Mid-Year 2022 Chicago Suburbs Office Market Report

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

This half in the suburban office market:

  • Absorption levels improved but remained negative at -350,000 s.f. for Q2
  • Direct vacancy increased to 28.6%
  • The gross asking rate for the market is $25.42 p.s.f.
  • Sublet availability remained steady at 4.3%

 

Q2/22 Downtown Chicago Office Market Report

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

This quarter in the downtown office market:

  • Absorption levels improved but remained negative at -300,000 s.f. for Q2
  • Direct vacancy increased to 18.4%
  • The gross asking rate for the market is $42.87 p.s.f.
  • Sublet availability slightly increased from 3.9% in Q1 to 4.1% in Q2

 

Q1/22 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market reports.
Chicago’s downtown office market remained dynamic amid distress in Q1/22 as the flight-to-quality trend continued. With a direct vacancy rate above 18%, rising sublet availability, high-profile properties in distress and ample new deliveries, tenants are finding enticing concessions. Digging beneath the headline statistics, we note:

  • The direct vacant and available rate was slightly lower (14.9%) than last quarter (15.2%).
  • Net absorption turned negative after a positive Q4/21, but demand is robust for Class A space in red-hot submarkets
  • Sublet availability is skewed toward Class B buildings.
  • Class B buildings comprise the majority of properties with troubled loans.

 

 

Year-End 2021 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • The overall sublet availability rate increased from 3.9% to 4.5%.
  • Overall direct vacancy and availability rates were 27.4% and 32.7%.
  • The market posted a $24.58 p.s.f. gross asking rate.
  • There was 1.1 million s.f. of negative absorption.

 

 

Year-End 2021 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained relatively stable at 3.9%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy remained flat at 19.8% and 15.2%, respectively.
  • Overall, the market posted a $40.38 p.s.f. gross asking rate.
  • The quarter posted 370,000 s.f. of positive absorption.