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Given these unprecedented times we have developed a real-time compass to help navigate the choppy waters ahead. With a data-driven approach, our team has collaborated to share our intel and projections on market opportunities, as well as strategies to best position for success in the current environment.
While market vacancies have stayed level on a relative basis, 4th Quarter shadow vacancy and subleases pose a real threat to level vacancy.
Q4 2020
Existing Vacancies
Shadow Space
Under Construction
Square Feet
Available
Square Feet
Available
Blocks
Blocks
Blocks
Square Feet
Available
3.84M
22
3.88M
15
3.28M
8
Additional data
Additional data
Additional data
Click to explore each type of
big block availability over 100K SF.
Big Blocks 100K RSF+
Click each Gross PSF to view the opportunities
Chicago
Class A Supply & Demand
> $70 GROSS PSF
$65-70 GROSS PSF
$60-65 GROSS PSF
$55-60 GROSS PSF
< $55 GROSS PSF
Who to Watch
Large subleases and at-risk tenancy create potential market shifts and impact occupancy.
Sublease Blocks
40K+ SF
Subleases
(40K+ Square Feet)
26
Square Feet of
40k+ Sublease Space
1.93m
Large Subleases
Watch list
Understand Client Priorities
Speed
to Market
Amplify the
Message
Health
& Wellness
Understand Tenant Priorities
Speed
to Market
Amplify
Safety
Operational
savvy
Have a firm understanding of a tenant’s near term and long-term needs prior to active negotiations.
Deliver fully built, furnished and wired spaces to eliminate all out of pocket cost concerns.
Consider shorter term leases, 1-3 years, to address macro and micro uncertainty.
Prepare a short-form lease to accelerate the lease transaction process.
Rapid Office for spec suite and coworking space expedited leasing technology platform.
Streamline the building's differentiatiors to be clear and concise, especially when it comes to social distancing protocols and elevated cleaning procedures to put prospective and existing tenant’s minds at ease.
Deliver health & wellness improvements such as hands-free systems (entrance, elevator, suites, restrooms, fixtures, amenities), enhanced air filtration, thermal scanning, microbicidal paint, operable windows and individual restrooms.
Engage tax counsel to prepare and understand the 2021 triennial reassessment.
Control and reduce operating expenses to protect Net Rents.
To advance in the current environment, we need to apply analytic data on both a macro and micro level to transact most effectively. Ownership must leverage all factors regarding the transaction to execute the most value accretive plan.
What's Next
Approach from a Position of Strength
Despite uncertainty in the marketplace, Chicago's unrivaled talent pool, central location, strong & diverse economy, welcoming business community, and quality-of-life to cost-of-living ratio have drawn firms here for decades. We do not see that changing.
What's Next:
Chicago will prevail
226 N. Morgan, Suite 500
Chicago, IL 60607
Stream Chicago Leasing Portfolio
> $70 GROSS PSF
Building Key
Sublease Vacant
Direct Vacant
Coworking
Future Available
Occupied
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Building Key
Occupied
Sublease Vacant
Direct Vacant
