Suburban Chicago office market fundamentals hold steady, but remain weakened by soft occupier demand

The overall dynamics of Suburban Chicago’s office market were largely unchanged in the third quarter, with conditions soft and demand comparatively anemic. Some market metrics were observed to be improved over last year, including 2022 yearto- date leasing volume increasing by 34.8%. However, availability across Suburban Chicago remains stubbornly elevated at 31.5%, while Class A availability reached 35.0%, an all-time high. Further clouding the market’s outlook, another area firm disclosed plans to exit the market. Tyson Foods announced it was relocating corporate employees and closing Chicagoland offices, including its Downers Grove Innovation Center.

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