TAKEAWAYS
- Suburban Chicago’s overall market dynamics continued to exhibit weakness in the second quarter, with availability increasing by 80 basis points to 31.2%, and marking the sixth consecutive quarter in which available options have increased.
- Overall asking rents remained relatively steady in the second quarter, falling just 0.3% to $24.30 per square foot (psf), while Class A rents inched up 0.1% to $27.47 psf.
- Leasing activity in the second quarter totaled 1.1 million square feet, marking its highest tally since the start of the pandemic, but deal activity nevertheless remained well below the long-term average.
- Leasing activity in the second quarter totaled 1.1 million square feet, marking its highest tally since the start of the pandemic, but deal activity nevertheless remained well below the long-term average.