Chicago CBD office market report

Q4 2022

The Chicago CBD office market in Q4 continued the trends that the city has experienced most of the year. Albeit slow, office visitors continue to progress upward towards pre-pandemic levels. While most of the market’s vacancy and availability rates saw continued increases, the highest-class and well-located buildings are performing the same as they were in 2018. Average rental rates continue to see a steady increase but are usually paired with increased tenant concession packages.
38.2%

Office visitor volume

Office visitor volumes the week of December 5, 2022, relative the week before the lockdown (March 15, 2020).
20.2%

Vacancy rate

Vacancy rate in Chicago office buildings. This is up 2.5% from year-end 2021.
2.4 msf

Under construction

Amount of office space under construction in Chicago. This will add to the 5.9 msf delivered over the past two years.
5.9 msf

Sublease market

Total size of the sublease market in Chicago. This number has remained relatively constant since 2020.
25.1%

Availability rate

Availability rate in Chicago office buildings. This is up 2.1% from year-end 2021.
$584M

Total sales

Total office sales in 2022. This is down significantly from the $2.6B traded last year.
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