Free Chicago Office Market Report

At BYOBroker we know that information is power, and our mission is to provide our clients with the same information that professional commercial real estate brokers use.  In the same spirit, another brokerage house, Jones Lang LaSalle, recently published a free report that gives commercial office tenants a chance to see behind the curtain of the Chicago office market.  The report features information on average rental rates and vacancies for 54 downtown buildings and shows vacancy on a floor by floor basis.  It also provides an analysis of occupancy trends by building class (A,B and C) as well as their take on where the market is and where it’s headed.  For a free copy, send an e-mail request to: Chicago.Skyline@am.jll.com

JLL Graphic

For more information see David Roeder’s article in today’s Sun-Times: http://www.suntimes.com/business/roeder/10943558-452/take-a-peek-at-where-chicago-office-space-rentals-are.html

Office Market Improving?

Jones Lang LaSalle is reporting that the national office market is showing signs of a rebound in demand for office space.  Well, at least it was before the last round of economic news.  Forget what we know about the latest bit of job news that we got today–that the US added NO new jobs in August–this report says that things had been trending in the other direction.  According to the report, nationwide office vacancy dropped from 18.4% down to 18.1%, with most markets showing a decline in available space.  With 11 million square feet of positive absorption in the second quarter, the trend was almost triple the 4.3 million of absorption in the first quarter.  This all pointed to an improving office market which, as a lagging indicator of the economy, meant that businesses were feeling positive about the economy and picking up space to hire additional employees.  The question now is will this trend continue?

Read the full article here: http://www.globest.com/news/1991_1991/chicago/313616-1.html?ET=globest:e27124:483812a:&st=email