Q4/23 Downtown Chicago Office Market Report

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

This quarter in the downtown office market:

  • Absorption remained negative with -530,000 s.f. absorbed through Q4/23, resulting in a total of -1.6 million s.f. of net absorption through 2023.
  • The direct vacancy rate surpassed 20% in the CBD.
  • Available sublease space on the market remained steady, sitting at 7.7 million s.f.
  • The average gross asking rate for the CBD declined to $43 per s.f.