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Second Quarter 2018 Chicago Downtown Office Market Report

At the mid-year 2018, Chicago’s downtown office market exhibited the traits of equilibrium. Restraining the economic giddiness of increased employment and consumer confidence is the passing of the second of four promised interest-rate increases for 2018. The real success of this quarter’s office market, however, is how it responded after almost two million sf of space was added to the urban core’s ledger since the beginning of the year. To support this claim of confidence, Chicago’s CBD posted 1,713,755 sf of positive absorption, YTD, with 60% of all leasing transactions occurring in 2Q18.

 

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