Mid-Year 2021 Downtown Chicago Office Market Report

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

This quarter in the downtown office market:

  • The overall sublet availability rate remained relatively stable at 3.93%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rose from 19.19% to 19.48% and from 13.47% to 14.01%, respectively.
  • Overall, gross average asking rates declined to $41.13 p.s.f. from $41.49 p.s.f., year over year.

 

 

Mid-Year 2021 Suburban Chicago Office Market Report

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

This quarter in the suburban office market:

  • From Q4/20 to Q2/21, the overall sublet availability rate increased from 2.99% to 3.30%.
  • From Q4/20 to Q2/21, overall direct vacancy and availability rose from 21.95% to 23.84% and from 26.18% to 27.91%, respectively.
  • Overall, the direct asking rate dropped from $25.03 p.s.f. to $24.91 p.s.f., year over year.

 

 

Q1/21 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q1 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate rose from 3.83% to 3.87%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rose to 19.19% from 17.90%, and to 13.47% from 11.98%, respectively.
  • Overall, the quarter posted 1.59 million s.f. of negative absorption.
  • Overall, gross average asking rates increased by $0.07 p.s.f. to $40.78 p.s.f., quarter over quarter.

 

 

Year-End 2020 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2020 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • Year over year, the overall sublet availability rate increased from 1.94% to 2.99%.
  • From year-end 2019 to year-end 2020, direct vacancy and availability rose from 19.55% to 21.95% and 24.16% to 26.18%, respectively.
  • Overall, the direct asking rate was $24.86 p.s.f., a $0.17 p.s.f. decrease from mid-year 2020.

To read the full report, click here.

 

Q4/20 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q4 2020 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate doubled from 1.90% to 3.83%, year over year.
  • Quarter over quarter, direct availability and vacancy rose to 17.90% from 16.51% and to 11.98% from 10.86%, respectively.
  • Overall, gross average asking rates declined to $40.71 p.s.f. from $41.51, quarter over quarter.

To read the full report, click here.