Shifting Downtown Office Market Signals Opportunity

July 11, 2013



There’s a lot of moving and shaking happening in Chicago’s Downtown Office Market.  While these changes may signify larger companies moving to smaller spaces, it is not indicative that companies themselves are losing assets.  Digitizing various tasks and departments has changed the space requirements of these companies.  There’s a lot of opportunity in the new market to take advantage of commercial businesses’ new office demands.

By The Numbers
In second quarter of 2013 Chicago’s office buildings had a vacancy of 14.9%.  What worries some realtors is that this is the third straight quarter at which the rate has held.  This is still a vast improvement from the 17.3% vacancy in the middle of 2010.  Professional firms in the Loop are not losing wealth, but are renewing and signing leases for efficient spaces.  Knowing how a company may be changing its requirement can help an agent choose a suitable property.

On the Hunt for the Perfect Business Space
Traditionally, the professional services such as law offices, financial groups, and technology firms have purchased offices in the Loop and River North that have segmented offices.  In the wake of the collaborative movement the walls are being torn down and these giants are looking for open spaces.  Google recently moved its River North offices to an open space in Fulton Market that hadn’t been marked as office space.  Google’s Motorola Mobility business has 600,000 square feet in the Merchandise Mart, but most of it is open showrooms.

Halle | Atrium - Innenarchitektur

Unlock Opportunity By Thinking Abstractly

If large companies are making the move from segmented offices to open space plans, agents who have old warehouses or nontraditional office space stand to make a coup.  Presenting these properties to potential buyers as collaborative spaces that allow for creativity may help you swoon tech executives and others.  A little imagination can go a long way to improving your chances of monumental success.

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About century21affiliatedchicago

Century 21 Affiliated-Chicago (“C21AC”) is a full service real estate brokerage firm located in Chicago with a focus on residential and commercial properties. Our agent base and management team includes a wide range of specialties serving customer needs across the ever changing real estate landscape, with expertise in many niches, including REO transactions, investment sales, bulk purchasers and sellers, commercial product and traditional residential transactions. C21AC is part of Century 21 Affiliated (“Affiliated”), a top 5 franchisee in the Century 21 system with over 30 locations across the Midwest and over 32 years of history. C21AC entered the Chicago market in February 2011 to re-launch the Century 21 brand in the downtown area and to bring a proven operating platform to the large and fragmented Chicago real estate market. At Century 21 Affiliated, the customer comes first. Our complete commitment to delivering top-notch customer service to our clients is what distinguishes us from our competitors and makes us such a powerful force in the real estate industry. Specialties Residential Sales, Commercial Sales, Short Sales, Bulk Sales, REO's, Leasing, Business Services

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