Shrinking pool of viable space options across Downtown Chicago despite rising market availability

Bifurcated conditions persisted across the Downtown Chicago office market in the second quarter. Newer construction, amenitized, and well-located properties generally thrived as occupiers sought out the best quality options. Meanwhile, much of the Class B market struggled to retain and attract tenants, and in some instances, landlords lacked the necessary capital to execute lease transactions. While overall market conditions remained tenant-favorable and effective rents trended lower, tenants in the market often encountered a diminished assortment of options that sufficiently suited their firm's requirements.

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