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Chicago Market Reports

Chicago Office Market

Average Asking Rent (Price/SF)         $29.69
Vacancy Rate (%)           16.5%
Net Absorption (SF)       121,630

Following an extremely busy ending to 2018 activity seemed a bit slow to kick off 2019. The vacancy rate downtown fell 20 basis points during the first quarter of 2019, from 13.3% to 13.1%, but was higher than the rate from one year ago. With the pending delivery of the Old Main Post Office at the end of 2019, vacancy downtown will likely increase. Rental rates increased to $36.35/SF during first-quarter 2019. Although rates will continue to climb, the pace, which has been 3.6% over the last two years, will probably slow, due to the growing number of options tenants have in new developments.

Chicago Industrial Market

Average Asking Rent (Price/SF)              $5.64
Vacancy Rate (%)                7.1%
Net Absorption (SF)      3,591,669

The NKF Chicago research team performed an audit of the Chicago Industrial market statistics this quarter. As one of the largest markets in the US with over 14 thousand buildings totaling more than 1.1 billion square feet of real estate, it is a necessary procedure to ensure quality data. During this process we re-established that we will continue to include both multi-tenant and owner occupied buildings over 20,000 square feet in our inventory. Scrubbing through our largest properties to confirm their status and occupancy. By going through this process we were able to identify errors in our inventory. The results are more accurate statistics.

Chicago Office Market Report
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Chicago Industrial Market Report
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General Research Inquiries:

Local Market Contact:

Amy Binstein

Research Manager