Bradford Allen is pleased to share with you our latest office market report.
This quarter in the downtown office market:
- Absorption improved but remained negative with -67,000 square feet absorbed through Q2/24, resulting in a total of -1.9 million square feet through the first half of 2024.
- The direct vacancy rate reached 22% in Chicago’s CBD.
- Demand for move-in-ready suites has increased significantly over the past several years.
- The average gross asking rate for the CBD held steady at $43 per square foot.