Downtown Chicago observes highest quarterly, annual leasing levels of past five years

Full-year leasing activity across Downtown Chicago reached 9.1 million square feet (msf) in 2024, marking the office market's highest annual tally since the onset of the pandemic in 2020. Annual leasing volume increased by 12.2% from the 8.2 msf reported in 2023. Sargent & Lundy leased 381,000 square feet (sf) at 77 West Wacker Drive, representing the Downtown market's largest relocation since Kirkland & Ellis announced its move in 2021. Despite the strong close to the year, the 2024 total of 9.1 msf leased remains 29.8% below the 13.0 msf of office leasing reported in 2019, the last full year before the pandemic.

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