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Chicago & Midwest  + Office  | 
Downtown Chicago Office Subleases Reach Record Level

Downtown Chicago Office Subleases Reach Record Level

The amount of office space available for sublease in Chicago’s Loop downtown central business district hit a record high in the first two months of the year, according to a report by MBRE.

Since the beginning of the COVID epidemic two years ago in the first quarter of 2020, the amount of sublease office space available in the Loop central business district has jumped by more than 80% to 5.876 million-sf. The largest additions to the sublease market since the end of 2020 have occurred in the East Loop, West Loop, and North Michigan Avenue submarkets. 

HCSC is advertising 63,786 sf at the Aon Center at 200 E. Randolph, Motorola is offering 53,549 sf at 500 W. Monroe, and Dentsu is advertising 41,808 sf at 515 N. State. 

In an indication of poor demand for downtown Loop office space, no subleases larger than 20,000 sf have been signed since the end of 2021.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.