Chicago Office Market
| Average Asking Rent (Price/SF) | $31.03 |
| Vacancy Rate (%) | 19.7% |
| Net Absorption (SF) | -1,807,297 |
The hardships of the pandemic carried on into the first quarter of 2021 for the Chicago office market. Absorption recorded negative 1.8 million square feet, the largest absorption deficit the market has ever experienced to start a new year. Vacancy climbed 110 basis points to a decade-high 19.7%, and availability increased 160 basis points to an all-time high of 25.4%. Average rental rates haven’t budged, despite the lack in demand for office space reporting an average rental rate of just over $31.00/SF. Landlords with vacancies are likely offering increased concession packages rather than lower rental rates. Inventory gained 1.0 million square feet after four office buildings in Fulton Market and one in River North delivered this quarter.
Download Chicago Office Market Report 1Q21Chicago Industrial Market
| Average Asking Rent (Price/SF) | $5.86 |
| Vacancy Rate (%) | 6.2% |
| Net Absorption (SF) | 5,719,306 |
A full 12 months into the pandemic, it’s time to reflect back on what’s occurred in the market. The industrial market entered the pandemic at an all-time high with vacancy rates at their lowest levels and absorption; asking rents and new construction at record highs. At the start of the pandemic, the commercial real estate market collectively hit the pause button as the world temporarily shut down.
Download Chicago Industrial Market Report 1Q21