{"id":245,"date":"2013-12-12T06:39:30","date_gmt":"2013-12-12T14:39:30","guid":{"rendered":"http:\/\/www.officefinder.com\/officeblog\/?p=245"},"modified":"2016-04-13T11:44:19","modified_gmt":"2016-04-13T18:44:19","slug":"chicago-office-space-market-update","status":"publish","type":"post","link":"https:\/\/www.officefinder.com\/officeblog\/chicago-office-space-market-update\/","title":{"rendered":"Chicago Office Space Market Update"},"content":{"rendered":"<p dir=\"ltr\">Perched on the southwestern shore of Lake Michigan, Chicago, nicknamed The Windy City, is home to nearly three million residents, making it the third most populous city in the U.S. \u00a0Chicago started as a trading post and later was incorporated as a city in 1837. \u00a0In 1871, The Great Fire claimed the city, due in part to the buildings, streets and sidewalks being made of wood. \u00a0Most of the debris from the fire, dumped into Lake Michigan, has become the foundation for Grant Park, Millennium Park, and the Art Institute of Chicago.<\/p>\n<p dir=\"ltr\">During the rebuilding of the city, previous wooden structures were replaced with steel and stone, setting a worldwide precedent for construction. \u00a0In 1885, the <a title=\"World's First Skyscraper in Chicago\" href=\"https:\/\/www.officefinder.com\/21stCentOfficeSpace.html\" target=\"_blank\">world\u2019s first skyscraper<\/a> was constructed using steel. \u00a0During this time, Chicago was becoming the leader in the improvement of public health. \u00a0As part of this movement, the problem of sewage contamination in the city\u2019s primary fresh water source, Lake Michigan, needed to be addressed. \u00a0In 1900, the city resolved the contamination problem by reversing the flow of the Chicago River away from Lake Michigan and toward the Illinois River and Mississippi River.<\/p>\n<p dir=\"ltr\">Consisting of 26 miles of lake front, 15 miles of bathing beaches, and 19 miles of bicycle paths, the city of Chicago is a mecca for the outdoor lover and tourists alike. \u00a0Chicago attracts nearly 40 million visitors annually, making it the \u201cmost-visited\u201d city in the midwest. \u00a0Offering world-class dining, entertainment, shopping, and five star hotels, Chicago has something for everyone. \u00a0Tourism contributes over $11 billion annually to Chicago\u2019s economy.<\/p>\n<p dir=\"ltr\">There are four major sections of the city:<\/p>\n<ul>\n<li>The Loop (Central Business District), North, South, and West sides. \u00a0The financial and cultural center of Chicago is located in The Loop. It is the second largest central business district in the U.S. and is the headquarters for eleven Fortune 500 companies<\/li>\n<li>The North side is home to many high-rises along the lakefront and is the most residentially dense section of the city.<\/li>\n<li>The South side is where the University of Chicago is located and most of the facilities of the Port of Chicago.<\/li>\n<li>The West side plays host to the Chicago Bulls and the Chicago Blackhawks, The University of Illinois at Chicago, and Harpo Studios.<\/li>\n<\/ul>\n<p dir=\"ltr\">The Chicago Central Business District office market showed stabilization in the third quarter of 2013. \u00a0The overall vacancy rate declined to 15%. \u00a0The asking rental rate increased from the second quarter to $33 per square foot. \u00a0Looking forward, a stronger office market is expected, which could lead to an increase in rental rates.<\/p>\n<p dir=\"ltr\">The Chicago Suburban office space market saw a positive absorption, causing a drop in the vacancy rate to 20% from the previous quarters 20.5%. \u00a0The third quarter asking rental rates increased to $21.00 per square foot. \u00a0Leasing activity has become sluggish, and if the trend continues, it could put a halt to positive absorption and declining vacancies.<\/p>\n<p dir=\"ltr\"><a title=\"Find Chicago Office Space\" href=\"https:\/\/www.officefinder.com\/Local\/Chicago-Office-Space-IL\/Chicago-Office-Space-For-Lease.html\" target=\"_blank\">Find Chicago Office Space<\/a><\/p>\n<div id=\"stcpDiv\">\n<p><a title=\"Find office space\" href=\"https:\/\/www.officefinder.com\/office_space_search\/\" target=\"_blank\">Find Office Space Elsewhere<\/a><\/p>\n<p>By:\u00a0<a title=\"James Osgood Google+ Profile\" href=\"https:\/\/plus.google.com\/107922107677932936899?rel=author\" target=\"_blank\">James Osgood<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Perched on the southwestern shore of Lake Michigan, Chicago, nicknamed The Windy City, is home to nearly three million residents, making it the third most populous city in the U.S. \u00a0Chicago started as a trading post and later was incorporated as a city in 1837. \u00a0In 1871, The Great Fire claimed the city, due in\u2026 <a href=\"https:\/\/www.officefinder.com\/officeblog\/chicago-office-space-market-update\/\">Read More &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,37,10],"tags":[],"class_list":["post-245","post","type-post","status-publish","format-standard","hentry","category-chicago-office-space","category-office-leasing","category-office-space"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\r\n<title>Chicago Office Space Market Update<\/title>\r\n<meta name=\"description\" content=\"The Chicago 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