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Market Report.Indd Chicago Downtown Offi ce Market Report 1Q ‘08 Market will Remain Tight Through 2008 While tenants are slowing their leasing activity to see if better terms will be available later this year, vacancy remains low and rents continue to rise. In contrast to clear indications of recession in other parts of the coun- By The Numbers try, the Chicago downtown offi ce market continues to look healthy. Leasing activity over this quarter was slower than in the 4th quarter of Chicago CBD – Availability vs. Rental Rates 2007, but tenants are not putting space back on the market. Available Space Available Average Gross Asking Rent sublease space, an early indicator of a change in the leasing market, 16% $30 took another drop to 1,333,173 square feet, its lowest point since 2nd 15% $29 quarter of 1999. Rental rates are at an all-time high, and continue to rise. 14% $28 Rental Rates 13% $27 Th e current average asking rate, $29.53 PSF Gross, is another record 12% $26 high, exceeding the highest average asking rate of $28.65 PSF Gross set last quarter. Recent leases show landlords easing slightly on con- 11% $25 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 cessions for new tenants, but not dropping their rates. Chicago CBD - Existing Buildings 4Q 2007 Rental rates have risen signifi cantly over the last two years, and with each increase, vacancy continued to drop. At this point, nothing short Existing RBA - Overall (585 buildings) 152,863,279 of consistent increases in vacancy over several consecutive quarters Existing RBA - Class A (78 buildings) 58,561,411 will convince landlords to shift rents downward. If leasing activity Existing RBA - Class B (204 buildings) 67,691,826 remains low over the next two quarters, landlords are more likely to Existing RBA - Class C (303 buildings) 26,610,042 off er more favorable concession packages, in anticipation of the deliv- Total Vacant Sq. Ft. 16,730,613 ery of new space in 2009. Percent Vacant 10.9% Total Available Sq. Ft. 18,446,365 Space Available Percent Available 12.1% Space remains tight across all submarkets and classes. While the up- Gross Average Asking Rental Rate (Overall) $29.53 coming addition of over 3 million square feet of new Class A space Year-To-Date Net Absorption (110,346) in 2009 will ease the market for tenants of older Class A buildings, it may take until 2010 for that increased availability to transfer to Class B buildings. Noteworthy Leases Tenant Address Sq. Ft. Type Northern Trust Corp. 801 South Canal Street 555,000 Renewal Northern Trust Corp. 181 West Madison Street 420,000 Renewal - Expansion William Blair & Co. 444 West Lake Street 340,000 Relocation Marketing Werks Inc. 130 East Randolph Street 44,463 Relocation - Expansion Upshot 350 North Orleans Street 41,486 Relocation - Expansion Veolia Environmental Services 200 East Randolph Street 34,533 New Arch Insurance Group Inc. 311 South Wacker Drive 22,048 New DRI-The Voice of the Defense Bar 55 West Monroe Street 21,102 Relocation - Expansion Schneider Logistics, Inc. 1 North Dearborn Street 21,000 Relocation - Expansion Newmarket Underwriters Insurance Company 311 South Wacker Drive 14,614 New © 2008 Bradford Allen Realty Services. The information contained herein is from sources deemed reliable, however no warranty or representation is made as to the accuracy or completeness thereof. Walton Locust Washington Square Delaware Locust Square Chestnut Chestnut Chestnut Dewitt Mies van der Rohe der van Mies Pearson Institute Old Water Tower Chicago Chicago Chicago Chicago Superior Superior ells State W St. Clair St. Wabash Rush Michigan Clark Dearborn La Salle La Franklin Kingsbury Orleans Huron Huron Halsted RiRiverr Erie Northorth Erie Ontario OhioNortho h Ontario MMichiganc igan Ohio Ohio A joint venture of Chicago-based Oxford Capital Group LLC AvenueAven e and Gettys Group Inc. and Bethesda, MD-based LaSalle Grand GrandGrand Hotel Properties acquired the lower floors of the former Kingsbury IBM Plaza at 330 North Wabash Avenue, paying $46 million LEVEL U/L IllinoisIllinoitos Chicago-based Prime Group Realty Trust for the 375,000 Cityfront Plaza Dr. U/L Illinois Sq. Ft. located on floors two through 13. The venture plans Ogden Hubbard Plaza to convert the floors into an as yet unnamed high-end hotel E. HUBBARD ST U/L LEVEL PIONEER COURT Cityfront Plaza NParkDr Hubbardbard L/L St. Clair St. E. North Water St. L/L U/L Cityfront Plaza Dr. with approximately 335 rooms. Fairbanks U/L LEVELLEVE N. ORLEANS ST. E. North Water St. U/L LE L/L L L N. O KinzieKinzie E. KINZIE ST. Kinzie RLEANS S Wat T. E. North Water St. CARROLL AVE.AVE. L LEVELLEVEL Carol Union Wayman C Michigan h Stetson i c Milwaukee a g Fulton o Columbus Wacker R S.Water i Des Plaines Des v e r In an all cash transaction, a joint venture of Itasca-based developer Skokie-basedE Altera Group acquired the 13th through Lake Hamilton Partners and Washington,Lake keD.C.