Tuesday, July 1, 2008

Things Looking Up in the 42nd Ward: Office Vacancy Rate Drops

The 42nd Ward got some good news this week. Crain's is reporting that the downtown office vacancy rate dropped to 10.8%. That's the lowest rate since the third quarter of 2003.
According to Crain's and Chicago Real Estate Daily, the reason might be that two large hotel projects took 650,000 square feet of office space off the market.
From Skeeter's vantage point, things are continuing to look good, despite a slowdown elsewhere. On the residential side, in Streeterville three large condo projects are nearly complete, two more have just been complete, and at least two more are in their early stages. That doesn't include the Spire. On that project, ground has been broken and the sales program is going full bore (including ads in national publications). On the commerical side, a lot more office space is expected to go on line by 2011.
Despite all the stories in the media about crime and taxes and other issues, Chicago and in particular, the 42nd Ward, remains an outstanding place to do business.

No comments: