Chicago’s downtown firms leased 2.2 million square feet in Q3, nearly 20% more than 2020. Nevertheless, more than 20% of office space in downtown Chicago remained available for rent, mostly because tenants aren’t expecting to operate at full capacity and are not looking for big spaces. Some industry experts say that many of the leases being signed are for companies that gave up their rentals for the majority of 2020 and the beginning of this year. Lockdowns and cost-saving measures had these businesses working remotely; now they are looking to reopen an office and maintain a downtown presence.
The cost of rent also increased by 0.7%, with an average of $40.70 per square foot.