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2022 Q2 Chicago Downtown Office Report

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The Value of Class

As office workers start to return to their routines, we are seeing more clearly the repercussions of the pandemic and its effect on each submarket. Two separate patterns are emerging in the office asset classes as we transition away from defining the market by the pandemic: Class A buildings, particularly in Fulton Market and the West Loop, have increased activity and interest, while Class B assets, specifically in the Central Loop, continue to feel the full weight of the downturn with lower rates and higher vacancy. Further, the draw of new class A constructions and recently renovated, amenity rich assets in other submarkets puts existing Class B buildings at a disadvantage. It will be some time before Class B assets trend in positive absorption overall.


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2022 Q2 Chicago Downtown Office Report

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Sandy McDonald

Senior Director of Research

Chicago - Downtown

I am the senior director of research at Colliers | Chicago and lead the Office Advisory Group’s market research initiative. I am responsible for building and maintaining competitive market intelligence which includes the office properties database of property sales and leases, tenant information and comparable transactions.

I also manage daily operations including the collection and analysis of market and economic-related statistics, providing clients with customized reports and in-depth interpretation of underlying trends in the market. In addition, I compile proprietary quarterly office market statistics and reports for business development and client support purposes. I am considered an expert in the field and am frequently featured in industry newspapers and publications. 

I have 13 years’ experience in commercial real estate research. Prior to joining Colliers, I served as director of market research at Transwestern. Prior to Transwestern, I spent three years at DTZ (now Cushman & Wakefield) as the senior research analyst for Chicago. Prior to joining DTZ, I spent four years with Grubb & Ellis (now Newmark Knight Frank) in Chicago as an office research analyst and support for the industrial services team.

In addition to commercial real estate experience, I've had extensive experience in the mortgage industry as a mortgage sales executive with Option One Mortgage. I not only researched, marketed, brokered and sold mortgage products to clients but also managed a team of account managers, handling account issues and client resolutions. I also developed training, introduced new products to clients and streamlined procedures in company offices.

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