For Chicago office space, quality and location are in high demand

Strong demand for top-quality space during the pandemic has led to a decrease in trophy availability despite nearly 4M sf of new trophy space being delivered over the same period.
Fulton Market is the only submarket where Class A availabilities have fallen, with an influx of finance, consulting, and law firms beginning to join the area’s tech, media, and advertising-dominated tenant pool.
B and C class office in River North, primarily vintage loft space, has gone from the lowest B/C availability rate in the CBD to the highest. B/C space in the West Loop has experienced a nearly identical rise.

January 29, 2024