Our Services Case Studies Portfolio Insights News Research Blog Company Contact NEWS RESEARCH BLOG MBRE INDEX: CHICAGO CBD Q4 2021 November 18, 2021 MB Real Estate has released the 4th Quarter Market Index for 2021, a quarterly report published by our Research team that analyzes the state of Chicago's office market based on MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). The direct vacancy rate of the MBRE Market Index decreased by 63 basis points to 11.1%, and leasing activity has picked up since the last report. The total vacancy rate of the index, with available sublease space, increased by 73 basis points to 16.8%. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q3 2021 October 20, 2021 There was a total of 1,088,220 square feet of negative absorption in the CBD in the third quarter, bringing the 2021 year-to-date total down to negative 2,818,560 square feet. The overall direct vacancy rate in the CBD increased by 73 basis points to 16.80% at the end of the third quarter from 16.07% at the end of the first quarter. The total vacancy rate, including sublease space, increased by 72 basis points to 20.67%. The overall direct vacancy rate for the suburbs increased by 7 basis points from 22.66% at the end of the second quarter to 22.74% at the end of the third quarter of 2021. The total vacancy rate, including sublease space, increased by 20 basis points to 26.02%. There was a total of 229,635 square feet of negative absorption in the suburban market in the third quarter, bringing the year-to-date total down to negative 1,504,214 square feet. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q3 2021 October 04, 2021 MB Real Estate has released the 3rd Quarter Market Snapshot for 2021, a quarterly report published by our Research team. There was a total of 1,088,220 square feet of negative absorption in the CBD in the third quarter of 2021, bringing the year-to-date absorption total down to negative 2,818,560 square feet. The overall direct vacancy rate in the CBD increased by 73 basis points to 16.8% at the end of the third quarter from 16.07% at the end of the second quarter. The total vacancy rate, including sublease space, increased by 72 basis points to 20.67%. Chicago’s suburban market had 229,634 square feet of negative absorption, bringing the year-to-date total down to negative 1,504,214 square feet. The suburban overall direct vacancy rate increased by seven basis points to 22.74%, and the total vacancy rate increased by 20 basis points to 26.02%. The third quarter’s large amount of negative absorption in the CBD was expected. Bank of America vacated almost 750,000 square feet at 135 S. LaSalle after relocating to the new office tower at 110 N. Wacker at the end of 2020. The lack of leasing activity in 2020 meant that there was no positive absorption to offset that large vacancy. Although leasing activity has risen compared to earlier parts of the pandemic, it is still not close to pre-pandemic levels. The amount of available sublease space in the CBD contracted by 3,515 square feet in the third quarter, the first quarter of the pandemic to not see the sublease market grow. PDF MBRE SUBLEASE REPORT: CHICAGO CBD SEPTEMBER 2021 September 09, 2021 The amount of available sublease space in the Chicago CBD office market increased by 78% between the first quarter of 2020 and the second quarter of 2021 to a historic high of 5,812,002 sf and a total vacancy rate of 20%. However, the rapid growth of the market is subsiding. There is now 5,814,537 sf of available sublease space, which is only 2,535 sf more than there was at the end of the second quarter of 2021. While the supply of sublease space seems to have stabilized, the demand for sublease space is beginning to grow. There has been 321,392 sf of space subleased so far in the third quarter of 2021, which is more than the average of 300,157-sf-per-quarter of space subleased over the ten years prior to the pandemic. This subleasing activity accounts for approximately 24% of all leasing activity seen so far in the third quarter. PDF MARKET INDEX: CHICAGO CBD Q3 2021 August 23, 2021 MB Real Estate has released the 3rd Quarter Market Index for 2021, a quarterly report published by our Research team that analyzes the state of Chicago's office market based on MBRE's proprietary vacancy index. The direct vacancy rate of the MBRE Market Index increased by 48 basis points to 11.7% since the last report. The total vacancy rate of the index, with available sublease space, increased by 81 basis points to 15.5%. