Chicago's shifting supply and demand. River North Inventory increases 4.2 million square feet of new product as tech tenant demand driving conversions to office due to limited supply.
3. Office Statistics
Chicago | Q3 2016
Class Inventory (s.f.)
Total net
absorption (s.f.)
YTD total net
absorption (s.f.)
YTD total net
absorption (%
of stock)
Direct vacancy
(%)
Total vacancy
(%)
Average direct
asking rent ($
p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
West Loop Totals 46,310,916 -58,700 176,206 0.4% 10.0% 11.0% $39.65 0 3,559,664
Central Loop Totals 37,160,358 25,653 406,748 1.1% 9.3% 10.5% $36.46 0 0
East Loop Totals 24,346,395 65,682 684,387 2.8% 11.7% 12.1% $35.29 0 0
South Loop Totals 1,264,787 2,812 8,652 0.7% 12.9% 12.9% $25.29 0 2,450,000
North Michigan Avenue Totals 11,392,541 130,642 309,870 2.7% 11.2% 11.7% $36.87 0 0
River North Totals 16,243,258 165,385 525,953 3.2% 4.7% 5.1% $41.81 0 80,000
Kennedy West Totals 5,227,866 3,838 -10,521 -0.2% 9.4% 10.6% $32.15 0 1,176,000
Far West Loop Totals 1,709,818 -6,706 14,551 0.9% 11.4% 11.5% $29.95 0 0
Fulton Market Totals 2,871,567 5,985 -37,013 -1.3% 8.6% 10.6% $33.55 0 1,176,000
River West Totals 646,481 4,559 11,941 1.8% 7.7% 7.7% $31.75 0 0
CBD Totals 141,946,121 332,500 2,092,643 1.5% 9.6% 10.4% $37.55 0 7,265,664
Eastern East-West Totals 22,771,680 153,604 362,761 1.6% 14.6% 16.8% $24.58 0 0
Western East-West Totals 14,456,314 -113,269 -75,232 -0.5% 17.2% 19.4% $23.74 0 0
North (Cook County) Totals 9,716,234 -240,517 -175,582 -1.8% 16.2% 16.7% $27.88 0 0
North (Lake County) Totals 15,798,901 117,205 136,637 0.9% 20.7% 21.8% $24.51 0 0
O'Hare Totals 12,458,927 71,272 187,562 1.5% 16.5% 16.9% $24.64 0 0
Northwest Totals 26,022,860 156,358 76,957 0.3% 18.5% 19.6% $22.34 0 1,111,000
Suburbs Totals 101,224,916 144,653 513,103 0.6% 17.3% 18.6% $24.06 0 1,111,000
Chicago Totals 243,171,037 477,153 2,605,746 1.1% 12.8% 13.9% $29.96 0 8,376,664
West Loop A 29,661,434 346,198 553,378 1.9% 8.3% 9.4% $42.46 0 3,559,664
Central Loop A 10,191,682 -145,613 -49,309 -0.5% 9.1% 11.4% $40.71 0 0
East Loop A 5,511,381 14,782 305,957 5.6% 5.9% 6.0% $43.48 0 0
North Michigan Avenue A 2,871,938 4,276 84,120 2.9% 8.0% 8.0% $38.09 0 0
River North A 8,519,690 182,694 475,338 5.6% 2.8% 2.9% $48.64 0 50,000
Kennedy West A 1,072,473 -5,612 -1,802 -0.2% 2.8% 7.5% $32.03 0 0
Far West Loop A 35,462 0 21,959 61.9% 0.0% 0.0% $32.00 0 0
Fulton Market A 852,011 -5,000 -29,457 -3.5% 1.9% 7.8% $36.00 0 1,176,000
River West A 185,000 -612 5,696 3.1% 7.6% 7.6% $30.00 0 0
CBD A 57,828,598 396,725 1,367,682 2.4% 7.3% 8.3% $42.25 0 4,785,664
Eastern East-West A 9,728,397 55,283 2,920 0.0% 12.2% 15.1% $28.03 0 0
Western East-West A 5,534,716 1,012 24,036 0.4% 17.2% 20.4% $27.02 0 0
North (Cook County) A 5,446,551 -260,439 -211,346 -3.9% 20.1% 20.5% $29.39 0 0
North (Lake County) A 11,105,659 107,235 -107,640 -1.0% 21.2% 22.3% $25.14 0 0
O'Hare A 6,732,939 -13,242 11,403 0.2% 13.2% 14.0% $28.60 0 0
Northwest A 15,208,180 22,300 175,463 1.2% 9.1% 10.1% $24.47 0 1,111,000
Suburbs A 53,756,442 -87,851 -105,164 -0.2% 14.6% 16.1% $26.47 0 1,111,000
