“Chicago Office Tenants Opting to Stay or Upgrade Majority of the Time”

"Chicago Office Tenants Opting to Stay or Upgrade Majority of the Time"

According to a recent report by Avison Young, 96% of tenants in Chicago’s central business district either maintained or upgraded their building classes. The study also revealed that over the past six quarters, more than 20% of tenants occupying over 10,000 square feet moved to higher-quality buildings. Additionally, 74% of tenants renewed their leases and stayed in the same class of building.

Damla Gerhart, Principal and Regional Managing Director for Avison Young’s Central Region stated that the Chicago CBD office market continues to show a divide between high-quality buildings performing well and lower-class properties struggling. This trend is further highlighted by employers’ increasing focus on providing highly amenitized properties for their employees.

The report also noted a lack of activity in capital markets due to unfavorable economic conditions and investor sentiment constraints.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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