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q2 2021 July 21, 2021 The office market is continuing to feel the effects of the sharply decreased leasing activity seen in 2020. There was a total of 667,319 square feet of negative absorption in the CBD and 526,154 square feet of negative absorption in the suburban market in the second quarter. The overall direct vacancy rate increased by 71 basis points to 16.07% in the CBD and 38 basis points to 22.29% in the suburbs. The negative absorption and increased vacancy will begin to subside later in 2021, and leasing activity should continue to accelerate. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q2 2021 July 01, 2021 MB Real Estate has released the 2nd Quarter Market Snapshot for 2021, a quarterly report published by our Research team. There was a total of 667,319 square feet of negative absorption in the CBD in the second quarter of 2021, bringing the year-to-date absorption total down to negative 1,730,340 square feet. The overall direct vacancy rate in the CBD increased by 71 basis points to 16.07% at the end of the second quarter from 15.36% at the end of the first quarter. The total vacancy rate, including sublease space, increased by 75 basis points to 19.95%. The office market is continuing to feel the effects of the sharply decreased leasing activity seen in 2020. The negative absorption and increased vacancy are likely to continue in 2021. Though leasing activity has increased from the extremely low levels seen in 2020, it is still less than half as much as it generally was pre-Covid. The sublease market has likely reached a peak of availability and will hopefully begin to subside in 2021. PDF MBRE SUBLEASE REPORT: CHICAGO CBD JUNE 2021 June 14, 2021 As vaccinations bring hope for an end to the pandemic, it seems that the sublease market may be beginning to cool off. After 12 months of continued growth, the sublease market has begun to contract. Though some large new blocks of sublease space have been added to the market, like 89,492 sf of Velocity EHS’s space at the Merchandise Mart, other large blocks, such as Groupon’s 293,559 sf at 600 W. Chicago, have been removed. PDF MARKET INDEX: CHICAGO CBD Q2 2021 June 09, 2021 MB Real Estate has released the 2nd Quarter Market Index for 2021, a quarterly report published by our Research team that analyzes the state of Chicago's office market based on MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). The direct vacancy rate of the MBRE Index increased by 70 basis points to 11.3% since the last report. The overall CBD direct vacancy rate increased by 114 basis points to 15.4% at the end of the first quarter, leaving a 4.1-percentage-point gap between the vacancy rates. Since the last report, 800 W. Fulton was constructed in River West and added to the index. PDF MARKET BEAT: FULTON MARKET'S OFFICE SPACE OUTLOOK June 01, 2021 Before COVID-19 hit in early 2020, Fulton Market was the darling of the Chicago office market. Then almost 2 million sf of new office inventory was added to the market just when leasing activity came to a near standstill. The area’s vacancy rate, which has historically been extremely low, is now the highest in the Chicago CBD. With the pandemic beginning to subside and the office market reawakening in 2021, where does Fulton Market currently stand? PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q1 2021 April 20, 2021 MB Real Estate has released the 1st Quarter Chicago Market Overview for 2021, a quarterly report published by our Research team. There was a total of 942,016 square feet of negative absorption in Chicago’s CBD in the first quarter of 2021. The overall direct vacancy rate in the CBD increased by 114 basis points to 15.36% at the end of the first quarter from 14.22% at the end of 2020. The total vacancy rate, including sublease space, increased by 135 basis points to 19.20%. T The overall direct vacancy rate in Chicago’s suburban market increased by 69 basis points from 21.6% at the end of the 2020 to 22.29% at the end of the first quarter of 2021. The total vacancy rate, including sublease space, increased by 112 basis points to 25.39%. There was a total of 748,426 square feet of negative absorption in the suburban market in the first quarter, with negative absorption in all submarkets. PDF MARKET SNAPSHOTS: CHICAGO AND SUBURBS Q1 2021 April 01, 2021 MB Real Estate has released the 1st Quarter Market Snapshot for 2021, a quarterly report published by our Research team. Chicago’s CBD office market experienced a total of 942,016 square feet of negative absorption in the first quarter of 2021, as the lack of leasing activity in 2020 led to few tenant move-ins in 2021. Chicago’s suburban office market had 742,426 square feet of negative absorption in the first quarter of 2021, and the direct vacancy rate increased by 69 basis points to 