Office Market Climbs in 2nd Quarter

Original Post: 7/8/2016 | Reprinted by: Cawley Chicago 7/11/2016

Column by: Champaign Williams, Bisnow 

Good things are happening in the Office Market and we, at Cawley Chicago Commercial Real Estate, are eager to share the positive news.  According to the Bisnow article highlighted below, many businesses are now looking into secondary markets, “trying to tap into new talent pools”. As Chicago’s Submarket Specialists, Cawley Chicago, is positioned well to meet your commercial real estate needs.

Up Chart

Original Article

The office market climbed in Q2, and industry experts predict it will continue to work its way back from the traditional first-quarter dive to full performance by the middle of the year.

US office vacancies dropped below 16% in Q1 and declined by 10 basis points, the lowest rates since the recession started seven years ago. The increased leasing for Q2 was mostly due to a 46% increase in tenant growth, such as corporate expansions and growth in certain industries like tech and finance, JLL notes in a recent report. Nationally, there is more than 100M SF of new construction underway, and rents increased by 1% in Q2 compared to the previous quarter, National Real Estate Investor reports.

“Large, name-brand firms are opening new offices in primary and secondary markets, trying to tap into new talent pools. In some places, the high-demand urban core is becoming too expensive, and tenants are looking for fringe areas,” JLL VP Julia Georgules says. [NREI]


Our company helps business and property owners understand, create and maximize value in commercial real estate portfolios.

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog Stats
  • 6,322 hits
%d bloggers like this: