Chicago Lofts Bulletin

The Chicago Tribune announced this week that a brand-new skyscraper being built at 111 S. Wacker Drive in downtown Chicago has been placed up on the market. The property will reall in an amazing $375 / square foot. If this requested price is met, it would be the greatest amount paid since 1990, when the real estate market was last at its peak. The building has 1 million sq ft of office space to offer, so the skyscraper as a whole would create a new high for biggest total sales price.

The space is expected to take in the high prices it is requesting, with a well groomed list of tenants already signed on to move in upon completion. Financial giant Deloitte will fill 47% of the building under a 15 year lease, and legal firm Lord Bissell & Brook will also be working there.
The 111 S. Wacker space, under development by John Buck, Co., is one of several fresh downtown Chicago commercial properties on the market right now. Two additional, smaller west loop commercial projects are also looking to surpass $300/sq. ft.

With prices like these, some market watchers are worried that the real estate market could be getting too hot. Others insist that real property is being reconsidered by the market, and that intrinsic values are going up as real estate begins to come more into line with other kinds of investments.