Monday, October 1, 2007

Chicago office vacancies: we're (still) going down, down down

Seven quarters in a row, says CB Richard Ellis. It is nice to see this kind of absorption, as Chicago was in some ways more like Dallas than New York in terms of vacancies and rents.

And Tom Corfman is also telling us that there are fewer LaSalle layoffs than planned ("only" 2500?), thus meaning "only" 500-600,000 sf on the market. The less good news is that you have buildings under construction, but that is a couple of years away.

Looks like, at least to me, the "crisis" is not affecting leasing, at least not yet. So, continue to be prepared for rent hikes over the near term.