22.29%. The office market is beginning to show signs of life after being in a near dormant state during the pandemic. However, the absorption and vacancy rate market indicators, which are generally delayed in the office market, are now beginning to reflect the challenges experienced in 2020. In 2021, we will begin to more fully understand how the changes in office usage brought on by widespread acceptance of remote work will affect the office market long term. PDF MBRE SUBLEASE REPORT: CHICAGO AND SUBURBS, MARCH 2021 March 17, 2021 The Chicago CBD office sublease market has grown by over 2.3 million sf since the onset of the pandemic. There is now 5,663,660 sf of available sublease space, representing approximately 3.8% of the total CBD office inventory. That is more available sublease space than the previous historic high of 4,201,801 sf, created by the Great Recession in 2009. There are now 23 available subleases larger than 50,000 sf in the market, up from five at the end of the first quarter of 2020. The newest additions are Hyatt’s 53,058 sf at 150 North Riverside and Groupon’s 293,559 sf (which increased from the 150,000 sf Groupon put on the market a year ago) at 600 West Chicago. Chicago’s suburban office market did not see the sharp increase in available sublease space that the CBD market did early in the pandemic, but it is now growing rapidly. The total amount of suburban sublease space is 3,440,926 sf, an increase of 441,678 sf so far this year. There are 19 available subleases larger than 50,000 sf in the suburban market, up from six at the end of the first quarter of 2020 when the pandemic began and ten at the end of 2020. The newest additions are Amita’s 222,733 sf at 2601 Navistar Lane in Lisle, Experian’s 177,557 sf at 955 American Lane in Schaumburg, and Follet Corporation’s 150,423 sf at 3 Westbrook Corporate Center in Westchester. PDF MARKET INDEX: CHICAGO CBD Q1 2021 February 24, 2021 The direct vacancy rate of the MBRE Index increased by 1.9 percentage points to 10.6% since the last report. The overall CBD direct vacancy rate increased by 79 basis points to 14.2% at the end of the fourth quarter, leaving a 3.7-percentage-point gap between the vacancy rates. PDF MBRE SUBLEASE REPORT: CHICAGO CBD, FEBRUARY 2021 February 12, 2021 The Chicago CBD office sublease market has grown by over two million SF since the onset of the pandemic. There is now 5,527,473 SF of available sublease space, representing approximately 3.7% of the total CBD office inventory. That is more available sublease space than the previous historic high of 4,201,801 SF, created by the Great Recession in 2009. There are now 19 available subleases larger than 50,000 SF on the market, up from five at the end of the first quarter. The newest additions are Yelp’s 59,852 SF at The Merchandise Mart, Morgan Lewis’s 55,092 SF at 77 W Wacker, and Uber’s 142,000 SF (which increased from the 65,000 SF Uber put on the market a year ago) at The Old Post Office. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q4 2020 January 21, 2021 There was 855,143 square feet of positive absorption in the CBD in the fourth quarter of 2020, and there was a total of 552,666 square feet of negative absorption in the suburban market in the fourth quarter. The total vacancy rate, including sublease space, increased by 127 basis points to 17.85% in the CBD and 79 basis points to 24.27% in the suburbs. The office market continues to show signs of economic downturn due to the coronavirus pandemic. The full impact will only become apparent when absorption and vacancy rates are affected in the coming years, as leases expire and tenants shed space. PDF MARKET SNAPSHOTS: CHICAGO AND SUBURBS Q4 2020 January 04, 2021 MB Real Estate has released the 4th Quarter Market Snapshot for 2020, a quarterly report published by our Research team. Chicago’s CBD office market ends 2020 in a precarious position, with a historic amount of available sublease space and extremely limited leasing and investment activity. Though there was 855,143 square feet of positive absorption due to tenants moving into new developments, we are likely to see significant negative absorption next year as they vacate their existing spaces. The direct vacancy rate increased by 79 basis points in the fourth quarter, ending the year at 14.22%. This increase was due to new inventory added to the market, almost half of which is vacant. Chicago’s suburban office market had 552,666 square feet of negative absorption in the fourth quarter and the direct vacancy rate increased by 48 basis points to 24.27%. Though the suburban office market has not seen the huge increase in available sublease space the CBD market has, it