It isn't easy being a tenant representative these days. The downtown office market has a historically high vacancy rate, and with so many workers still plugging away on their computers at home, the Central Business District remains underpopulated on workdays. That has led many tenants on the hunt for new office space to expect lease deals more affordable than pre-pandemic days, when the market was tight and demand kept escalating. But it isn't like that. Although the top-line statistics on vacancy would normally foster a tenant's market, rental rates have been stubborn, staying roughly in place since the onset of the coronavirus. And those expecting great deals sometimes have to adjust those expectations. “It can be frustrating and confusing to tenants,” Cresa Chicago Senior Vice President Michael Marrion said. 
Although many companies are still formulating their new workplace strategies, including how many employees will come back to the office and on what days of the week, many leases will still be expiring in 2022 and 2023, he added. That means deals have to get done.It isn't necessarily a bleak…  Read the full story here. | 
