Story perspectives
Chicago Office Market Faces Record Decline in Demand
1/16/2025
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Story summary
- Chicago's Central Business District struggles with high office rents due to declining demand.
- Fourth-quarter negative net absorption surged to -768,717 square feet, six times higher than the previous quarter.
- Total net absorption for 2024 stands at -1.77 million square feet.
- The East Loop submarket experienced -331,811 square feet, continuing seven quarters of negative absorption.
