In analyzing  the operating  results for the quarter  ended March 31, 2000,  the
changes  in rental  and  reimbursement  income,  real  estate  taxes,  and other
property  operating  expenses from 1999 are due principally to: (i) the addition
of a full  year's  operating  results  in 2000 of  properties  acquired  in 1999
compared  to the  partial  year's  operating  results  from  the  dates of their
respective  acquisitions  in 1999,  (ii) the effect of property  dispositions in
1999 and (iii) improved operations of properties during 2000 compared to 1999.

<TABLE>
<CAPTION>

                                                      Rental and     Real estate   Property
                                                     reimbursement      taxes      operating
                                                         income                     expenses

<S>                                                       <C>           <C>           <C>
Increase due to inclusion of results of properties        $910          $185          $296
acquired in 1999
Effect of property dispositions in 1999                 (1,083)        (186)          (276)
Improved operations in 2000 as compared to 1999           1,717          298          (108)
                                                     -----------     -----------   ----------
Total                                                    $1,544         $297          $(88)
                                                     ===========     ===========   ===========
</TABLE>

Interest  expense  during the quarter ended March 31, 2000  increased by $470 as
the Company had greater amounts of debt outstanding in 2000.

Depreciation  and  amortization  increased  in 2000 by $406 as the Company had a
gross book value of depreciable assets at March 31, 2000 of $412,755 compared to
$391,698 at March 31, 1999.

Liquidity and Capital Resources

The Company expects to meet its short-term  liquidity  requirements  principally
through its working capital and net cash provided by operating  activities.  The
Company  considers its cash  provided by operating  activities to be adequate to
meet  operating  requirements  and to fund the payment of  dividends in order to
comply with certain  federal income tax  requirements  applicable to real estate
investment trusts ("REITs").

The Company expects to meet its liquidity requirements for property acquisitions
and  significant  capital   improvements   through  property   dispositions  and
additional  borrowings on its existing  $150,000  unsecured bank credit facility
that  matures in April  2001.  The  Company  had  $43,000  available  for future
borrowings under this credit facility at March 31, 2000.

The  Company  expects  to meet its  long-term  liquidity  requirements  (such as
scheduled  mortgage  debt  maturities,  property  acquisitions  and  significant
capital  improvements)  through long-term  collateralized  and  uncollateralized
borrowings,  the issuance of debt or equity  securities  and  targeted  property
dispositions.

In 2000, the Company announced a plan to repurchase up to 250,000 common shares.
Through April 2000, the Company  repurchased  21,600 of its common shares for an
aggregate  purchase  price of $316.  Funds for the share  repurchases  came from
borrowings  under the  Company's  unsecured  bank  credit  facility  and working
capital.

In April 2000,  the Company  sold its Downers  Grove,  Illinois  property  for a
contract price of $12,700.  The Company has deposited the proceeds from the sale
in a tax-deferred  exchange  trust and currently  expects to use the proceeds to
acquire  additional  investment  properties.  The  Company  may elect to use the
proceeds to reduce the outstanding balance on its unsecured bank credit facility
and for working capital.

Funds from Operations (FFO)

The White Paper on Funds From  Operations  approved by the Board of Governors of
the National  Association of Real Estate Investment Trusts ("NAREIT") in October
1999 (the "White  Paper")  defines  Funds from  Operations  as net income (loss)
(computed  in  accordance  with GAAP),  excluding  gains (or  losses)  from debt
restructuring and sales of property,  plus real estate related  depreciation and
amortization  and after  adjustments for  unconsolidated  partnerships and joint
ventures.  Management  considers Funds from Operations an appropriate measure of
performance  of an equity REIT because it is predicated  on cash flow  analyses.
The  Company  computes  Funds  from  Operations  in  accordance  with  standards
established  by the White  Paper,  which may  differ  from the  methodology  for
calculating   Funds  from  Operations   utilized  by  other  equity  REITs  and,
accordingly,  may not be comparable to such other REITs.  Funds from  Operations
should  not be  considered  as an  alternative  to  net  income  (determined  in
accordance with GAAP) as an indicator of the Company's financial  performance or
to cash flow from operating activities (determined in accordance with GAAP) as a
measure of the Company's  liquidity,  nor is it indicative of funds available to
fund the Company's cash needs, including its ability to make distributions.
FFO for the three months ended March 31, 2000 and 1999 is as follows (Dollars in
Thousands):

                                                            2000            1999
                                                            ----            ----
Net income applicable to common shares                     $4,616         $3,899
Depreciation and amortization                               3,970          3,580
Minority interests                                             13             16
                                                 ----------------- -------------
FFO                                                        $8,599         $7,495
                                                 ================= =============

