Hopefully this bodes well for 130 North Franklin.
The [office] market is on fire'
http://www.chicagobusiness.com/reale...buildings-open
by Danny Ecker
The CNA Center at 151 N. Franklin opened its doors during the second quarter, one of two recently finished major downtown office buildings. - CoStar Group
Photo by CoStar Group The CNA Center at 151 N. Franklin opened its doors during the second quarter, one of two recently finished major downtown office buildings.
Demand for downtown office space was so strong in the second quarter that a massive, entirely empty new building opened and the vacancy rate barely moved.
Overall vacancy in the city's central business district was 13 percent halfway through the year, just slightly higher than the 12.9 percent rate at the end of the first quarter but down from 13.6 percent during the same period in 2017, according to data from CBRE.
It's an impressive feat, considering the two new office towers that opened over the past three months: The 800,000-square-foot CNA Center at 151 N. Franklin St. debuted with about half of the building leased. And the 20-story tower at 625 W. Adams St. was finished in April, but developers White Oak Realty and CA Office have yet to announce a tenant for the 432,000-square-foot building.
The deliveries of those two buildings would significantly boost the downtown vacancy rate but for tenants pushing hard to find office space. The strong economy and local job market has a lot to do with that, as well as the trend of companies moving from the suburbs to the city or increasing their space in the city to help recruit and retain young talent.
"From what I'm seeing, the market is on fire," said CBRE Executive Vice President Kyle Kamin. "I've never seen so much velocity in the marketplace."