After the 2008 financial crisis, Chicago’s office space industry was
relatively slow. Few new business centers were being opened, while many spaces
decided to close their doors.
When this happens, usually rent prices drop and companies who have
the capacity can take advantage of the situation and will move to lock a good
deal, however that didn’t happen in Chicago. The expected bargains never came,
construction of new buildings slowed down, companies decided not to move and
vacancy rate went up. A situation that lasted long but finally last month there
was a decrease in the vacancy rate.
This year started with some interesting activity. According to REIS reports, vacancy
rates decreased from 19.1% to 18.7%. And recently law office McDermott Will
& Emery announced it would be renting in 444 West Lake Street office tower being
built in Chicago, one of the largest office projects being built in the city.
That’s an important confidence vote to the city. The space will be 225,000 sqft
and is one of the biggest office projects in Chicago.
This means that the tendency may be changing and it would probably
be a good time to start quoting and considering the idea of moving before
prices go up. Contact OfficeList for additional information about available office space in Chicago
Labels: chicago office news, Chicago office space