Market Highlights

• Overall vacancy stands at 39.0%, up 700 basis points (bps) from 32.0% in Q3 2024. Since last quarter, direct vacancy declined by 170 bps, while sublease vacancy edged up to 5.0%.
• The delivery of the 302,388-square-foot (sf) Hyde Park Labs at 5207 South Harper Court left no life sciences projects under construction in Chicago, contributing to an increase in vacancy.
• NIH funding in Chicago has remained stable despite anticipated reductions, totaling $1.1 billion across 1,789 projects in fiscal year 2025, compared with $1.2 billion across 2,145 projects in fiscal year 2024.

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