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Further bifurcation across Downtown office market amidst sustained demand for high quality space
The respective paths of Downtown Chicago Class A and Class B office properties were increasingly divergent in the third quarter. At the top end of the market, demand for newer, highly amenitized and well-located properties held strong, with the number of viable space options continuing to shrink for tenants seeking quality space. Meanwhile, availability among Class B properties remained at record highs while occupier demand waned and landlords often found themselves at a crossroads, lacking sufficient capital to execute leases or to make monthly loan payments.