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Market Report

Chicago Office Market Report

2Q 2022

Leasing Strongest in High-End Buildings and Residential Pockets

Renovations in the core highlight shifting demand trends. The concentration of older office assets has led to heightened pre-leasing on speculative builds, as organizations seek out top-tier space in Chicago. Firms that are expanding their physical footprints have shifted preferences in favor of newer, amenitized spaces in an effort to entice workers back to in-person operations. Sparked by this change, several office properties have undergone renovations to become more appealing, highlighted by the recent completion of the $500 million upgrade to Willis Tower, which added shops, restaurants and a rooftop park. Additionally, the final touches are being made to Salesforce Tower — a sustainable development with several certifications that is over 96 percent pre-leased, exemplifying the flight-to-quality atmosphere currently playing out in the core.

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