has seen a similar drop off in leasing and investment activity. PDF MBRE SUBLEASE REPORT: CHICAGO CBD, DECEMBER 2020 December 16, 2020 The Chicago CBD office sublease market has grown by over two million SF since the onset of the pandemic. There is now 5,282,467 SF of available sublease space, representing approximately 3.6% of the total CBD office inventory. That is more available sublease space than the previous historic high of 4,201,801 SF, created by the Great Recession in 2009. There are now 17 available subleases larger than 50,000 SF on the market, up from five at the end of the first quarter. The newest addition is Facebook’s 103,760 SF at 191 N. Wacker. PDF BEST OF 2020: TOP COMMERCIAL REAL ESTATE DEALS December 09, 2020 The research team at MB Real Estate has compiled a list of the 10 highest-profile office market transactions in Chicago in 2020, from the largest investment sale to the largest migration. Despite 2020’s unique setbacks, several previous CRE records were matched, or in some instances, surpassed. In particular, the tallest office development in 30 years was completed in downtown Chicago and the record for the highest SF price was shattered. PDF MARKET INDEX: CHICAGO CBD Q4 2020 November 20, 2020 The direct vacancy rate of the MBRE Index increased by 50 basis points to 8.67% since the last index report. The total vacancy rate of the MBRE Index, with available sublease space, is 10.95%. Sterling Bay sold the McDonald’s 575,208-sf headquarters at 1045 W. Randolph, which was added to the index in 2018, for $412 million in October. PDF MBRE SUBLEASE REPORT: CHICAGO CBD, NOVEMBER 2020 November 11, 2020 The Chicago CBD office sublease market has grown by almost 50% since the onset of the pandemic. There is now 4,867,101 SF of available sublease space, representing approximately 3% of the total CBD office inventory. That is more available sublease space than the previous historic high of 4,201,801 SF, created by the Great Recession in 2009. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q3 2020 October 23, 2020 The office market is continuing to show signs of the economic downturn due to the coronavirus pandemic with decreased leasing and investment activity and an increase in available sublease space. There was a total of 62,966 square feet of negative absorption in the CBD in the third quarter of 2020. Chicago’s suburban office market experienced 585,380 square feet of negative absorption in the third quarter and a direct vacancy rate of 21.12%. PDF MARKET SNAPSHOT: CHICAGO CBD AND SUBURBS Q3 2020 September 30, 2020 The CBD office market had 62,966 sf of negative absorption in the third quarter. The direct vacancy rate increased by only 2 basis points to 13.43%. The amount of available sublease space increased by 916,804 sf to a historic high total of 4.6 million sf, bringing the total vacancy rate to 16.58%. Chicago’s suburban office market experienced 585,380 square feet of negative absorption in the third quarter, and a direct vacancy rate of 21.12%. Leasing and investment sales activity continued to be extremely slow this quarter, as pandemic-related uncertainty continues to cause economic devastation. PDF MBRE SUBLEASE REPORT: CHICAGO CBD, SEPTEMBER 2020 September 15, 2020 The Chicago CBD office sublease market has been expanding rapidly since the onset of the pandemic. There is now 4,351,909 SF of available sublease space – over a million square feet more than there was at the end of the first quarter of 2020. This is also more available sublease space than the Great Recession created in 2009, which reached a high of 4,201,801 SF. There are now 20 subleases larger than 50,000 SF on the market, up from 5 at the end of the first quarter. The newest additions include Cars.com’s 52,752 SF at 300 S. Riverside and Ronin Capital’s 71,862 SF at 350 N Orleans. PDF MARKET INDEX: CHICAGO CBD Q3 2020 August 27, 2020 The direct vacancy rate of the MBRE Index increased by 1.2 percentage points to 8.2% since the last index report. The increase in vacancy is primarily due to 24 E Washington replacing 515 N State on the index. The Index will continue to change as two new buildings replace older buildings upon completion later this year. PDF NEW – MBRE SUBLEASE REPORT: CHICAGO CBD, AUGUST 2020 August 11, 2020 MBRE Research is pleased to introduce our first-ever Chicago CBD Sublease Report. The pandemic and subsequent economic recession have led to a rapid expansion of the sublease market as companies rethink space needs and cut costs. This rapid expansion means the sublease market will play a more significant role in the office market in the coming years. There are currently 325 subleases available for a total of 4,050,318 SF of space in the Chicago CBD. In 2020, 1.2 million SF of available sublease space has been added, a 43% increase since the end of 2019. The West Loop submarket has the largest share of available sublease space, with 40% of the total square footage. The River West submarket has the smallest share, with only 7% of the CBD’s total available sublease space, but the 303,512 SF currently available represents a 654% increase from the end of 2019. