After a record fourth quarter the CBD sublease market has slowed down in the first quarter.

1. Source: CoStar, Jones Lang LaSalle Research
* This figure includes the total number of vacant and non-vacant sublease spaces that
are currently available.
2.4MSquare feet of sublease space
on CBD market
• After a record fourth quarter for the CBD sublease market when 929,000
square feet of sublease space came on the market, the activity was more
subdued but still high in the first quarter as 625,000 square feet of new
sublet space was made available.
• The largest onto the market this quarter was at 71 S Wacker Drive. Hyatt,
the international hotel giant, placed over 230,000 square feet of its space
on the sublease market after signing a new lease at 150 N Riverside for
250,000 square feet. The company will be moving in 2017. This one
listing comprised 36.7 percent of the new available sublet space in the
first quarter.
• Meanwhile sublet rents for downtown Trophy buildings remained steady
at $26 PSF while Class A eclipsed $25 PSF. Class B average asking
rents continue to stay low at $20 PSF full service.
Sublease by submarket
Chicago CBD
Sublease by square footage
Chicago CBD
120Number of sublease listings on
CBD market*
625KSquare feet of new CBD
sublease space in Q1 2015
-32.7%Percent change in sublease
space over previous quarter
Sublease analysis
Chicago CBD. February 2014
Building Square Footage Year Listed
1 E Wacker Drive 2,534 2015
150 S Wacker Drive 3,906 2015
155 N Wacker Drive 4,364 2014
1Q15 Selected Additions
Building Square Footage Year Listed
141 W Jackson Boulevard 1,387 2014
444 N Michigan Avenue 2,253 2014
55 E Jackson Boulevard 4,776 2014
1Q15 Selected Removals
Sublease analysis
Chicago CBD | Q1 2015
Office employment update
Metro Chicago
According to a survey by the University of Michigan, consumer
confidence jumped in January to its highest level in a decade. In that
same month we also saw that average hourly wages rose $0.12 to
$24.75 for the sharpest increase since 2008, but are still below levels
sought by central banking experts. Still, these trends are coinciding as
the local employment market is accelerating towards full recovery.
Office-using sectors are taking a majority of those gains and where
historically, Professional & business services has driven most of that
growth, in recent months, sectors like information and government are
contributing to the gains made by office-using sectors. This is a
positive sign that as the employment market expands; it is continuing
to draw strength from a diverse set of industries.
Looking ahead, the resurgent job market and growing payrolls make it
more likely that the Federal Reserve will raise the short-term interest
rate in the coming months.
48
32
32
8
1 - 10,000 SF 10 - 20,000 SF
20 - 50,000 SF 50,000+ SF
39
17
47
5
2
10 0
Central Loop
East Loop
North Michigan
River North
West Loop
South Loop
River West

2. © 2015 Jones Lang LaSalle IP, Inc. All rights reserved. All
information contained herein is from sources deemed reliable;
however, no representation or warranty is made to the accuracy
thereof.
JLL Americas Research • Chicago CBD Sublease Analysis 2
Sublease activity
Chicago CBD additions, removals, and transactions. (*) Indicates a Jones Lang LaSalle listing or transaction.
20 N Wacker Drive Ι West Loop | Addition*
The Long Company, which focuses around consulting within the baking industry, has given up 3,000 square feet of space at 20 N Wacker Drive. The tenant is
moving to the suburbs in June. The term on the space runs through February of 2020. The space consists of seven offices, a conference room, kitchen, storage
room, IT space and reception area. It has been on the market since the middle of January.
71 S Wacker Drive Ι West Loop | Addition*
At 71 S Wacker Drive, Hyatt’s former space has come onto the sublease market. The space is spread over several floors and is 230,000 square feet. 71 S Wacker
is one of Chicago’s premiere trophy buildings and the space features and internal staircase connecting floors 10-16. The space will be available in October 2017
when Hyatt vacates and the term runs through February 2020.
125 S Wacker DriveΙ Westl Loop | Removal
Oak Street capital signed a lease for 4,000 square feet of sublease space on the 12th floor at the Class B 125 S Wacker Drive.
Sublease by term
Chicago CBD
Robert Kramp
Senior Vice President – Americas
Midwest & Great Lakes Research Director
tel +1 312 228 2470
Robert.Kramp@am.jll.com
Joe Klosterman
Research Analyst
tel +1 312 228 3189
Joe.Klosterman@am.jll.com
Numberofsubleasespaces
SFinmillions
SF of sublease space on the market
Sublease listings from prior months
Sublease listings added to the market
Monthly additions to the sublease market
Chicago CBD
200 East Randolph Street
Chicago, IL 60601
+1 312 782 5800
8755 West Higgins Road
Chicago, IL 60631
+1 773 304 4100
www.us.joneslanglasalle.com/chicago
325 W Huron Street | River North | Removal
The Jacobs Agency signed a sublease for 4,750 square feet at 325 W Huron Street. They are taking space on the third floor at the 121,000-square-foot, Class B
office building in River North.
55 E Monroe Street | East Loop | Removal
McCabe Miller, a legal firm, completed a transaction for 2,000 square feet of sublease space at 55 E Monroe Street. The space is on the 29th floor.
21
24
23
26
19
11
Up to 1 month 1 - 3 months
3 - 6 months 6 - 12 months
12 - 24 months 24+ months
0.0
1.0
2.0
3.0
4.0
0
50
100
150
200
250
1Q10
3Q10
1Q11
3Q11
1Q12
3Q13
1Q13
3Q13
1Q14
3Q14
1Q15