Monthly Archives: July 2025

Mid-Year 2025 Suburban Office Market Report

Published July 31, 2025

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

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

  • Vacancy was 25.1% marketwide, though when excluding “zombie” buildings with minimal occupancy, the adjusted vacancy rate was 20%.
  • H1 2025 direct net absorption was effectively zero, a significant improvement from H1 2024’s negative 770,000 square feet.
  • Investment sales activity totaled $121 million, with properties continuing to sell at substantial discounts—notably, the Oak Brook Office Center (327,000 square feet) sold for just under $9 million versus $33 million in 2013.
  • Despite challenges, resilient demand persists for well-located, quality assets as tenants value operational advantages, amenities, and cost efficiencies.

 

Q2/25 Downtown Chicago Office Market Report

Published July 31, 2025

Bradford Allen is pleased to share with you our latest office market report. Activity in Chicago’s downtown office market was steady, as firms expanded and well-capitalized owners continued robust leasing programs.

This quarter in Chicago’s downtown office market:

  • Q2 2025 net absorption was negative 1.5 million square feet, among the weakest since Q1 2024.
  • Direct vacancy continued to climb, reaching a record high of 24.7%, up 1.3 percentage points from Q1 2025.
  • The average gross asking rates were down from the prior quarter to approximately $41 per square foot.
  • Spec suites continued to outperform the market, accounting for nearly one-third of all leased square footage year to date, remaining highly sought after by tenants.

 

Bradford Allen Secures New Lease at 142 E. Ontario

Published July 8, 2025

CHICAGO — Bradford Allen, a national full-service commercial real estate firm, today announced a new lease at 142 E. Ontario in Chicago’s Streeterville neighborhood. Lo Destro Construction Co. has signed a lease for 7,773 square feet of office space in the building.

Bradford Allen represented the building’s ownership in the transaction, with executive managing director Andy DeMoss and director Alex Gordon leading the leasing efforts. Lo Destro Construction Co. was represented by Noah O’Neill of Stone Real Estate.

“This lease reflects the ongoing interest we’re seeing from both office and medical tenants,” DeMoss said. “The debt-free ownership group is well capitalized and willing to get creative to land deals, so 142 E. Ontario continues to check the box for a wide range of tenants.”

Located just off Michigan Avenue, 142 E. Ontario offers a new amenity floor, multiple spec suites, and balconies in select suites.