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Chicago Office Rents Rose 20 Percent in 2016

The bill for high-end office space in Chicago rose almost 20 percent in 2016, the biggest increase in the U.S. and second-highest in the world,” writes the Chicago Tribune’s Ryan Ori. “Chicago’s one-year jump is especially striking considering the city is typically known for less dramatic fluctuations in property values and rents than those seen in coastal markets such as New York and San Francisco. The numbers help explain why developers continue drawing up plans, even though tenants just began moving into two brand-new towers along the Chicago River.”