Downtown Chicago occupiers remain active, pursuing best in class options and giving back ample space

The Downtown Chicago office market observed solid, albeit unremarkable, leasing activity in the first quarter. Deal volumes totaled 2.0 million square feet (msf), in line with the market’s five-year average but languishing below typical pre-pandemic levels. Several of the largest transactions this quarter were completed by rightsizing firms who reduced their overall occupancies and whose transactions were expiration-driven. Companies transacting space in the first quarter typically were attracted to the best quality buildings and spaces. Eight of the top ten transactions this quarter were in Class A buildings, five of which were executed in trophy properties.

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