Downtown Chicago’s office sublet vacancy rate fell to below its post-pandemic, four-year average during 2024’s second half, yet with the market's direct availability hitting a new high during this period — once again — the urban core’s mid-November 21.3% total vacancy rate also broke a new record.
Downtown Chicago’s office sublet vacancy rate has steadily dropped since late 2023
Though a clear sign the market is on the mend, direct lease expirations still cause overall vacancy rate to hit new high
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