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.