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Downtown office absorption rates remained strong in July, according to the latest MB Real Estate Index. The index, which looks at the direct vacancy rates of the 30 newest Class-A offices greater than 300k SF in the CBD, is an indicator of the overall state of the Chicago office market.
Vacancy rates in the CBD dipped incrementally to 13.49%, from 13.55% in June. The past three months have seen a rash of new leases as the trend of companies relocating from the suburbs to downtown continues. The most recent announcement was Motorola Solutions' decision to move from Schaumburg to 500 W Monroe. The American Marketing Association is entering the submarket with 22k SF at 130 E Randolph.
But the influx is balanced by firms consolidating office space. Deloitte is returning a sizable portion of office space at 111 S Wacker. Baxalta is moving into 80k SF over two floors at 540 W Madison.
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