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q2 2020 July 23, 2020 In the second quarter of 2020 in the Chicago CBD, there was a total of 38,175 square feet of positive absorption, and the overall direct vacancy rate and total vacancy rate both increased. Though the full impact of the coronavirus pandemic will only become apparent in the coming years, the office market is starting to show signs of an economic downturn with decreased leasing and investment activity. In the suburbs the overall direct vacancy rate increased by 5 basis points to 20.61% in the second quarter, and there was a total of 88,273 square feet of negative absorption. Read the full report for more information. PDF MARKET SNAPSHOT: CHICAGO CBD AND SUBURBS Q2 2020 July 01, 2020 The CBD office market had 38,175 sf of positive absorption in the second quarter. The direct vacancy rate increased by 72 basis points to 13.41% due to unleased new inventory added to the market. The amount of available sublease space increased by 424,848 sf to a total of 3.7 million sf, bringing the total vacancy rate to 15.94%. Chicago’s suburban office market experienced 372,953 square feet of negative absorption in the second quarter, and a direct vacancy rate of 20.6%. MBRE Leasing and investment sales activity was slow this quarter, as pandemic-related economic uncertainty caused companies to reevaluate their plans for the future. PDF MARKET INDEX: CHICAGO CBD Q2 2020 June 04, 2020 The direct vacancy rate of the MBRE Index decreased by 3.4 percentage points to 6.9% since the last index report. The Index vacancy rate decreased by such a large margin because the buildings included in the inventory changed, with a new 553,412-sf development replacing the oldest building in the Index, a 1.3-million-sf building. The Index will continue to change as three new buildings replace older buildings upon completion later this year. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q1 2020 April 20, 2020 There was a total of 625,394 square feet of positive absorption in the CBD in the first quarter of 2020. The overall direct vacancy rate in the CBD decreased by 11 basis points to 12.69% at the end of the first quarter from 12.80% at the end of the fourth quarter. The overall direct vacancy rate for the suburbs increased by 46 basis points from 20.10% in the fourth quarter to 20.56% at the end of the first quarter of 2020, and there was a total of 284,680 square feet of negative absorption in the suburban market. The office market is expected to undergo significant changes in the near and long term future as the coronavirus pandemic causes a major economic downturn and requires a transformation of social and business interactions. MBRE Research will continue to closely monitor the trajectory of the Chicago office market. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q1 2020 April 06, 2020 In the first quarter of 2020, there was 625,394 square feet of positive absorption In Chicago’s Central Business District, and a direct vacancy rate of 12.7%, an 11-basis-point decrease from the end of 2019. This strong start to the year will certainly be affected by COVID-19 in the second quarter. Chicago’s suburban office market went in a different direction with 284,680 square feet of negative absorption in the first quarter, and a direct vacancy rate of 20.6%, a 46-basis-point increase from the end of 2019. MBRE Research will continue to monitor the direction of the local office market. PDF MARKET INDEX: CHICAGO AND SUBURBS Q1 2020 March 02, 2020 The direct vacancy rate of the MBRE Index decreased by 70 basis points to 9.7% since the last index report. At least four new office developments will be added to the index in 2020: 333 N. Green, the Macy’s redevelopment, 110 N. Wacker, and 167 N. Green. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q4 2019 January 31, 2020 The CBD’s office market ended the year with another strong quarter. There was 823,378 square feet of positive absorption bringing the total absorption for 2019 to 2,057,655 square feet, the most absorption seen since 2007. There was plenty of leasing activity, setting the CBD up for a strong 2020 as well. Meanwhile, the suburban office market had only 64,625 square feet of positive absorption in the fourth quarter, finishing the year with a net absorption of negative 441,934 square feet. Suburban leasing activity continues to be sluggish. