Marcus & Millichap

Chicago Local Office Report

Second Quarter 2019

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Urban Core Attracts Builders and Investors; Construction Hits Highest Point in a Decade

Builders flock to thriving Downtown Chicago. Urban job creation is fueling the downtown office market as major corporations continue adding high-wage jobs to the area. While neighborhoods like Fulton Market, Lincoln Park and West Loop grab headlines, other parts of the core are also performing well. Uptown Chicago as well as Logan Square and its adjacent communities are witnessing significant rental gains as limited supply growth intensifies demand and owners make space upgrades to further amenitize their properties. Most of this year’s urban deliveries are confined to Fulton Market in addition to several completions in and around Goose Island. Downtown Chicago remains the focal point for metro developers, who added more than 6 million square feet of space over the past five years as they tried to alleviate rapidly tightening vacancy.

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