Large blocks, fewer options: Contiguous large-scale office space narrows despite near-record availability in Chicago CBD

Across the 451 office properties that make up the Chicago CBD, availability remains near record highs at 30%. Despite inflated availability, the number of quality properties with large blocks of available space is disproportionately smaller. Trophy buildings make up just 9% of properties with large block availability.
There is a clear inverse relationship between office space requirements and the number of properties that can accommodate them. While 22% of CBD buildings can support a 50k sf lease, only 16% meet that threshold when limited to Trophy/Class A. For tenants seeking at least 200k sf, just 3% of buildings qualify – dropping to 2.4% when factoring both size and quality constraints.
Notable large block leases in Trophy properties include Mesirow Financial renewing for 110k sf at 353 N Clark (Q1 2024), Ayden signing a new lease for 97k sf at 333 N Green (Q4 2024), and White & Case signing a new lease for 60k sf at 300 n LaSalle (Q1 2024).
Notable Trophy properties without 100k sf in contiguous available space include 110 N Wacker Dr, 150 N Riverside Dr, 353 N Clark St and 444 W Lake St.

May 6, 2025

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