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q4 2019 January 14, 2020 MB Real Estate has released the 4th Quarter Market Snapshot for 2019, a quarterly report published by our Research team on the Chicago CBD and suburbs. There was a total of 823,378 square feet of positive absorption in the Chicago CBD in the fourth quarter, bringing the 2019 total up to 2 million square feet—the most absorption the CBD has seen since 2007. The vacancy rate increased by 95 basis points to 12.80% due to new inventory. Meanwhile, the overall direct vacancy rate for the suburbs decreased by 24 basis points to 20.1 percent in the fourth quarter and there was a total of 64,626 square feet of positive absorption, which brought total absorption for 2019 to negative 441,934 square feet. PDF BEST OF 2019: TOP COMMERCIAL REAL ESTATE DEALS December 16, 2019 MB Real Estate’s research team has compiled the Best of 2019, a list comprised of the 10 highest-profile commercial real estate transactions in the Chicago region. We’ve listed deals that include the largest investment sale, the largest company migration to the CBD, the most expensive sale in Chicago history, and more. PDF MARKET INDEX: CHICAGO AND SUBURBS Q4 2019 November 20, 2019 The MBRE Index is comprised of the last 30 office buildings greater than 300,000 square feet built in the CBD, and serves as a leading indicator of office market conditions. Tenants began moving into the Old Post Office redevelopment in October and the building has been added to the MBRE Index. The addition of the Old Post Office, which is 56 percent leased, increased the direct vacancy of the MBRE Index by 2.9 percentage points to 11.6 percent since the last index report. PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q3 2019 October 25, 2019 There was a total of 711,494 square feet of positive absorption in the CBD in the third quarter of 2019 bringing the year to date total to 1,234,278 square feet. The overall direct vacancy rate in the CBD decreased by 61 basis points in the third quarter to 11.84 percent. The overall direct vacancy rate for the suburbs decreased by 15 basis points to 20.34 percent in the third quarter and there was a total of 164,344 square feet of positive absorption. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q3 2019 October 02, 2019 The CBD’s total absorption for 2019 is up to 1.2 million square feet and the direct vacancy rate is down to 11.8%. The pace of investment sales continued to be slow in the third quarter, but Chicago’s all time highest price per square foot was paid for an office building in Fulton Market. The Post Office redevelopment has been attracting the largest new deals, with Uber signing on for 463,000 square feet. In the third quarter, vacancy decreased to 20.3% and there was 164,344 square feet of positive absorption in the Chicago Suburbs. PDF MARKET INDEX: CHICAGO AND SUBURBS Q3 2019 August 30, 2019 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q2 2019 July 31, 2019 There was a total of 307,841 square feet of positive absorption in the CBD in the second quarter of 2019 bringing the year to date total to 522,784 square feet. The overall direct vacancy rate in the CBD decreased by 20 basis points in the second quarter to 12.45 percent. The overall direct vacancy rate for the suburbs decreased by 30 basis points to 20.49 percent in the second quarter and there was a total of 61,451 square feet of negative absorption. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q2 2019 July 02, 2019 There was a total of 307,841 square feet of positive absorption in the CBD in the second quarter of 2019. The overall direct vacancy rate in the CBD decreased by 20 basis points to 12.45 percent. There was very little investment sales activity in the second quarter, but 15 properties were put on the market, including Amtrust’s seven property portfolio.Total inventory decreased in the Chicago suburbs during the second quarter, while direct vacancy increased. PDF MARKET INDEX: CHICAGO AND SUBURBS Q2 2019 May 28, 2019 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q1 2019 May 08, 2019 The Chicago CBD office market remained healthy in the first quarter of 2019, with significant leasing activity and an overall direct vacancy rate of 12.7 percent. However there will be approximately 8 million square feet of new inventory added to the market in the next four years, which is likely to cause vacancy rates to rise. Suburban vacancy rates increased and there was negative absorption across all submarkets in the first quarter of 2019. Class A gross market rents continue to rise in the suburbs, and older inventory is being taken off the market through demolition or redevelopment. PDF MARKET BEAT: THE CHICAGO ADVANTAGE FUELS TECH GROWTH APRIL 2019 April 11, 2019 Tech companies are an increasingly important part of the Chicago office market as the city is poised to become a tier one tech destination. Read our full report to learn more. