Chicago Office Vacancy @ 4-Year peak

From Crain's

The noteworthy office spaces that came on the market include:

• 161,000 square feet at 540 W. Madison St., according to a spokeswoman for Bank of America Corp., which owns the building. In late ’08, North Carolina-based BofA leased 125,000 square feet to DRW Trading LLC, the first outside tenant in the building.
• 80,000 square feet at 200 S. Wacker Drive formerly occupied by Boston Consulting Group, which moved to 300 N. LaSalle St., developed last year by Hines Interests L.P.
• 75,000 square feet at 350 N. Clark St., a terra cotta classic where Mesirow Financial was based until it moved to 353 N. Clark St., which the Chicago-based investment firm co-developed last year.

As the building boom winds down, the vacancy rate for Class A space in newer, top-quality office building rose to 14.4% during the first quarter, compared to 12.5% during the fourth quarter and 9.5% during the first quarter of 2009.

Thanks in part to the expansion of 300 E. Randolph, the vacancy rate in the East Loop is the highest in the city, at 17.8%, compared to 14.7% during the fourth quarter and 11.9% during the first quarter of 2009.

The vacancy rate in the West Loop shot up to 15.8% during the first quarter, compared to 14.9% during the fourth quarter and 12.1% during first-quarter 2009.

Vacancies are lowest in River North, where the rate rose to 11.4%, compared to 10.3% during the fourth quarter and 11.3% during the first quarter of 2009.