Leasing volume accelerates in Downtown Chicago as organizations make tentative reopening plans

The overall health of the Downtown Chicago office market exhibited incremental improvement in the fourth quarter, as leasing activity totaled 2.7 million square feet (msf), the highest tally in seven quarters. Companies showed an increasing willingness to transact space, with many seeking out the highest quality available options and capitalizing on favorable market conditions. The fourth quarter deal count was bolstered by US Bank, which extended its 121,000-sf lease at 190 South LaSalle Street in the Central Loop. In addition, Vizient and Milwaukee Tool signed new deals at the Old Post Office totaling nearly 180,000 sf. While the sudden emergence of the omicron variant virus was too recent to have any impact on fourth quarter market activity, it reportedly prompted several firms to delay office reopening plans beyond January.

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