Story perspectives

U.S. Office Sales Surge 21%, Chicago Faces Challenges

3/20/2025

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Summary

Story summary

U.S. office building sales hit $64.3 billion in 2024, marking a 21% increase from 2023, fueled by high-end properties.
Leasing activity rose significantly, with 6.5 million more square feet leased than vacated, the highest since 2019.
Chicago's office market faced challenges, with 1.6 million square feet vacated, yet some investors target discounted properties.
Downtown properties sold for 72% less than pre-pandemic values, raising concerns about future market recovery.

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Story summary

U.S. office building sales hit $64.3 billion in 2024, marking a 21% increase from 2023, fueled by high-end properties.
Leasing activity rose significantly, with 6.5 million more square feet leased than vacated, the highest since 2019.
Chicago's office market faced challenges, with 1.6 million square feet vacated, yet some investors target discounted properties.
Downtown properties sold for 72% less than pre-pandemic values, raising concerns about future market recovery.