Mid-Year 2023 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market report.

This half in the suburban office market:

  • Leasing activity surpassed pre-pandemic levels, as nearly 2.6 million square feet of office space has been leased year-to-date.
  • Absorption levels remained negative at -332,000 s.f. through mid-year 2023.
  • Direct vacancy rate decreased to 26.9%.
  • The gross asking rate for the market is $26.67 p.s.f.
  • Sublet availability slightly declined to 3.9% in Q4/22.