Office leasing momentum on track for strongest year since 2019

Downtown Chicago posted another strong quarter of activity, with 2.5 million square feet (msf) leased in Q3 2025. Year-to-date volume now positions the market for its most active year since 2019, before the pandemic reshaped office demand. Bain & Company’s relocation to 131 South Dearborn Street led the quarter, while 6 of the 10 largest transactions were renewals or extensions, reflecting stable tenant commitments. Gross leasing continues to outpace recent years, even as many occupiers focus on rightsizing. The rebound highlights sustained tenant engagement and sets a new post-pandemic benchmark for market activity.

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