According to Bradford Allen’s Q3 2023 Chicago CBD Office Market Report, occupancy levels and gross asking rates have remained stable. The ongoing adoption of hybrid work has led to a slight increase in the vacancy rate, now at 19.8%, while the average gross asking rate remains at $44 per square foot.
Fulton Market stands out as a positive aspect in this market, with its vacancy rate dropping from 18% to 16.2%. This area has become popular among tenants looking for new space due to its high quality offerings. In fact, one office property was recently sold for $45 million by Oregon-based Menashe Properties.
Senior Managing Director of Research and Communications at Bradford Allen, Neil Bouhan stated that CBD employers are still balancing their office space needs with additional costs such as rent which is keeping the vacancy rates higher than historical averages.
The article “Fulton Market Continues to Shine as Chicago CBD Remains Steady” was originally published on Connect CRE.
