Bradford Allen is pleased to share our latest office market reports.
This quarter in Chicago’s downtown office market:
- Q4 2025 net absorption turned positive for the first time in nine quarters, recording 163,433 square feet of absorbed space, bringing the annual net absorption in the CBD to negative 2 million square feet and underscoring an uneven recovery despite improved quarterly performance.
- Direct vacancy remains elevated, settling at 24.3% in the last quarter of the year, up a full percentage point from Q1 2025.
- The average gross asking rates were steady at $41 per square foot.
- Q4/25 activity highlighted a clear preference for move-in-ready spec suites, first-class amenities, and cutting-edge office technology—especially in locations with strong transit access. Nearly 40% of all completed transactions during 2025 were for move-in-ready spec suites.