Coworking
Future Available
$65-70 GROSS PSF
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Building Key
Occupied
Sublease Vacant
Direct Vacant
Coworking
Future Available
$60-65 GROSS PSF
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Building Key
Occupied
Sublease Vacant
Direct Vacant
Coworking
Future Available
$55-60 GROSS PSF
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Building Key
Occupied
Sublease Vacant
Direct Vacant
Coworking
Future Available
< $55 GROSS PSF
Additional Data
Additional Data
Additional Data
Additional Data
Additional Data
Additional Data
<$55 Gross PSF
Building
222 W ADAMS
(The Franklin)
200 E RANDOLPH ST
(Aon Center)
227 W MONROE ST
(The Franklin)
Ownership
RBA
Occupancy %
Year Built/Renovated
Base Rent (PSF)
2020 or Fully Stabilized T&Os (PSF)
Gross Rent (PSF)
Current Availability
Future Availability
Sublease Availability
Coworking
Last Sale Date
Last Sale Price (PSF)
Cap Rate
Tishman Speyer
1,583,900
88.0%
1990
$23.00-$30.00
$21.00
$44.00-$51.00
360,128
47,000
62,960
24,599
Apr-12
$195
-
Tishman Speyer
899,025
84.5%
1990
$23.00-$30.00
$21.00
$44.00-$51.00
360,128
47,000
62,960
0
Apr-12
$195
-
601 W Companies
2,747,703
97.5%
1972
$26.00-$30.00
$19.01
$45.00-$49.00
84,183
158,450
5,642
34,100
Oct-15
$259
5.50%
Additional Data
RBA
Occupancy %
Year Built/Renovated
Base Rent (PSF)
2020 or Fully Stabilized T&Os (PSF)
Gross Rent (PSF)
Current Availability
Future Availability
Sublease Availability
Coworking
Last Sale Date
Last Sale Price (PSF)
Cap Rate
Ownership
1,213,322
95%
2004/2018
$26.00-$32.00
$26.23
$52.00 - $58.00
56,102
28,773
29,250
0
Dec-05
$338
-
111 S Wacker Dr
959,258
92.8%
1992/2011
$31.00-$35.00
$23.05
$54.00-$58.00
69,504
320,880
0
22,990
Jan-08
-
-
77 W Wacker Dr
1,490,825
99.6%
2005/2018
$28.00-$31.00
$26.00
$54.00-$57.00
72,329
0
0
0
Dec-10
$419
-
71 S Wacker Dr
$55-60 GROSS PSF
Metzler
Real Estate
Ohio State Teachers
Retirement System (OSTRS)
The Irvine
Company
Building
Additional Data
Ownership
RBA
Occupancy %
Year Built/Renovated
Base Rent (PSF)
2020 or Fully Stabilized T&Os (PSF)
Gross Rent (PSF)
Current Availability
Future Availability
Sublease Availability
Coworking
Last Sale Date
Last Sale Price (PSF)
Cap Rate
Building
Morgan Stanley
807,355
100%
2018
$40.00-$42.00
$22.00
$60.00-$65.00
0
0
0
0
Jan-19
N/A
-
151 N FRANKLIN ST
(CNA Tower)
Heitman
1,184,255
94.4%
2009
$34.00-$36.00
$25.77
$60.00-$62.00
93,908
0
15,558
0
Dec-14
$604
4.70%
353 N CLARK ST
Manulife Investment Management
737,759
95.6%
2003
$30.00 - $37.00
$24.76
$55.00 - $62.00
32,138
104,279
0
0
Dec-14
$442
5.50%
$60-65 Gross PSF
1 N WACKER DR
191 N WACKER DR
35 W WACKER
The Irvine Company
1,392,011
95.8%
2001
$29.00-$36.00
$26.00
$55.00-$61.00
58,562
183,415
0
0
Jan-15
$536
-
UBS Realty
1,118,042
100.0%
1989
$37.00-$39.00
$21.58
$58.58 - $60.50
0
0
3,961
0
Dec-11
$359
n/a
Additional Data
RBA
Occupancy %
Year Built/Renovated
Base Rent (PSF)
2020 or Fully Stabilized T&Os (PSF)
Gross Rent (PSF)
Current Availability
Future Availability
Sublease Availability
Coworking
Last Sale Date
Last Sale Price (PSF)
Cap Rate
Ownership
Building
1,239,947
99.1%
2017
$40.00-$44.00
$26.00
$66.00-$70.00
11,457
0
0
0
N/A
N/A
N/A
Riverside Investment
