East Loop Posts Record Low Office Vacancy In Q1
Now that we're into the second quarter, we're starting to see the stronger real estate sectors coming into focus. Investors and tenants were bullish on downtown office leasing in Q1, according to a report by JLL.
What may be most surprising is the activity in the East Loop. It's the hottest downtown submarket, thanks to nearby hotel and retail development. Activity was centered at Aon Center, with Kraft Heinz's move to Chicago's third-largest building from Northfield leading the charge, followed by JLL's own expansion, and Zeno Group.
Overall, the CBD's vacancy rate fell to 11.5% from 12.4% in Q4 2015. That's a record low Class-A vacancy and the largest positive net absorption recorded.