In Q1/23, both vacancy rates and rental rates rose in Chicago’s downtown office market. The CBD’s direct vacancy rate reached a record-high of 19.8%, above the 18.9% seen in Q4/22. The average gross asking rate neared $43 per square foot.
In Q1/23, both vacancy rates and rental rates rose in Chicago’s downtown office market. The CBD’s direct vacancy rate reached a record-high of 19.8%, above the 18.9% seen in Q4/22. The average gross asking rate neared $43 per square foot.
Q1/23 OFFICE MARKET REPORT
DOWNTOWN CHICAGO
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