& Development
150 N Riverside Dr
1,081,702
98.3%
2016
$38.00-$44.00
$26.09
$64.00-$70.00
18,530
0
0
25,415
N/A
N/A
N/A
Hines
444 W Lake St
1,152,953
99.6%
2009
$34.00-$39.50
$26.49
$60.50-$69.00
26,969
0
13,036
28,100
N/A
N/A
N/A
Morgan
Stanley
155 N Wacker Dr
$65-70 GROSS PSF
553,412
91.7%
2019
$39.00-$42.00
$26.00
$65.00-$68.00
52,732
0
0
91,506
N/A
N/A
N/A
Sterling
Bay
333 N Green St
600,000
55.0%
2020
$38.00-$42.00
$26.00
$64.00-$68.00
270,000
0
0
138,212
N/A
N/A
N/A
Shapack
167 N Green St
3,859,845
98.2%
1973/2019
$37.00- $45.00
$22.62
$60.00 - $68.00
83,685
0
189,504
55,000
Jun-15
$337
6.60%
Blackstone
233 S WACKER DR
(Willis Tower)
Additional Data
Ownership
RBA
Occupancy %
Year Built/Renovated
Base Rent (PSF)
2020 or Fully Stabilized T&Os (PSF)
Gross Rent (PSF)
Current Availability
Future Availability
Sublease Availability
Coworking
Last Sale Date
Last Sale Price (PSF)
Cap Rate
Building
Riverside Investment & Development
1,546,909
78.8%
2020
$38.00-$52.00
$28.00
$66.00-$80.00
327,904
0
0
57,703
N/A
N/A
N/A
110 N WACKER DR
(Bank of America Tower)
Riverside Investment & Development
1,463,000
36.1%
2022
$38.00-$45.00
$28.00
$66.00-$73.00
934,721
0
0
0
N/A
N/A
N/A
320 S CANAL ST
(BMO Harris Plaza)
The Irvine Company
1,302,901
97.5%
2009
$40.00-$43.00
$29.39
$69.00-$72.00
32,613
0
14,251
21,715
Jul-14
$652
5.10%
300 N LaSalle St
Hines
1,200,202
44.8%
2023
$38.00-$45.00
$27.00
$65.00-$72.00
662,400
0
0
0
N/A
N/A
N/A
333 W WOLF POINT PLZ
(Sales Force Tower)
> $70 GROSS PSF
TENANT
CME
CNA
KEMPER
MCCALLA RAYMER
WELLS FARGO
UBER FREIGHT
RAZOR FISH
FTI CONSULTING, INC
NEWARK
iMANAGE
HERE
UBER
GROUPON
CARDINAL HEALTH
MOSAIC
GLASSDOOR
CAREERBUILDER
NARRATIVE SCIENCE
TRUNK CLUB
R1 RCM
ASPEN DENTAL
SNAPSHEET
SAC WIRELESS
CONVERSANT
CARS.COM
INNERWORKINGS
TTX
FACEBOOK
YELP
TOTAL
550 W Washington
333 S Wabash
1 E Wacker
1 N Dearborn
10 S Wacker
225 W Randolph/111 N Canal
222 W Mart
The Franklin
300 S Riverside
540 W Madison
100 N Riverside
433 W Van Buren
600 W Chicago
300 S Riverside
320 N Elizabeth
1330 W Fulton
200 N LaSalle
1 N Dearborn
333 W Ohio
401 N Michigan
1040 W Randolph
1 N Dearborn
540 W Madison
101 N Wacker
300 S Riverside
203 N LaSalle
101 N Wacker
191 N Wacker
222 Merchandise Mart
West Loop
East Loop
East Loop
East Loop
West Loop
West Loop
River North
West Loop
West Loop
West Loop
West Loop
West Loop
River North
West Loop
Fulton Market
Fulton Market
Central Loop
East Loop
River North
North Michigan
Fulton Market
East Loop
West Loop
West Loop
West Loop
Central Loop
West Loop
West Loop
River North
98,000
60,000
40,000
52,000
83,000
125,000
48,000
71,000
54,000
48,000
46,000
142,000
300,000
40,000
43,000
52,000
85,000
40,000
45,000
43,000
51,000
52,000
41,000
107,000
53,000
44,601
100,000
77,042
59,842
2019
2019
2019
2019
2019
2019
2019
2019
2019
Jan-20
Feb-20
Feb-20
Mar-20
Mar-20
Mar-20
Mar-20
May-20
May-20
Jun-20
Jun-20
Jun-20
Jul-20
Jul-20
Sep-20
Sep-20
Dec-20
Jan-21
Jan-21
Jan-21
BUILDING
SUBMARKET
BLOCK
DATE ON MARKET
Large Subleases
Tenant
RONIN CAPITAL
UNITED
GOGO
NORTHWESTERN HOSPITAL
LURIE'S CHILDRENS HOSPITAL
UBER (SUBLEASE MORE @ OPO)
HYATT
AON/WILLIS WATSON
WEWORK
CARS.COM
DISCOVER
VENTAS
HAVAS
ADM
CIBC
HEALTH CARE SERVICE CORPORATION (HCSC)
TOAST
