By the end of 2024’s second quarter, 16 Chicago submarkets with embedded economic diversity each welcomed more tenant move-ins than it lost since the start of 2020’s second quarter. Despite the overall Chicago office market recording over 16.8 million square feet of move-out losses, or approximately -3.6% of its inventory, these 16 office nodes actually saw their median absorption, or newly occupied space, rate expand by 3.7% since the start of COVID-19.
Small, Housing-Like Submarkets Drive Demand In Chicago’s Office Nodes
Diverse Office Ecosystems Sustain and Expand Their Move-In Rates Post-2020
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