Q4 2024 Chicago Office Market Report

Chicago’s CBD total vacancy jumped to 25.7% to end 2024 across all asset types, capping another year that puts downtown landlords under pressure. Class A, B, and C buildings all saw increases in total vacancy, ending the year at 21.1%, 32.9%, and 27.5% respectively. Class A assets remain the favorite destination for tenants in the market despite the uptick in vacancy. With direct vacancy resting at 19.0% for the quarter in that class, competition for vacant space, particularly in the high rise portion of these buildings, makes landlords less willing to bend to tenant demands.

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