Figures

Chicago Suburban Office Figures Q4 2024

January 10, 2025 10 Minute Read

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  • Throughout this year leasing volume has been on a steady increase with Q4 closing at 1,168,123 SF, which is a 14% raise since last quarter. 
  • The largest lease for Q4 was from The Chicago Department of Aviation, which signed a 99,421 SF lease in O’Hare.
  • There is currently 2.7 million SF of total available sublease space on the market, making sublease space 8.5% of the total available space.
  • Asking rates remained stable, increasing by only $0.60 to $26.11. The South Suburbs continue to have the lowest asking rates despite an increase of $0.67 to $19.38. 
  • Large Q4 movements: AT&T downsized by 33,000 SF in its move from 95 W. Algonquin Road, Red Box vacated 22,474 SF at 1 Tower Ln, and Swiss Re-Management vacated 21,878 at 1450 American Ln.