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Chicago & Midwest  + Downtown  + Office  | 

Class A Leads as Downtown Chicago Office Market Turns a Corner

Downtown Chicago’s office market has begun to stabilize, NAI Hiffman reported. The third quarter saw modest occupancy losses, with negative 15,009 square feet of net absorption, bringing year-to-date absorption to a negative 1.1 million square feet.  

Although the downtown market has only seen one quarter of positive absorption dating back to Q1 2021, Q3 represented a significant improvement from the 250,221 square feet of negative absorption during Q2, and the 1.3 million square feet of negative absorption a year ago.  

“As corporate leaders continue to evaluate their office footprint in the wake of the pandemic, we have seen several tenants with downsized renewals, though the market has shown signs of moderation heading into the end of the year,” wrote NAI Hiffman’s director of research, Nick Schlanger. With Class A product leading the way, Q3 saw 1.9 million square feet of new leasing activity, in line with pandemic norms. 

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NAI Hiffman's Schlanger

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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