Bradford Allen is pleased to share with you our latest office market report.Â
It was a familiar story in Q3 for Chicago’s downtown office market as headline statistics didn’t improve, nor degrade, materially over the prior quarter.Â
- Absorption was negative 600,000 square feet, bringing the year-to-date absorption to negative 2.6 million square feet.
- The direct vacancy rate in the CBD reached 22.5%.
- The CBD’s average gross asking rate dropped slightly to $42.85 per square foot.
- Well-capitalized owners continued to withstand market fluctuations, attracting and retaining a strong tenant base.