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Chicago Commercial Real Estate

Slowing down

The CBD office market is finally starting to show signs of a downturn as financial companies giving back or subleasing space helped cause a rise in vacancy from 12.5 to 13.3 percent, according to a  CBRE report. This is the largest single-quarter jump  in vacancy in four years. JP Morgan Chase, Bank of America, Bear Stearns and Washington Mutual  were among those who left 1M-SF in sublease space. Also adding to the vacancy was the addition of Hines' 300 N. LaSalle, which had 800k-SF of its total 1.35m-SF occupied.  The largest lease of the quarter was 260k-SF at the AON Center  to KMPG LLP.

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