Year-End 23 Suburban Chicago Office Market Report

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

The second half of the year in the suburban office market:

  • Leasing activity remained above pre-pandemic levels with more than 5.2 million s.f. leased through 2023.
  • Absorption remained negative with -930,000 s.f. absorbed through the back half of 2023, resulting in -1.2 million s.f. of net absorption through the year.
  • The direct vacancy rate increased to 28.3%.
  • The average gross asking rate for the market is $27 per s.f.