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Cloudy With a Chance of Job Growth

Cloudy With a Chance of Job Growth
New jobs are coming to Chicago and with them new leases for office space and a positive attitude for brokers. But there's still a little cloud: fundamentals, like uncertainty in the stock market and financial distress overseas, are making some companies hesitate, says Jones Lang LaSalle's Steve Smith. He's speaking at our Bisnow State of the Market on Sept. 20 at the Intercontinental Hotel.
Steve Smith
Steve's team focuses on building owner rep in the CBD and has seen tightening demand for good-view Class-A office space over the last year, especially with companies like United, Groupon, and GE growing their staffs by hundreds in Chicago. (And these companies don't want their employees looking at alleys.) Right now, there's probably just three to five blocks of contiguous space over 200k SF available, Steve says. Chicago has had a history of building fast after the end of a recession, but with no new office space coming on the market this year and nothing under construction, the Windy City should see occupancy increase in 2014 or 2015, when tenants are likely to be in growth mode again.
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