Avison Young Releases Q4 2022 Chicago Office ReportJanuary 17, 2023
Quarterly report reveals office market trends, activity on upward trend to pre-pandemic levelsChicago, IL – Avison Young today released its Fourth Quarter 2022 Office Market Report for Chicago. The report indicates that office visitors continue to progress upward towards pre-pandemic levels, that well-located and high-end buildings are performing as they were in 2018, and that average rental rates continue to see a steady increase.
“Even with its challenges, we’ve seen significant cause for optimism in Chicago’s office market in the fourth quarter,” said Damla Gerhart, Principal and Managing Director of the firm’s Chicago office. “While most of the market’s vacancy and availability rates saw continued increases, the flight to quality and location is apparent, with occupants seeking better spaces for their employees and boosting traffic back to the office.”
Avison Young reports that office visitor volumes are at 38.2% what they were relative to the week of March 15, 2020. However, Chicago’s vacancy rate is sitting at 20.2%, which represents a 2.5% increase from year-end 2021. The report also indicates that 2.4 million-square-feet (msf) of office space is currently under construction and will add significantly to the 5.9-msf delivered over the last two years.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment, and the community.
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- Nathan Reyna, Media Relations Specialist, Midwest & Northeast: +1.972.533.1396
For more information:
- Download 2022 4th Quarter Chicago Office Market Report
- Damla Gerhart, Principal & Managing Director, Chicago: +1.312.265.8143