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q1 2019 April 01, 2019 Chicago’s CBD office market had a slow but steady start to 2019, with 214,943 square feet of positive absorption, while Chicago’s suburban office market slid downhill quickly with 609,454 square feet of negative absorption. Vacancy rates in the CBD and Suburban markets remain stable as the CBD continues to add new inventory and the suburban market has obsolete inventory taken off the market. PDF MARKET INDEX: CHICAGO AND SUBURBS Q1 2019 February 25, 2019 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q4 2018 January 31, 2019 Chicago’s CBD office market finished the year with a strong fourth quarter, experiencing 161,805 square feet of positive absorption, bringing the year’s total absorption to 1.3 million square feet. However, the vacancy rate increased by 9 basis points due to new inventory in River West. In Chicago's Suburban office market, the suburban-to-urban migration trend continued in 2018, with Walgreens and Ferrara Candy signing large leases at the Post Office redevelopment in Chicago’s West Loop. If this trend continues, suburban landlords will continue to feel the squeeze from losing large tenants to the CBD. Read our full report to learn more. PDF MARKET BEAT: 4Q 2018 January 02, 2019 MBRE's Q4 Market Beat explores popular and upcoming certifications for commercial buildings that owners can use to bolster investments and attract premium tenants. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q4 2018 January 03, 2019 Chicago’s CBD office market finished the year with a strong fourth quarter, experiencing 161,805 square feet of positive absorption, bringing the year’s total absorption to 1.3 million square feet. However, the vacancy rate increased by 9 basis points due to new inventory in River West. Chicago’s suburban office market also rallied in the fourth quarter, with 338,200 square feet of positive absorption, and overall direct vacancy decrease of 36 basis points. PDF MARKET INDEX: CHICAGO AND SUBURBS Q4 2018 November 26, 2018 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q3 2018 October 29, 2018 Chicago’s CBD office market is returning to equilibrium after the recent additions of new inventory. The direct vacancy rate decreased by 1 basis point to 12.5 percent, with an overall total of 6,895 square feet of positive absorption. The Chicago suburban office market had 572,247 square feet of negative absorption and a 70 basis point increase in the overall direct vacancy rate, ending the quarter at 20.92 percent. PDF MARKET BEAT: Q3 2018 September 28, 2018 MBRE's Q3 Market Beat reviews upcoming bank relocations and their effect on the Central Loop. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q3 2018 October 02, 2018 The Chicago Market Snapshot provides a quick, comprehensive glance at the state of Chicago's suburban office market. PDF MARKET INDEX: CHICAGO AND SUBURBS Q3 2018 August 23, 2018 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q2 2018 July 30, 2018 The Chicago Suburban office market had a surprisingly strong second quarter with 871,534 feet of positive absorption and a 1.25 percentage point decrease in the overall direct vacancy rate. However, without significantly more leasing activity, the market cannot be expected to improve substantially in the upcoming years. PDF MARKET BEAT: Q2 2018 June 27, 2018 MBRE's Q2 Market Beat explores coworking's rapid expansion in Chicago and around the country, and how this trend will continue to radically transform the office market. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q2 2018 July 02, 2018 The Chicago Market Snapshot provides a quick, comprehensive glance at the state of Chicago's downtown office market. PDF MARKET INDEX: CHICAGO AND SUBURBS Q2 2018 May 21, 2018 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF MARKET OVERVIEW: CHICAGO AND SUBURBS Q1 2018 May 03, 2018 Chicago's suburban office market had a positive first quarter, with 319,986 square feet of positive absorption and a 19 basis point decrease in the overall direct vacancy. Despite a good start to the year, the suburban office market still has a significant number of large vacancies. These office developments will need substantial rehabs and added amenities