Chicago Suburban office market report

Q2 2024

Chicago’s suburban office market continued to waver in the second quarter of 2024. As tenant space contractions persist, availability across the market continues to rise. The second quarter saw positive net absorption; however, leasing activity was near record low. An exception is Wheels, which signed a significant portion of the space available for sublease within Zurich’s headquarters in Schaumburg. Despite uncertainty in the economy, legal services and FIRE (Finance, Insurance, and Real Estate) companies are posting positions at or above their pre-COVID levels.
2.4 msf

Total leasing activity through the first two quarters of 2024

Leasing activity through the first half of 2024 is only 2% above the lowest level recorded in a decade during the first half of 2021.

-14%

Difference between Q2 office-using monthly job postings and pre-pandemic averages

Office-using occupations job postings show an uneven demand for workers across the Chicago MSA; where legal services, consulting/accounting, and FIRE remain bright spots.

3.0 msf

Amount of available sublease space

This has 0.5 msf from the first quarter of 2024, driven by Wheels signing over 200,000 sf at Zurich’s HQ and is the lowest since the third quarter of 2020.

Your source for the latest Chicago Suburban office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Chicago Suburban area. Avison Young advisors look at Chicago Suburban commercial real estate activities and the latest Chicago Suburban statistics to provide you expert market research on Chicago Suburban's office properties.

Explore different topics like the latest office market pricing trends and analysis of Chicago Suburban's current office real estate market conditions. Gain a better understanding of Chicago Suburban’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Chicago Suburban's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Chicago Suburban.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Chicago Suburban office market reports right in your inbox