Chicago Downtown Office Figures Q1 2025

The Central Business District (CBD) saw just over 66,000 SF of net positive absorption in the first quarter of 2025, the market’s first positive absorption since Q2 2023. This positive absorption can be attributed to both moderate and sizeable increases in footprint, such as Kirkland & Ellis occupying 662,400 SF at Salesforce Tower, around 10,000 SF more than previously occupied at 300 N LaSalle. Several tenants expanded into more space at their current location, including Medline occupying an additional 110,000 SF at Merchandise Mart and Invenergy, which expanded into 50,000 SF at 1 S Wacker.​

Leasing activity (volume) for deals over 10,000 SF was just over 1.3 million SF in Q1 2025, close to Q1 2024’s activity of 1.4 million SF, suggesting stable leasing demand.​

Sublease availability sits at 5.6 million SF of sublease space in the market and continues to drop after peaking at 8 million SF in Q2 2023.​

919 W Fulton remains the only new building under construction, expected to deliver next quarter. Several redevelopment projects are underway as second-generation buildings stand to benefit from the lack of new inventory.​