Chicago downtown office market report

Q3 2021

Return-To-Office strategies and corresponding office needs still significantly vary company by company. With some larger deals closing this quarter (i.e. Kirkland & Ellis, Heinz), it will be important to watch for industry-specific trends to beginning to develop. Whether for convenience, personal safety or cost, many people have changes in their preferred means of transportation. Our report’s vitality index continues to track how these trends impact the office Chicago CBD market, closely monitoring Metra and CTA mobility data.

7.1%

Unemployment rate

Reopening efforts and higher vaccination rates have allowed the Chicagoland unemployment rate to rebound from a high of 16.5 percent to 7.5 percent.

2.6x

Fulton market office sales

Class A building sales pricing per square foot in Fulton Market vs. other CBD submarkets.

 

27.8%

Chicago recovery index 

Overall CBD office visitor volume up since 4th of July.

 

1.3MSF

Leasing activity

Total leasing activity that has closed in third quarter, up for a third quarter in a row.

 

16.1%

Vacancy rates

Record-high vacancy rate as sublease vacancy pushes overall rate up.

 

-3.7%

Office-using job losse

Change in office-using employment through July, which is better than the overall figure of 4.1% for all industries. 

 

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Your source for the latest Chicago office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Chicago area. Avison Young advisors look at Chicago commercial real estate activities and the latest Chicago statistics to provide you expert market research on Chicago's office properties.

Explore different topics like the latest office market pricing trends and analysis of Chicago's current office real estate market conditions. Gain a better understanding of Chicago’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Chicago's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Chicago.

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