Monthly Archives: July 2024

Mid-Year 24 Suburban Chicago Office Market Report

Published July 11, 2024

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

The second half of the year in the suburban office market:

  • Absorption levels declined as -800,000 square feet was absorbed through the first half of 2024.
  • The direct vacancy rate held steady at 24%.
  • Available sublease space on the market decreased to 2.7 million square feet.
  • The average gross asking rate is $27 per square foot.

 

Q2/24 Downtown Chicago Office Market Report

Published July 11, 2024

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

This quarter in the downtown office market:

  • Absorption improved but remained negative with -67,000 square feet absorbed through Q2/24, resulting in a total of -1.9 million square feet through the first half of 2024.
  • The direct vacancy rate reached 22% in Chicago’s CBD.
  • Demand for move-in-ready suites has increased significantly over the past several years.
  • The average gross asking rate for the CBD held steady at $43 per square foot.