ACCENTURE/CLARITY INSIGHTS
EDELMAN
BP
MYMEDIA HQ
GE
NFA
350 N Orleans
233 S Wacker
111 N Canal
625 N Michigan
737 N Michigan
433 W Van Buren
150 N Riverside
200 E Randolph/233 S Wacker
167 N Green
300 S Riverside
350 N Orleans
353 N Clark
36 E Grand
77 W Wacker
120 S LaSalle
300 E Randolph
444 N Michigan
500 W Madison/150 S Wacker
200 E Randolph
10 S Wacker
800 West Huron
500 W Monroe
300 S Riverside
BUILDING
River North
West Loop
West Loop
North Michigan Ave
North Michigan Ave
West Loop
West Loop
East Loop/West Loop
Fulton Market
West Loop
River North
River North
River North
Central Loop
Central Loop
East Loop
North Michigan Ave
West Loop
East Loop
West Loop
North Branch
West Loop
West Loop
SUBMARKET
Bankruptcy
Layoffs
Layoffs
Layoffs
Layoffs
Layoffs
Layoffs
Acquisition
Industry concerns
Layoffs
Stock Price
Industry concerns
Layoffs
Layoffs
Acquisition
Layoffs
Industry Concerns
Acquisition
Layoffs
Layoffs
Layoffs
Layoffs
REASON
WATCHLIST
Building
Class
Submarket
Block
A
West Loop
168,000
222 W ADAMS
B+
Central Loop
157,000
175 W JACKSON
B
Central Loop
139,934
2 N LASALLE
B
Central Loop
106,800
203 N LASALLE
B+
Central Loop
95,000
222 N LASALLE
A
River North
155,500
222 W MART
Building
Class
Submarket
Block
A-
East Loop
143,060
233 N MICHIGAN AVE
B+
Central Loop
292,000
70 W MADISON
A
Central Loop
106,000
A-
Central Loop
226,500
B
Central Loop
144,700
33 W MONROE
1
1 S DEARBORN
30 N LASALLE
2
Building
Class
Submarket
Block
A-
West Loop
141,500
1 S WACKER
A
Fulton Market
236,000
1375 W FULTON
3
A-
River North
198,505
350 W MART
A
West Loop
286,000
433 W VAN BUREN
A+
Central Loop
171,000
145 S WELLS
70 W MADISON - Three large tenants vacated in 2019, Morgan Stanley, Fitch Ratings & Nixon Peabody, Hearn has approximately 292,000 RSF to back-fill.
30 N LASALLE - The City of Chicago decided to move their offices to 2 N LaSalle.
1375 W FULTON - Trammell Crow Company opened their first Fulton Market development at 17% leased to Glassdoor.
3
2
1
TENANT
222 W ADAMS
175 W JACKSON
2 N LASALLE
203 N LASALLE
222 W MART
233 N MICHIGAN AVE
70 W MADISON
1 S DEARBORN
30 N LASALLE
33 W MONROE
1 S WACKER
318 N CARPENTER
1375 W FULTON
145 S WELLS
425 S FINANCIAL PL
161 N CLARK
233 S WACKER
111 W WASHINGTON
801 S CANAL
167 N GREEN
350 N ORLEANS
10 S LASALLE
TOTAL
Building
Class
Submarket
Block
Available
B
Central Loop
108,090
2021
10 S LASALLE
A-
West Loop
170,100
2021
1 S WACKER
A
East Loop
158,450
2021
200 E RANDOLPH
A-
Central Loop
102,751
2021
425 S FINANCIALS PL
B
West Loop
422,000
2021
555 W MONROE
B
Central Loop
670,090
2021
135 S LASALLE
Building
Class
Submarket
Block
Available
B
West Loop
221,100
2021
120 S RIVERSIDE
B
Central Loop
162,000
2022
115 S LASALLE
3
B
West Loop
850,000
2022
225 W RANDOLPH
A-
Central Loop
265,000
2022
77 W WACKER
4
A-
Central Loop
165,000
2022
161 N CLARK
Building
Class
Submarket
Block
Available
A
Central Loop
102,000
2022
131 S DEARBORN
A
West Loop
104,200
2022
191 N WACKER
6
B
West Loop
197,000
2022
550 W RANDOLPH
A
River North
304,080
2023
222 W MART
B
West Loop
122,500
2023
550 W WASHINGTON
555 W MONROE - Pepsi Co vacating the entire building in 1Q21 and moving into about half of their current size or 192,000 RSF to the redeveloped Old Post Office.