-basede pension fund Multi- 21st floors of 55 East Washington Street, paying $23 Employer Property Trust closed on its acquisition of 20 North Clark million to Morgan Reed Group for the 147,000 Sq. Ft. 90 Street, paying $58.5 million to New York-based Hiro Real Estate Co. on the floors, and plans to convert them into a 450-bed for the 384,510-square-foot building. Hamilton expects to obtain dormitory for downtown college students. Roosevelt Randolph RandolphRandolph University and Robert RandolRandolphMorris Collegeph have already signed a commitment from a lender within weeks for a loan of RandolphRandolph SStreettreet METRATRA leases for approximatelyand 350 beds. CHICAGOCAGO approximately 50% of the purchase price. Metra 94 NORTHWESTERNWESTERN SStationtation TERMINALMINAL MMillenniumillennium GarlandGGarl Park Washington WashingtonWash Ogilviegilvie Transportationportation Centerenter a Madison Madison h an n orn r tate in e l s l le g e o on b d Wesst L op S l s l g e o b d ll S L ok erso nton Dear Wesst Wells Waba Michi Frank LaSal Clark Wack Canal Green Clinton Peoria Halste Monroe LLoJeffers o Monroe Art Institute School of Adams Adams of Chicago the Art 10 S. Institute Lake Shore Drive Shore Lake Quincy Petrillo Quincy Music Shell Jackson Jackson Jackson Gladys Pritzker Van Buren Park Metra Van Buren Van Buren Station 400 S. Green Peoria Halsted Columbus Financial Buckingham 290 Congress Fountain LaSalle Street Station (Metra) Grant Harrison Harrison Harrison Park Harrison Lake Michigan Lake R Clark Wells Canal Clinton Federal La Salle La o Sherman g Plymouth Jefferson a ago River c Des Plaines Des i h C thChic Balbo W Lexington Polk Polk Loopp 8th 9th Photos courtesy of CoStar Taylor Chicago CBD Offi ce Market Statistics – 1Q08 Overall River North Michigan West Central East South CBD North Avenue Loop Loop Loop Loop Total Inventory (Sq. Ft.) 152,863,279 15,502,427 15,980,695 51,813,932 39,375,435 26,322,036 3,868,754 Total Sq. Ft. Available 18,466,365 1,441,420 1,655,188 6,025,214 5,181,833 3,625,832 516,828 Percent Available 12.1% 9.3% 10.4% 11.6% 13.2% 13.8% 13.4% Year-to-Date Net Absorption (110,346) (152,360) 126,710 (182,069) (402,892) 516,112 (15,847) Class A Gross Average Asking Rent (PSF) $33.87 $30.58 $32.79 $34.87 $33.24 $33.26 — Class B Gross Average Asking Rent (PSF) $26.50 $22.82 $25.74 $29.45 $27.14 $26.02 $17.00 Class C Gross Average Asking Rent (PSF) $22.27 $21.17 $24.43 $22.22 $23.82 $21.68 $20.52 55 East Jackson Boulevard 21st Floor Chicago, IL 60604 Inside: Chicago Downtown Offi ce Market Report – 1Q’08 Bradford Allen Market Meter - Chicago Downtown Offi ce Space Year-To-Date Net Absorption (SF) Availability (%) Average Gross Asking Rental Rate ($) The change, positive or negative, in physically occupied The total amount of space being marketed for lease, re- The weighted average gross asking price per square foot space during the year to date. gardless of current occupancy, including sublease space. of all available space, weighted by number of square feet available. Bradford Allen is a Chicago-based commercial real estate fi rm, providing Bradford Allen Realty Services brokerage services and expert advice to private and public companies, and 55 East Jackson Boulevard not-for-profi t organizations nationwide. Since opening in 2004, the fi rm 21st Floor has grown rapidly, and has earned a reputation for aggressively pursuing its Chicago, Illinois 60604 clients’ interests and achieving superior results. 312.994.5700 telephone Bradford Allen professionals apply an entrepreneurial approach to com- 312.994.5701 facsimilie mercial real estate brokerage. We create an array of opportunities for our clients’ requirements by challenging accepted standards, applying real www.bradfordallen.com market intelligence, and thinking creatively. We help our clients exploit these opportunities through hard work, experience and strong determination..
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