Suburban Office Vacancy Improves, CBD Vacancy Rises

Here is NAI Hiffman’s market review for the first quarter of 2015.

Suburban office market fundamentals improved:

  • Positive net absorption of 360,000 SF
  • Improved vacancy rate at 18.19%
  • Strong demand for class “A” space

The CBD office market weakened slightly:

  • Negative net absorption of 190,000 SF
  • Vacancy rate rose to 12.08%
  • Weakened demand for class “B” space

Chicago’s industrial market continued to experience improving market fundamentals:

  • Positive net absorption of 3 million SF
  • Vacancy rate improved to 7.84%
  • Construction completions total 3 million SF
  • 12.7 million SF under construction