Read about the latest deals in Chicago this week.
Absorption also increased as tenants regained confidence in the economy.
Developers delivered 33M SF of speculative industrial product last year, only 29% of which was leased at the end of the first quarter.
Asking rents have gone up, but Chicago landlords are forking over record concession packages, driving down net effective rents.
Despite some more upbeat analysis, the life sciences real estate world still suffers from too much supply and not enough demand.
Increasingly complicated supply chains and the rise of third-party solutions are leading more deals to die at the finish line, after a broker's done the work.
The first quarter's 12.2M SF of office leases pushed office availability down to 17.7% from 20.1% a year ago.
Leasing volume was at a three-year high in 2024, while the final quarter of the year saw positive absorption for the first time since the beginning of 2022.
Empyrean Benefit Solutions Inc. is reducing its headquarters from 107K SF to about 42K SF while staying in West Houston.
Pennsylvania Gov. Josh Shapiro's proposed budget includes $30M in funding for the life sciences sector.
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