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 the downtown office market:
- Q1/25 direct net absorption was negative 173,000 square feet, significantly improved relative to negative 1.8 million square feet in Q1/24 and negative 1 million square feet in Q4/24.
- Direct vacancy rose, reaching a record high of 23.4%.
- Spec suites and full buildouts accounted for 38.9% of leasing activity, emphasizing the importance of user-friendly, move-in-ready space and financially committed ownership.
- The West Loop secured over half of the quarter’s leasing activity, followed by River North (16.2%) and the Central Loop (11.8%).