Bradford Allen is pleased to share with you our latest office market report.
This quarter in Chicago’s downtown office market:
- Absorption remained negative with -1.4 million square feet absorbed through Q1/24.
- The direct vacancy rate surpassed 21% in the CBD.
- Demand is increasing for move-in ready office suites which accounted for more than 38% of deals in Q1/24.
- The average gross asking rate in Chicago’s CBD remained at $43 per square foot.
