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DOWNTOWN CHICAGO Savills Research Q4 2020 MARKET IN MINUTES DOWNTOWN CHICAGO Savills Research Downtown Chicago slowdown persists; KEY STATISTICS y-o-y Q4 2019 Q4 2020 vaccine hopes have yet to spur leasing activity Change At the close of 2020, the Chicago region contended both with prolonged gloom and Inventory 142.2 MSF 145.4 MSF burgeoning optimism. While COVID-19 cases surged entering the winter months, Availability Rate 15.5% 20.1% newly approved vaccines finally began reaching frontline workers and vulnerable populations, providing hope for an eventual return to a new version of normalcy. Asking Rental Rate $41.28 $40.60 Still, remote work for most office-using employees appears likely to last until spring. Companies in downtown Chicago are either strategizing around their future office Class A Asking Rental Rate $46.97 $46.17 requirements or playing “wait-and-see” until 2021 or beyond. Overall leasing Quarterly Leasing Activity 2.8 MSF 0.5 MSF activity in 2020 was down considerably, falling 57.5% from 2019 by square feet (sf) transacted. The 5.5 million square feet (msf) leased this year marked the lowest annual tally on record for Downtown Chicago. ASKING RENT TRENDS Overall Asking Rent Class A Asking Rent Availability further balloons; options aplenty in West Loop as $60.00 sublease supply continues to increase $50.00 Availability continued to swell this quarter, rising by another 150 basis points to $46.17 close the year at 20.1%. In stark contrast, a year ago availability stood at a relatively $40.00 healthy 15.5%. More than half of all new available space this quarter was located $40.60 in the West Loop, where availability surged 250 basis points to 18.8%. The West $30.00 Loop submarket posted more than 550,000 sf of new sublease stock this period, $ / SF including 107,000 sf of TTX's headquarters at 101 North Wacker Drive and 104,000 $20.00 sf occupied by Facebook at 191 North Wacker Drive. The supply of available sublease supply in Downtown Chicago has swelled to 5.6 msf, having doubled from $10.00 12 months ago. Despite the glut of new availability, asking rents are holding steady $0.00 at $40.60 per square foot (psf). Class A asking rents exhibited greater softening, Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 declining 0.7% to $46.17 psf. AVAILABILITY TRENDS Overall Availability Class A Availability Softening conditions, market inactivity provide significant 25.0% opportunity for able occupiers While the fourth quarter was comparatively dormant from a transactional 20.0% standpoint, the medium- to long-term outlook for occupiers in the market remains 20.1% bright. For one, the Chicago regional unemployment rate continues to show 16.7% 15.0% improvement, as November unemployment stood at 7.3%, down from a high of 17.5% in April. Barring any additional shocks, many experts expect a strengthening 10.0% national economy in the year to come. Meanwhile, Downtown Chicago currently has record levels of available space, along with more than 5.0 msf currently under construction, much of which is currently unclaimed. While leasing activity will 5.0% likely remain slow in the near term as distributed work endures, occupiers in a position to transact for space will have the upper hand and should expect ample 0.0% Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 options, greater flexibility and aggressive concessions. LEASING ACTIVITY Outlook Quarterly Leasing Activity 5-Year Quarterly Average • Face rental rates will continue to experience downward pressure in the 4.5 wake of market inactivity, ballooning availability, new construction, and 4.0 competition from subleases 3.5 3.0 • As occupiers have so far exhibited no appetite for relocating to the 2.5 suburbs, Downtown Chicago is positioned to remain desirable for both 2.0 young workers to live and corporations to locate 1.5 • Current market conditions are wholly unique in that they provide 1.0 opportunistic tenants the ability to seek and obtain high quality space Square feet (millions) 0.5 while simultaneously allowing them to conserve capital 0.0 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Chicago Downtown Market in Minutes - Q4 2020 MAJOR TRANSACTIONS 50.1% 58.0% 57.5% of major transactions were top transactions occurred in the Central Decline in 2020 overall leasing activity renewals by square footage Loop submarket by square footage as compared to 2019 transaction volume Tenant Square feet Address Transaction type Submarket Industry 175 W Jackson Bou- The Warranty Group 67,687 Renewal Central Loop Financial Services levard For more information, please contact us: Industrious 52,000 233 S Wacker Drive New Location West Loop Coworking Savills 150 North Riverside Plaza Suite 1900 Chicago, IL 60606 Simplex Investments 26,000 230 S LaSalle Street Relocation Central Loop Financial Services +1 312 595 2900 Joe Learner Ninja Trading 19,581 222 N LaSalle Street New Location Central Loop Financial Services Vice Chairman, Director, Midwest Region Lead [email protected] Blackstone Group Inc 15,837 332 S Michigan Avenue Renewal East Loop Real Estate Robert Sevim Vice Chairman, Director, Far West Loop/Fulton Elite Staffing 14,298 1400 W Hubbard Street Renewal Professional Services Market Co-Head Chicago Region [email protected] Source Savills Research Eric Feinberg Vice Chairman, AVAILABILITY RATE COMPARISON RENTAL RATE COMPARISON ($/SF) Co-Head Chicago Region Chicago Downtown Submarkets Chicago Downtown Submarkets [email protected] Far West Loop/Fulton Anders Klein $45.69 North Michigan Avenue 13.7% Market Regional Research Director, Midwest and Central River North 16.5% West Loop $43.02 [email protected] West Loop 18.8% River North $41.29 About Savills Inc. Savills helps organizations find the right solutions that ensure employee success. Sharply skilled East Loop 19.9% Overall Chicago Downtown $40.60 and fiercely dedicated, the firm’s integrated teams of consultants and brokers are experts in better real Overall Chicago Downtown 20.1% North Michigan Avenue $38.69 estate. With services in tenant representation, workforce and incentives strategy, workplace strategy and occupant experience, Central Loop 21.9% East Loop $38.56 project management, and capital markets, Savills has elevated the potential of workplaces around the corner, and around the world, for Far West Loop/Fulton Market 33.3% Central Loop $38.10 160 years and counting. 0.0% 10.0% 20.0% 30.0% 40.0% $0.00 $20.00 $40.00 $60.00 For more information, please visit Savills.us and follow us on LinkedIn, Twitter, Instagram and Facebook. Unless otherwise noted, all rents quoted throughout this report are average asking gross (full service) rents per square foot. Statistics are calculated using both direct and sublease information. Current and historical availability and rent data are subject to change due to changes in inventory. The information in this report is obtained from sources deemed reliable, but no representation is made as to the accuracy thereof. Unless otherwise noted, source for data is Savills Research. Copyright © 2020 Savills savills.us.
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