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Q2/23 Downtown Chicago Office Market Report
Bradford Allen is pleased to share with you our latest office market report. This quarter in the downtown office market: - Absorption levels turned positive in Q2/23, as more than 64,000 square feet of office space was absorbed this quarter—a significant improvement compared to the negative 1.8 million square feet of absorption in Q1. - Direct vacancy rate remained steady, sitting at 19.2%. - The gross asking rate for the market is $44.25 p.s.f. - Available sublease space increased to 7.8 million square feet in Q2/23.
Mid-Year 2023 Suburban Office Market Report
Bradford Allen is pleased to share with you our latest office market report. This half in the suburban office market: - Leasing activity surpassed pre-pandemic levels, as nearly 2.6 million square feet of office space has been leased year-to-date. - Absorption levels remained negative at -332,000 s.f. through mid-year 2023. - Direct vacancy rate decreased to 26.9%. - The gross asking rate for the market is $26.67 p.s.f. - Sublet availability slightly declined to 3.9% in Q4/22.
Q1/23 Downtown Chicago Office Market Report_clone
Bradford Allen's quarterly publication on the state of the Downtown Chicago office market.