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Chicago Market Reports

Chicago Office Market

Average Asking Rent (Price/SF)           $29.85
Vacancy Rate (%)           15.9%
Net Absorption (SF)       1,265,167

The Chicago metro office market had an outstanding quarter of activity. Absorption exceeded 1.0 million square feet, the metro's largest quarterly total since 2015. This absorption pushed vacancy down 50 basis points to 15.9%. Rental rates responded accordingly, climbing to $29.85/SF, a new record high. Downtown vacancy dropped to 12.4%, its lowest level since 2001. The impressive growth of rental rates continued, reaching a record high of $37.67/SF. This was most notable in the Class A sector, where the average asking rent exceeded $40.00/SF at the end of the quarter. In the suburbs, vacancy fell to 21.0%, spurred by the first quarter of positive absorption seen in the suburbs this year. Rental rates fell slightly, to $22.42/SF.

Chicago Industrial Market

Average Asking Rent (Price/SF)              $5.71
Vacancy Rate (%)                6.7%
Net Absorption (SF)        5,649,541

The Chicago industrial market continued its impressive growth in the third quarter with vacancy falling to 6.7%, down 90 basis points year over year. Rental rates did not increase this quarter, the first time they have not grown quarter over quarter since 2017, but only decreased by $0.01/SF to $5.71/SF. Absorption was extremely high this quarter, reaching 5.6 million square feet as many tenants took occupancy. The availability rate nevertheless held steady at 9.1%, where it has sat for the past three quarters, as 5.0 million square feet of new construction delivered.

Chicago Office Market Report
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Chicago Industrial Market Report
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