1
2
3
SHADOW SPACE
1
2
5
111 W MONROE &
7
8
135 S LASALLE - Bank of America is vacating 700,000 RSF at 135 S LaSalle and moving into their new namesake Trophy Tower at 110 N Wacker in about 500,000 RSF. They plan to take occupancy in early 2021.
111 W MONROE & 115 S LASALLE - Bank of America is vacating 700,000 RSF at 135 S LaSalle and moving into their new namesake Trophy Tower at 110 N Wacker in about 500,000 RSF. They plan to take occupancy in early 2021.
225 W RANDOLPH - AT&T has a 2022 LXD and they only need about 50% or 400,000 RSF of their current foot print.
161 N CLARK - Accenture is vacating 168,000 RSF on floors 33-40 in 2022. Moving to 500 W Madison.
550 W RANDOLPH - Symphony IRI, vacating the entire building and relocating to 201 N LaSalle.
222 W MART - Studio Space being converted to office.
550 W WASHINGTON - CME space (Consolidated at 10 & 30 S Wacker)
4
5
6
7
8
Building
Class
Submarket
Block
Available
A+
Fulton Market
421,600
2021
167 N GREEN
A
Fulton Market
243,000
2021
800 W FULTON
A
Fulton Market
261,800
2021
320 N SANGAMON
Building
Class
Submarket
Block
Available
A
Fulton Market
104,977
2020
318 N Carpenter
A+
West Loop
934,721
2022
UNION TOWER (BMO)
A+
River North
661,000
2023
WOLF POINT TOWER (SALES FORCE)
UNDER CONSTRUCTION
Click to Learn More
Speed to Market
Amplify Safety
Operational Savvy
DOWNLOAD FULL XRAY
DOWNLOAD Big Block Availabiliy
DOWNLOAD Large Subleases list
DOWNLOAD Watch list
Additional data
Additional data
Watch List
Large Subleases
Watch List
Additional data
Additional data
Additional data
> $70 GROSS PSF
$65-70 GROSS PSF
$65-70 GROSS PSF
$55-60 GROSS PSF
< $55 GROSS PSF
$60-65 GROSS PSF
Understand Tenant Priorities
Amplify
Safety
Operational
savvy
1,928,485
Large Subleases
Square Feet
Total Sublease Vacany
5.2m
Contact Us
Contact Us
Exisiting
class
A
B+
B
B
A
A-
B+
A
A-
B
A-
A
A
A+
A
A
A
B
B
A
A
B
West Loop
Central Loop
Central Loop
Central Loop
River North
East Loop
Central Loop
Central Loop
Central Loop
Central Loop
West Loop
Fulton Market
Fulton Market
Central Loop
Central Loop
Central Loop
West Loop
Central Loop
South Loop
Fulton Market
River North
Central Loop
104,700
157,800
139,700
106,800
200,000
143,060
105,230
106,600
225,500
144,700
170,180
100,000
100,000
147,580
146,700
165,620
106,000
107,980
899,700
185,700
164,100
108,000
Submarket
notes
5
4
2
3
1
3,835,650
block
70 W MADISON - With three large tenants vacating in 2019, Morgan Stanley, Fitch Ratings & Nixon Peabody, Hearn has about 292,000 RSF to back-fill, which will not be easy given the competitive big block competiton happneing in the Central Loop.
