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Chicago Market Reports

Chicago Office Market

Average Asking Rent (Price/SF)         $29.25
Vacancy Rate (%)           16.4%
Net Absorption (SF)       174,258

The CBD vacancy rate declined this quarter, falling 30 basis points to 12.8%. This is the lowest it has been since the beginning of 2018. While asking rents fell slightly from the prior quarter to $36.37, they were up 2.6% year over year. Downtown leasing volume has been high for several consecutive quarters, and many of the new developments have secured anchor tenants; however, a majority of these tenants are moving from elsewhere and downsizing as they relocate, leaving the market to anticipate a slight uptick in vacancy if the left-behind space is not backfilled.

Chicago Industrial Market

Average Asking Rent (Price/SF)              $5.68
Vacancy Rate (%)                7.2%
Net Absorption (SF)      3,685,419

The Chicago industrial market saw positive absorption of 3.6 million square feet this quarter, marking the 37th consecutive quarter of positive absorption. Since the start of this positive run in the second quarter of 2010, the Chicago market has absorbed 120.4 million square feet of inventory. This absorption has helped drive the vacancy rate down from 12.0% to its current rate of 7.2%., which is very impressive given that almost as much new inventory delivered in that same time frame, as 37 new buildings totaling 103.0 million square feet came online. The vacancy rate did tick up 10 basis points this quarter, partly as a result of more than 3.5 million square feet delivered in new speculative buildings.

Chicago Office Market Report
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Chicago Industrial Market Report
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Local Market Contact:

Amy Binstein

Research Manager