Forward-Looking Statements

Certain  statements in this  document  constitute  "forward-looking  statements"
within the meaning of Section 27A of the  Securities Act of 1933 and Section 21E
of the  Securities  Exchange  Act of 1934,  and the  Company  intends  that such
"forward-looking statements" be subject to the safe harbors created thereby. The
words  "believe,"  "expect" and "anticipate"  and similar  expressions  identify
forward-looking   statements.   These  forward-looking  statements  reflect  the
Company's current views with respect to future events and financial performance,
but are  subject to many  uncertainties  and factors  relating to the  Company's
operations  and business  environment  that may cause the actual  results of the
Company to be materially  different from any future results expressed or implied
by such forward-looking statements.  Examples of such uncertainties include, but
are not  limited  to,  changes in  interest  rates,  increased  competition  for
acquisition of new  properties,  unanticipated  expenses and delays in acquiring
properties  and  regional  occupancy  rates and  regional  economic and business
conditions.

<PAGE>

ITEM 3. MARKET RISK (Dollars in thousands)

The Company's  interest  income is sensitive to changes in the general levels of
U.S. short-term interest rates.

The Company's  interest  expense is sensitive to changes in the general level of
U.S.  short-term  and long-term  interest  rates as the Company has  outstanding
indebtedness at fixed and variable rates.

The  Company's  variable  rate debt bears  interest at LIBOR plus 1% to 1.3% per
annum  depending  on overall  Company  leverage.  Increases in LIBOR rates would
increase the Company's  interest  expense and reduce its cash flow.  Conversely,
declines in LIBOR rates would  decrease  its  interest  expense and increase its
cash flow.  In 1999,  the Company  entered into an interest  rate cap  agreement
whereby  the LIBOR  rate on $50,000  of its  variable  rate debt is limited to a
maximum  of 6% until June  2001,  thereby  limiting  the  interest  rate on that
portion of the Company's line of credit to 7.0% to 7.3%.

At March 31, 2000, the Company had $99,516 of fixed rate debt  outstanding at an
average  rate of 6.88 %. If the general  level of  interest  rates in the United
States  were to fall,  the  Company  would not likely  have the  opportunity  to
refinance  this  fixed  rate  debt at lower  interest  rates  due to  prepayment
restrictions and penalties on its fixed rate debt.

In general,  the Company  believes  long-term fixed rate debt is preferable as a
financing  vehicle for its  operations  due to the long-term  fixed  contractual
rental income the Company  receives from its tenants.  As a result,  the Company
has 71% of its  long-term  debt  outstanding  at March 31,  2000 at fixed  rates
(including  the debt affected by the interest rate cap  agreement).  The Company
may, as market  conditions  warrant,  enter into additional fixed rate long-term
debt instruments on either a secured or unsecured basis.

A tabular presentation of interest rate sensitivity is as follows:
<TABLE>
<CAPTION>
                                                             Interest Rate Sensitivity
                                                       Principal Amount by Expected Maturity
                                                               Average Interest Rate

                                           2000 (1)        2001       2002       2003      2004   Thereafter
<S>                                          <C>         <C>        <C>       <C>       <C>         <C>
Liabilities:
Fixed Rate
     Mortgage loans payable                  $1,886      $2,660     $2,851    $13,861    $5,440      $72,818
     Average interest rate                    6.97%       6.97%      6.97%      7.06%     7.86%        6.87%
Fixed Rate
     Bank loan payable                                  $50,000
     Average interest rate(2)
Variable Rate
     Bank loan payable                                  $57,000
     Average interest rate (3)
     Bonds payable                             $280        $310       $340       $375      $415       $2,830
     Average interest rate                      (4)         (4)        (4)        (4)       (4)          (4)

</TABLE>

(1)  For the period April 1, 2000 to December 31, 2000.
(2)  The maximum  interest rate on this loan is 7.3%. The average  interest rate
     for 2000 was 7.3%.
(3)  The  current  interest  rate on this  debt is  LIBOR + 1.15%.  The  average
     interest  rate for this loan for 2000 was 7.43%.  (3) The interest  rate on
     the bonds payable is reset weekly.  After  factoring in credit  enhancement
     costs for the bonds, the average interest rate in 2000 was 5.24%.


<PAGE>


Part II Other Information

Item 2. Changes in Securities (Dollars in thousands)

During the quarter  ended March 31,  2000,  the Company  issued  4,181 shares of
common  stock  pursuant to the  exercise of  outstanding  share  options with an
aggregate  exercise price of $52. These shares were issued to the  optionholders
pursuant to exemptions from the registration  requirements of the Securities Act
of 1933, as amended (the "Act")  provided by Section 4(2) of the Act or Rule 701
thereunder.

Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits

The following exhibits are attached hereto:

Exhibit
Number                                      Description of Document

27.1                                        Financial Data Schedule


(b)      Reports on Form 8-K:

                  None


<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.





                                                               Great Lakes REIT.
                                                                    (Registrant)






Date: May 10, 2000                                               /s/ James Hicks
                                           Chief Financial Officer and Treasurer
                                    (Principal Financial and Accounting Officer)