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Effective URL: https://therealdeal.com/chicago/2020/10/01/trouble-ahead-chicago-office-market-is-awash-in-subleases/?utm_source=Sailthr...
Submission: On November 19 via api from US
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<h4>Daily</h4>
<p>Round-up of top news and topics for each of the following cities:</p>
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<h4>Weekly</h4>
<p>Editorially-curated headlines and news to know for the following areas:</p>
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<h4>Future City</h4>
<p>Weekly low-down on all things prop-tech</p>
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<h4>TRD Data</h4>
<p>The numbers behind office leases, retail, sales and financing </p>
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Open Menu Subscribe Sign in Chicago New York Los Angeles South Florida National Tri-State News Residential Commercial Development Technology Architecture and Design Politics Magazine New York South Florida Los Angeles Tri-State Research Data Book Building Permits RE STOCKS Interactive Graphics Deal Sheet The Ultimate Real Estate Glossary Events TRD Talks Live Video TRD Talks The RE-Interview Inside the Newsroom Coffee Talk Partners Sponsored Content Brand Studio Advertise with us Newsletter Facebook Twitter YouTube Instagram Linkedin JAVASCRIPT IS DISABLED IN YOUR WEB BROWSER. For full functionality of this site it is necessary to enable JavaScript. Please Allow Javascript and reload this page. Trending: Commercial Real EstateKushner CompaniesCelebrity Real EstateResidential Real EstateDevelopment ACRE0.82% AHT5.94% AKR1.33% AVB0.31% BPY1.70% BXP-PB0.39% CBRE0.12% CIGI2.60% CLPR0.08% CWK0.61% DRH1.53% ELS0.15% EQR0.72% ESRT1.29% EXPI5.94% GNL0.21% HOV1.22% LTC1.00% MET0.59% MMI0.33% NMRK0.00% PGRE2.17% PK4.01% PURP.L0.84% RDFN3.18% REG1.07% RLGY2.75% RMAX0.01% SLG0.03% SPG-PJ3.75% STWD0.29% TOL0.00% VGR0.49% VNO0.20% Z7.17% -------------------------------------------------------------------------------- TROUBLE AHEAD: CHICAGO OFFICE MARKET IS AWASH IN SUBLEASES Central business district has 4.4M sf of sublease space available, a huge uptick from April TRD CHICAGO / Oct.October 01, 2020 12:00 PM TRD Staff Share on FacebookShare on TwitterShare on LinkedinShare via EmailShare via Shortlink Share via Shortlink 101 North Wacker Drive and Conversant CEO Bryan Kennedy (Google Maps) Digital media company Conversant is looking to sublease its entire Loop headquarters, the latest blow to a Chicago office market that has seen a growing number of firms trying scaling back or exiting their leases. Conversant wants to sublease its 106,732-square-foot office at LaSalle Investment Management-owned 101 North Wacker Drive, according to Crain’s. Cushman & Wakefield is marketing the space. The listing is for the top four floors of the 24-story building, and represents the second largest sublease in Chicago since the start of the pandemic, according to Crain’s. Firms across the city have been seeking to downsize and shed expensive office space as employees continue to work remotely because of the pandemic. The move has created a strain on the market. Chicago’s central business district has more than 4.4 million square feet of sublease space available, up 37 percent since April 1, and 60 percent since the start of the year, according to Crain’s. The automotive classified website Cars.com put a third of its Third Millennium-owned West Loop tower headquarters — about 50,000 square feet — on the market for sublease last month. In May, Groupon sought to sublease 150,000 square feet of office space at its 600 West Chicago Avenue headquarters. ADVERTISEMENT Last month, WeWork abandoned plans to open two locations in Fulton Market. It bought out a pair of leases totaling 110,000 square feet. And in July, software products firm CCC Information Services said it would scale back the amount of space it will lease at Shapack Partners and Focus’ 750,000-square-foot office building, also in Fulton Market. Conversant initially opened three floors at 101 North Wacker in 2012. It then leased a fourth floor in 2016. [Crain’s] — Keith Larsen -------------------------------------------------------------------------------- Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink TAGS 110 North Wacker DriveChicago office market Replay Skip Ads by Read More RELATED ARTICLES arrow_forward_ios POTBELLY MAY BE BOOTED FROM WEST LOOP HQ Potbelly may be booted from West Loop HQ MCGRAW HILL ADDS TO WAVE OF CHICAGO OFFICE SUBLEASES McGraw Hill adds to wave of Chicago office subleases FACING POSSIBLE DEFAULT, LOOP OFFICE BUILDING HITS MARKET Facing possible default, Loop office building hits market CHICAGO’S ONCE BOOMING OFFICE MARKET IS JUST TRYING TO HANG ON Chicago’s once booming office market is just trying to hang on INDUSTRIOUS WILL TAKE 52K SF AT BLACKSTONE’S WILLIS TOWER Industrious will take 52K sf at Blackstone’s Willis Tower STERLING BAY, JPMORGAN NEAR DEAL TO SELL MCDONALD’S HQ FOR $430M Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M FEDERAL SAVINGS BANK IS LEAVING FULTON MARKET BUT NOT CHICAGO Federal Savings Bank is leaving Fulton Market but not Chicago THIS FIRM IS TRIPLING ITS OFFICE SPACE IN DOWNTOWN CHICAGO This firm is tripling its office space in Downtown Chicago arrow_forward_ios by Taboolaby Taboola Sponsored LinksSponsored Links Promoted LinksPromoted Links You May Like Smart Cover Why should you buy a hybrid mask instead of a reusable oneSmart Cover Undo Refinance Gold At 78, Paul McCartney Lives In This Unexpected HouseRefinance Gold Undo Forge of Empires - Free Online Game If You Like to Play, this City-Building Game is a Must-Have. 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Email Address First Name Last Name Company Subscribe You are now subscribed. We are having some technical difficulties. Try again later. By clicking Subscribe you agree to our Privacy Policy. DAILY Round-up of top news and topics for each of the following cities: New York Los Angeles South Florida Chicago WEEKLY Editorially-curated headlines and news to know for the following areas: New York Los Angeles South Florida Chicago Hamptons National Tri-State FUTURE CITY Weekly low-down on all things prop-tech Future City TRD DATA The numbers behind office leases, retail, sales and financing TRD Data TRD DEBUG SETTINGS × DEFAULTS error log info warn ADS error log info warn TP log debug PBJS logging GPT debug 4articles left TRD's Black Friday deal starts now! TRD's Black Friday deal starts now! Subscribe now Support TRD today by subscribing Sign in My Account keyboard_arrow_up Loading... 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