Solid leasing activity endures in Downtown Chicago despite continued hesitancy among some occupiers

The Downtown Chicago office market observed its second-best quarter for leasing since the pandemic’s onset, with 2.4 million square feet (msf) transacted in the second quarter. Some companies have exhibited readiness to take advantage of favorable market conditions and an abundance of quality options. Others, however, continued to contemplate their occupancy needs in the face of stubbornly low office utilization rates and reluctance from some employees to return. Leases signed within the quarter included a mix of expansions and contractions; some organizations significantly increased space while others reduced footprints. Companies in expansion mode included IMC Financial Markets at 233 South Wacker Drive (160,000 square feet (sf), 45% increase), while both Echo Global Logistics at 600 West Chicago Avenue (185,000 sf, 18% reduction) and Blue Cross Blue Shield Association at 200 East Randolph Street (95,070 sf, 56% reduction) each significantly contracted from their prior occupancies.

Read the full report