Viewpoint | Adaptive Spaces

Midwest Prime Office

July 1, 2024 10 Minute Read

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In recent years, best-in-class office space has been in high demand as employers aim to attract new talent and retain current employees. This small percentage of trophy assets in a market’s total inventory are referred to as “prime” and remain the most sought-after office properties in the Midwest. On average, prime properties command higher rents and see more positive absorption than non-prime buildings.

–Vacancy in the prime sector averages 2.7% lower than non-prime counterparts
–Prime rents increased from $42.95 on average in Q1 2021 to $46.26 in Q1 2024
–Across the Midwest, prime office experienced positive absorption consecutively over the last 13 quarters
–Prime office deliveries totaled 22.9 million sq. ft. since the start of 2013, representing 49.2% of the total prime office inventory in the Midwest