in order to be competitive with today's tenants. Read our full report to learn more. PDF MARKET BEAT: Q1 2018 March 27, 2018 Although Chicago's Suburban office market has struggled to bounce back since the recession, there are clear reasons to be optimistic about its future performance despite what the current data suggests. However, the market is now dominated by businesses looking for quality over quantity, meaning owners of the largest available blocks need to get creative in their approach to finding new tenants. PDF MARKET SNAPSHOT: CHICAGO AND SUBURBS Q1 2018 April 02, 2018 The Chicago Market Snapshot provides a quick, comprehensive glance at the state of Chicago's downtown office market. PDF MBRE UPDATE: 1ST QUARTER 2018 SHADOW SPACE March 08, 2018 The MBRE Update covers current topics in the Chicago office market and provides an updated analysis of MBRE's previous research. In September of 2017, we determined that new developments created approximately 1.6 million square feet of shadow space. This report analyzes how much of that shadow space is now vacant and how much is left now that those developments are completed and more are underway. PDF MARKET INDEX: CHICAGO AND SUBURBS Q1 2018 March 07, 2018 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF 2017 4TH QUARTER CHICAGO CBD & SUBURBAN COMBINED MARKET OVERVIEW February 21, 2018 Chicago’s CBD office market remained strong in the fourth quarter of 2017, while the suburban office market also had a surprisingly strong quarter. The two office markets had direct vacancy rates of 12.26 percent and 21.7% and positive absorption of 177,463 and 622,493 square feet, respectively. PDF 2017 4TH QUARTER CHICAGO SUBURBAN MARKET OVERVIEW February 21, 2018 The Chicago suburban office market had a surprisingly strong quarter, with 622,493 square feet of positive absorption, bringing the 2017 total up to 169,551 square feet. The overall direct vacancy rate decreased from 21.8 percent at the end of the third quarter to 21.7 percent. PDF 2017 4TH QUARTER CHICAGO CBD MARKET OVERVIEW January 25, 2018 Chicago’s CBD office market remained strong in the fourth quarter of 2017 with a direct vacancy rate of 12.26 percent and 177,463 square feet of positive absorption. Total absorption for the year was 924,580 square feet, while the direct vacancy rate increased by 91 basis points from 11.4 percent at the end of 2016 due to increased inventory. PDF 2017 4TH QUARTER CBD SNAPSHOT January 03, 2018 The Chicago Market Snapshot provides a quick, comprehensive glance at the state of Chicago's downtown office market. PDF 2017 4TH QUARTER MARKET BEAT December 20, 2017 The Market Beat is a quarterly report published by our Research team providing insight on a developing trend in Chicago's Central Business District (CBD) office market. This quarter's report covers the recent disappearance of much of downtown's class-C inventory. PDF 2017 4TH QUARTER MARKET INDEX November 13, 2017 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF 2017 3RD QUARTER CHICAGO SUBURBAN MARKET OVERVIEW November 02, 2017 The Chicago Market Overview for the city's suburbs is a comprehensive quarterly report on the current state of the suburban office market. MB Real Estate's Research team combines detailed data with timely insight to give clients an up-to-date market outlook and forecast. PDF 2017 3RD QUARTER CHICAGO CBD MARKET OVERVIEW October 18, 2017 The Chicago Market Overview for the city's Central Business District (CBD) is a comprehensive quarterly report on the current state of the CBD office market. MB Real Estate's Research team combines detailed data with timely insight to give clients an up-to-date market outlook and forecast. PDF 2017 3RD QUARTER CBD SNAPSHOT October 02, 2017 The Chicago Market Snapshot provides a quick, comprehensive glance at the state of Chicago's downtown office market. PDF 2017 3RD QUARTER MARKET BEAT September 26, 2017 The Market Beat is a quarterly report published by our Research team providing insight on a developing trend in Chicago's Central Business District (CBD) office market. This quarter's report covers the next wave of new office projects coming soon to downtown. PDF 2017 3RD QUARTER MARKET INDEX August 24, 2017 The Market Index is a quarterly report published by our Research team that analyzes the state of Chicago's office market based off of MBRE's proprietary vacancy index. The index includes the last thirty Class-A buildings greater than 300,000 square feet constructed in the city's Central Business District (CBD). PDF SOCIALIZE WITH MBRE. 181 W. Madison St., Suite 4700 Chicago, IL 60602 312.726.1700 Privacy Policy Terms of Use © Copyright 2018 MB Real Estate Services Inc.