Chicago & Midwest + Downtown + Office | January 4, 2023

Savills’ Sevim Sees 2023 as the Year of Relocations Downtown

2023 will be the year of relocations for Chicago’s commercial real estate market as occupiers begin moving into space that was leased post-pandemic, predicted Savills vice chairman Robert Sevim. Many companies will move into their new locations this year, providing useful, updated numbers on occupancy and how tenants utilize their workspaces.

“We have seen a growing trend of companies implementing an in-office requirement to support their cultural and productivity objectives,” Sevim said. “However, we still don’t have the full data and analytics to determine how occupancy affects space utilization.” Most companies that have returned to the office in higher numbers are in sectors that feature apprentice-based positions, such as law firms, financial institutions, design firms and engineering firms.

Although there are office leasing opportunities for tenants all over Chicago, Sevim noted that Fulton Market continues to boom while the Central Loop continues to struggle.

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Savills' Sevim

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).