Q1/24 Downtown Chicago Office Market Report

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

This quarter in Chicago’s downtown office market:

  • Absorption remained negative with -1.4 million square feet absorbed through Q1/24.
  • The direct vacancy rate surpassed 21% in the CBD.
  • Demand is increasing for move-in ready office suites which accounted for more than 38% of deals in Q1/24.
  • The average gross asking rate in Chicago’s CBD remained at $43 per square foot.