Suburban Chicago market begins to stabilize as occupiers start to reengage

The Suburban Chicago office market has, on the whole, wobbled throughout the pandemic with accelerating availability and demand well below average. Signs of steadiness emerged in the third quarter, however, as availability began to stabilize, while leasing activity picked up. Companies seeking to capitalize on favorable market conditions and ample quality space options are finally showing readiness to reengage the market. With more than 1.4 million square feet (msf) leased in the third quarter, it was the strongest quarter by transaction volume since the start of the pandemic, even surpassing the five-year quarterly average of 1.2 msf transacted.

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