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Downtown Chicago Office Leasing Rebounds from 2020 Levels
Office leasing activity in downtown Chicago has rebounded from 2020 levels, increasing by 22.3% year-over-year to almost eight million square feet, Avison Young reported. However, 2021 leasing activity was still down by 38.3% compared to the prior 20-year annual average.
Avison Young noted that 36.7 million square feet remains available on the market. Class B availability rates have gone up over 11% while trophy and class A have felt much less of an impact.. 2021 saw 1.15 million square feet delivered to the downtown market this year, with another 12.4 million square feet expected in the next four years.
On a positive note, office visitor counts have increased 177.6% compared with the same week in 2020, according to Avison Young. More than half of Chicago employers are expecting at least 75% of their workforce to return to the office sometime in 2022.
- ◦Lease
