Office N Illinois

CBRE ranks Chicago in top 50 for prime office occupancy costs

  

Chicago’s downtown market ranked in the top 50 for prime office occupancy costs in the world and came in fourth for the largest 12-month increase in the nation, CBRE stated in its annual Global Prime Office Occupancy Costs report.

The Chicago office market has become more expensive as it saw a 10.2 percent prime occupancy cost increase over a 12-month period as of Q1 making it the fourth-fastest growing in the US and eleventh fastest in the world.

In March, CBRE reported that prime net rents in Chicago’s top office properties, a subset that comprises approximately 14 million square feet, rose 19.9 percent from 2015 to 2016.

The latest report demonstrates strong price growth in the Chicago market by tracking prime office occupancy costs for the same properties for a 12-month period from the first quarter last year to the first quarter this y