Sublease Space Chokes Downtown Chicago
Companies have put more than 3 million sq. ft. of office sublease space on the market in downtown Chicago through the third quarter of 2008, marking a three-year high, according to locally based MB Real Estate. Nearly 1 million sq. ft. of new sublease space was added in the third quarter alone, and this does not bode well for the market’s fundamentals in 2009, as three more office towers are scheduled to deliver. Excluding sublease space, the downtown office market could see its 11.4% vacancy today increase to nearly 15% in 2009.
30-Year Veteran Retires in Columbus
Three years after opening the Columbus, Ohio office for Colliers Turley Martin Tucker, veteran broker Stephen Falor is retiring as managing principal. In November 2005, Falor established the third office in Ohio for Colliers Turley Martin Tucker, which already had major regional offices in Cincinnati and Dayton.
Falor started his commercial real estate career 30 years ago when he joined the Pickett Cos. In 1983, he then joined CB Richard Ellis and left nine years later to become a principal, and later president, of a full-service commercial real estate firm that became Carey/Falor Realty Partners.