Chicago Vacancy Sets Record With New Development

Chicago city skyline; photo via Pixabay

The Real Deal reports that demand for Chicago offices is building in the post-pandemic situation, but notes that new supply is growing faster and buildings are staying empty. Sources said in April that the conundrum is a result of a new record-high vacancy rate of 21.2% in the city’s CBD — the second-largest in the nation — at the end of March, according to sources. That amount is up from 19.7% on January 1, and the previous historic high of 20% set in the third quarter of last year. Recent reports suggest the vacancy-rate increase was driven by new supply hitting the market, rather than tenants pulling out of offices. For example, the new, 1.5-million ft2 BMO Tower by Union Station has been completed but still has almost half the building available. At least three other new developments are also mostly empty, adding a total of 8% more space than was available at the end of 2021. Before the pandemic, the CBD’s vacancy rate was 13.8%, and new records were set in four of the past five quarters, officials have reported.

Get more of Elevator World. Sign up for our free e-newsletter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

Wen

KONE Appoints Wen As EVP Procurement and Board Member

Husband

Husband Appointed Incoming CECA Supplier Director

Panoramic MRL elevators serve the new CKG terminal; image courtesy of TKE.

TKE Supplies 102 VT Units For New CKG Terminal in China

(l-r) John Stopes, Johannes de Jong and Michiel de Moel at the signing ceremony

Elevating Studio and The VT Studio Join Forces

Sobha Central; image courtesy of Sobha Realty

Sobha Realty Launches Major New Dubai Development

Alvarado

Bill Requiring Elevator Repairs Dies in Texas Legislature

TÜRKIYE’S AYSAD HOLDS 54TH ORDINARY GENERAL ASSEMBLY

Türkiye’s AYSAD Holds 54th Ordinary General Assembly

Elevator Service Inc. logo

ESI Acquires Oklahoma-Based American Elevator