Suburban Chicago market conditions remain soft, leasing activity begins to rebound

The COVID-19 pandemic has dramatically altered the dynamics of most North American real estate markets, and the Suburban Chicago office market has not been immune to the slowdown. However, the region exhibited some resilience as leasing volumes increased for the second consecutive quarter. Transaction volume rose 34.4% quarter-over-quarter by square feet transacted. For the year, more than 4.0 million square feet (msf) were leased throughout the Suburban Chicago market, still well below the long term annual average of 5.0 msf. Companies continue to evaluate occupancy needs as widespread work-from-home measures could extend through mid-2021 for many organizations.

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