Designed in 1885 by Daniel H. Burnham and John Wellborn Root of Burnham & Root, The Rookery is considered Chicago’s oldest standing high-rise.

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While the exterior is an architectural masterpiece, the internal cantilevered oriel staircase with carved Moorish details is my favorite part of the building.

According to a recent article in Urbanland, 40% of office vacancies during the early 1990’s were concentrated in buildings less than six years old. The rise in vacancy was caused by overbuilding and as a result was prevalent in younger properties. The problem today is different. Currently, 40% of office vacancies are spread among buildings that have been built sometime in the last twenty-two years and the rise in vacancy is due to layoffs and job cuts. Vacancy has increased in properties no matter the age, class or location.

My biggest concern for office landlords is high vacancy rates are here to stay. Technology is making it easier for people to work from home, the coffee shop or even the gym. Companies are realizing there are huge cost savings in reducing their real estate footprint. Landlords will have to be creative and offer substantial incentives to lure new tenants. I would be interested to hear your thoughts. How do you think technology is affecting the use of office space? Is there an office landlord that has taken an innovative approach to lure new tenants? Send in your comments…….

• 2010 Position: 1
• 2009 Position: 2
•  $118 per square foot

London

• 2010 Position: 2
• 2009 Position: 3
• $100 per square foot

Hong Kong

• 2010 Position: 3
• 2009 Position: 1
• $99 per square foot

Dubai

• 2010 Position: 4
• 2009 Position: 5
• $74 per square foot

Mumbai

• 2010 Position: 5
• 2009 position: 6
• $66 per square foot

New York

• 2010 Position: 6
• 2009 Position: 8
• $64.50 per square foot

Moscow

• 2010 Position: 7
• 2009 Position: 4
• $63.00 per square foot  

Paris

• 2010 Position: 8
• 2009 Position: 7
• $62.80 per square foot

Milan

• 2010 Position: 9
• 2009 Position: 10
• $55.00 per square foot

Zurich

• 2010 Position: 10
• 2009 position: 11
• $54.00 per square foot

For more information on these properties please explore the map below.

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1. Law Firms                                        423 square feet

2. Services                                            394 square feet

3. Government                                   391 square feet

4. Manufacturing                              379 square feet

5. Retailers/Wholesalers               362 square feet

6. Medical                                            345 square feet

7. Agriculture/Utility                    343 square feet

8. Engineers/Architects                328 square feet

9. Accountants                                  327 square feet

10. Finance                                         325 square feet

According to Tishman Speyer’s  website until the late 1970s, Madison Avenue between 53rd and 54th Streets consisted of many small parcels of land with different owners. Tishman Speyer recognized the location as being strategically outstanding for a major corporate headquarters and assembled land parcels totaling 39,000 square feet. Tishman Speyer managed the design, construction, and development of the office tower, which when completed in 1982 represented the first investment-grade, stone-clad office facility constructed in New York City in over a decade. Tishman Speyer still owns this property today.

In 2009 520 Madison Avenue was awarded LEED certification at the Silver level by the U.S. Green Building Council. According to Costar the building is currently 97% occupied and houses an exclusive tenant roster that includes, Fortis, Carlyle Investment Management and Jefferies & Company.

* chart provided by Meghan Smith of Howard Ecker + Company