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Market Report

Chicago Office Market Report

4Q 2023

Firms Flooding Fulton Market as Office Attendance Improves,
Curbing Additional Near-Term Headwinds

Office-usage gaining headway. As of early September, workplace utilization on the busiest day of the week, Wednesday, reached 63.5 percent in Chicago. This measure was higher than in the other primary metros of Dallas, New York, Washington, D.C. and Los Angeles. Although shifting tenant preferences continue to impact vacancy in the near-term, improved hybrid and in-person attendance should benefit leasing down the line. A smaller pipeline of speculative developments may also help. Of 2023’s delivery slate, more than 80 percent of square footage has been accounted for as of September. Less availability for newer space directs demand to existing facilities, benefiting current office stock when companies likely expand footprints during the next growth cycle.
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