30 N LASALLE - The City of Chicago decided to move their offices down the street to 2 N LaSalle, adding another big block of space to the Amtrust portfolio.
1 S WACKER - RSM
318 N CARPENTER - 0% Leased
1375 W FULTON - Trammell Crow Company opened their first Fulton Market development at 17% leased to Glassdoor. There are no other deals to be rumored in LOI or Lease at this building.
5
4
3
2
1
TENANT
200 E RANDOLPH
135 S LASALLE
120 S RIVERSIDE
111 W MONROE & 115 S LASALLE
225 W RANDOLPH
77 W WACKER
161 N CLARK
131 S DEARBORN
191 N WACKER
550 W RANDOLPH
200 E RANDOLPH
191 N WACKER
101 N WACKER
MERCHANDISE MART
550 W WASHINGTON
TOTAL
8
4
3
2
1
5
6
7
12
9
10
11
notes
class
submarket
block
158,400
672,600
257,970
164,400
850,000
280,275
165,000
102,000
104,200
197,000
170,500
104,280
106,730
425,400
122,500
A
B
B
B
B
A-
A-
A
A
B
A
A
A
A
B
2021
2021
2021
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2023
2023
East Loop
Central Loop
West Loop
Central Loop
West Loop
Central Loop
Central Loop
Central Loop
West Loop
West Loop
East Loop
West Loop
West Loop
River North
West Loop
3,881,255
available
135 S LASALLE - Bank of America is vacating 700,000 RSF at 135 S LaSalle and moving into their new namesake Trophy Tower at 110 N Wacker in about 500,000 RSF. They plan to take occupancy in early 2021. This is another big block of space available in the Amtrust portfolio.
120 S RIVERSIDE - CDW
111 W MONROE & 115 S LASALLE - BMO Harris Bank vacating and moving into their new namesake Trophy Tower at 320 S Canal.
225 W RANDOLPH - AT&T has a 2022 LXD and they only need about 25% or 200,000 RSF of their current foot print.
77 W WACKER - Jones Day & Morgan Lewis
161 N CLARK - Accenture is vacating 168,000 RSF on floors 33-40 in 2022. Moving to 500 W Madison.
131 S DEARBORN - Perkins Coie
191 N WACKER - Drinker Biddle & Reath LLP
550 W RANDOLPH - Symphony IRI, entire building
101 N WACKER - Railcar company TTX
MERCHANDISE MART - Studio Space being converted to office and Yelp space
550 W WASHINGTON - CME space (Consolidated at 10 & 30 S Wacker)
12
11
10
9
8
7
6
5
4
3
2
1
2021
2021
2021
2021
2022
2022
2022
2023
3,280,235
146,680
217,530
259,085
616,200
423,450
740,000
155,290
662,000
River North
Fulton Market
Fulton Market
East Loop
Fulton Market
West Loop
Fulton Market
River North
A
A
A
A
A
A+
A
A+
notes
available
block
submarket
class
TENANT
311 W HURON
800 W FULTON
320 N SANGAMON
24 E WASHINGTON (MACY'S)
FULTON LABS
UNION TOWER (BMO)
1045 W FULTON
WOLF POINT TOWER (SALES FORCE)
TOTAL
800 W FULTON - 41% leased to Aspen Dental
320 N SANGAMON - Delivering 06/21, 0% leased
24 E WASHINGTON (MACY'S) - Brookfield purchased the top 7 floors (~650,000 RSF) from Macy's on Chicago's historic State Street in 2018. Now delivering over $100M worth of improvements in six short months, Brookfield only has one tenant, Numerator, signed up for 10% of the building. Vivid Seats had been rumored to be in-lease for 110,000 RSF, but with recent Covid related cancellations for sporting and entertainment events, the deal seems unlikely to happen soon.
UNION TOWER (BMO) - 52% leased
WOLF POINT TOWER (SALES FORCE) - 44% leased to Salesforce
5
4
3
2
1
5
4
3
2
1
Square Feet of
Total Sublease Vacancy
5.2m
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