Chicago A 111,585,040 308,874 1,262,518 1.1% 10.8% 12.1% $31.98 0 5,896,664
West Loop B 14,142,482 -416,148 -432,531 -3.1% 14.5% 15.4% $34.80 0 0
Central Loop B 22,670,390 194,356 465,126 2.1% 9.3% 10.0% $34.94 0 0
East Loop B 12,342,590 27,178 261,151 2.1% 14.2% 14.8% $34.40 0 0
North Michigan Avenue B 5,946,800 106,056 171,463 2.9% 13.0% 14.0% $38.07 0 0
River North B 5,896,409 -6,650 66,792 1.1% 7.5% 8.1% $38.86 0 30,000
Kennedy West B 3,118,569 11,948 -14,627 -0.5% 10.8% 11.1% $32.43 0 0
Far West Loop B 1,230,612 -9,708 -13,616 -1.1% 9.2% 9.2% $29.78 0 0
Fulton Market B 1,517,292 16,485 -7,256 -0.5% 14.5% 15.0% $33.68 0 0
River West B 370,665 5,171 6,245 1.7% 1.1% 1.1% $20.00 0 0
CBD B 64,117,240 -83,260 517,374 0.8% 11.6% 12.4% $35.30 0 30,000
Eastern East-West B 10,550,151 85,537 315,297 3.0% 16.0% 17.9% $20.42 0 0
Western East-West B 7,835,479 -116,714 -108,245 -1.4% 17.6% 19.4% $20.57 0 0
North (Cook County) B 3,455,824 8,566 9,519 0.3% 12.1% 12.1% $23.76 0 0
North (Lake County) B 4,413,995 9,970 244,277 5.5% 20.6% 21.9% $22.86 0 0
O'Hare B 4,218,447 83,786 168,451 4.0% 22.6% 22.7% $21.45 0 0
Northwest B 9,099,934 135,178 -129,751 -1.4% 33.3% 34.4% $21.11 0 0
Suburbs B 39,573,830 206,323 499,548 1.3% 21.1% 22.4% $21.36 0 0
Chicago B 103,691,070 123,063 1,016,922 1.0% 15.3% 16.2% $27.94 0 30,000
200 E Randolph Street Chicago, IL 60601 tel +1 312 228 3189 hailey.harrington@am.jll.com
2016 Jones Lang LaSalle IP, Inc. All rights reserved.
Hailey Harrington Research Manager
4. Chicago | Q3 2016
Class Inventory (s.f.)
Total net
absorption (s.f.)
YTD total net
absorption (s.f.)
YTD total net
absorption (%
of stock)
Direct vacancy
(%)
Total vacancy
(%)
Average direct
asking rent ($
p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
West Loop C 2,507,000 11,250 55,359 2.2% 5.1% 6.0% $32.25 0 0
Central Loop C 4,298,286 -23,090 -9,069 -0.2% 9.5% 10.9% $30.54 0 0
East Loop C 6,492,424 23,722 117,279 1.8% 12.0% 12.2% $30.71 0 0
South Loop C 1,264,787 2,812 8,652 0.7% 12.9% 12.9% $25.29 0 2,450,000
North Michigan Avenue C 2,573,803 20,310 54,287 2.1% 10.5% 10.5% $30.51 0 0
River North C 1,827,159 -10,659 -16,177 -0.9% 4.2% 5.9% $30.61 0 0
Kennedy West C 1,036,824 -2,498 5,908 0.6% 12.0% 12.2% $31.26 0 0
Far West Loop C 443,744 3,002 6,208 1.4% 18.2% 18.6% $28.83 0 0
Fulton Market C 502,264 -5,500 -300 -0.1% 2.3% 2.3% $32.10 0 0
River West C 90,816 0 0 0.0% 35.2% 35.2% $32.42 0 0
CBD C 20,000,283 19,035 207,587 1.0% 9.7% 10.4% $30.07 0 2,450,000
Eastern East-West C 2,493,132 12,784 44,544 1.8% 18.3% 19.0% $15.15 0 0
Western East-West C 1,086,119 2,433 8,977 0.8% 14.9% 14.9% $16.09 0 0
North (Cook County) C 813,859 11,356 26,245 3.2% 8.1% 10.3% $17.63 0 0
North (Lake County) C 279,247 0 0 0.0% 2.4% 2.4% N/A 0 0
O'Hare C 1,507,541 728 7,708 0.5% 13.7% 13.7% $14.61 0 0
Northwest C 1,714,746 -1,120 31,245 1.8% 23.4% 24.6% $17.90 0 0
Suburbs C 7,894,644 26,181 118,719 1.6% 16.4% 17.0% $16.70 0 0
Chicago C 27,894,927 45,216 326,306 1.2% 11.6% 12.3% $24.73 0 2,450,000
Hailey Harrington Research Manager
200 E Randolph Street Chicago, IL 60601 tel +1 312 228 3189 hailey.harrington@am.jll.com
2016 Jones Lang LaSalle IP, Inc. All rights reserved.