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 Chicago’s downtown office market:
- Q2 2025 net absorption was negative 1.5 million square feet, among the weakest since Q1 2024.
- Direct vacancy continued to climb, reaching a record high of 24.7%, up 1.3 percentage points from Q1 2025.
- The average gross asking rates were down from the prior quarter to approximately $41 per square foot.
- Spec suites continued to outperform the market, accounting for nearly one-third of all leased square footage year to date, remaining highly sought after by tenants.