Suburban Chicago market conditions remain soft despite some signs of occupier reengagement

Suburban Chicago office market conditions were both soft and stagnant throughout 2021, although some flickers of improvement were evident by the close of the year. After a relatively strong third quarter, leasing activity faltered this period, with deal volumes falling 3.6% below the fourth quarter of 2020. For 2021 as a whole leasing activity improved by 4.9% over the prior year. However, 2021 leasing was down 23.0% compared to 2019. Nevertheless, many companies remain active in the market, seeking to capitalize on favorable market conditions and ample quality space options.

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