There Is Over 1M SF Of Shadow Space In The CBD, And More Is On The Way
The openings of 150 North Riverside and River Point last year added 2.3M SF of new office inventory to the central business district. It also resulted in an increase in shadow space — office space that is leased but empty. According to MB Real Estate's market update released Wednesday, there is 1.1M SF of sublease space in the CBD waiting to be backfilled. Another 1.2M SF will become available over the next three years with the arrivals of 151 North Franklin and 625 West Adams.
The buildings with the largest footprints of direct vacant space are 203 North LaSalle, 71 South Wacker and The Franklin, 222 West Adams and 227 West Monroe. DLA Piper's former office at 203 North Wacker is the largest available former shadow space on the market — 293K SF, which was put on the sublease market after the law firm moved to River Point last year and has not been backfilled. Hyatt Hotels vacated 215K SF at 71 South Wacker when it moved to 150 North Riverside. That space was previously offered as a sublease, and is now on the market as direct space.
The largest addition to shadow space inventory coming will be the 791K SF Bank of America will vacate when it leaves 135 South LaSalle for 110 North Wacker in 2020.