Chicago CBD office market report

Q2 2022

Leasing activity in the CBD remains concentrated in high-quality and amenity-rich buildings. All-time rental rate records are being set while building foreclosures are occurring down the street. Q2 saw a dramatic shake up in Chicago headquarters with a few of the city’s most recognizable announcing their future departure, but at the same time many new companies have signaled their commitment to Chicago for the future ahead.

1.94 msf

Under construction

Salesforce Tower in River North approaches completion of the its exterior and 360 N Green St is set to break ground now with the signing of Boston Consulting Group as its anchoring tenant.

-350,490 sf

Net absorption

Leasing activity remains mostly contained in high quality office product, leaving lower-classed buildings in Central and East Loop harboring much of the stall in action.

$44.59

Direct asking rent

Even as vacancy rises across the market, the focus on high-quality space coupled with rising inflation has led overall market pricing to rise in 2022.

37.1 msf

Available space

The total amount of sublease space on the market remains at an all-time high of over 6.1 million square feet.

19.7%

Vacancy

Overall market vacancy approaches 20%, but Class B space in Central and East Loop have eclipsed 25%. Class A space in red-hot Fulton Market sits just under 11%.

$377 psf

Investment sales

Led by activity in Fulton Market and the recent sale of the Thompson Center to Google, sale prices per-square foot continue to rise for the fifth consecutive quarter.

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