Q1 2026 Chicago CBD Market Report

Flight-to-quality trend dominates a market reaching all-time high rents and vacancy. Discounted building sales are beginning to reshape the Loop as investors pursue repurposing and renovation opportunities, signaling a shift in how older assets are being repositioned within the market. At the same time, the flight-to-quality trend remains firmly in place, with Class A and Trophy properties continuing to outperform and maintain the lowest vacancy rates across the CBD.