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Chicago Jobs Way Up

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Chicago Jobs Way Up

CBRE Global President, Transaction Services Jack Durburg,

We know jobs are on everyone's minds (not just political candidates). CBRE global transaction services prez Jack Durburg, also a paenlist at our State of the Market, has some good news for Chicago office properties: the growth of “office-using” jobs in the city is way up. Through June, 38,000 new jobs were created compared with 18,000 for all of ’11, and far above the average growth rate of 9,000 jobs a year. The city’s Class-A vacancy rate is 13.2% and there isn’t a significant amount of new construction under way, Jack says. One reason: rents for new buildings are $63/SF to $71/SF gross, which leaves room for rent growth before a new wave of development.
 
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