Leasing volume holds strong as occupiers seek out best-in-class spaces

At the start of 2025, the Downtown Chicago office market observed heightened leasing volumes, with more than 2.8 million square feet (msf) transacted. Leasing in the first quarter was up 43.4% over a year ago and marked the market’s second-best quarterly performance since the onset of the pandemic. Among the 10 largest lease transactions this quarter, there was an even split between companies staying in place and firms relocating or consolidating in new locales. Occupiers continued to overwhelmingly prefer best quality space, as evidenced by nine of the 10 largest leases occurring within Class A properties and four of 10 within trophy buildings.

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