Figures

Chicago Downtown Office Figures Q1 2026

April 9, 2026 10 Minute Read

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  • Leasing activity for deals over 10,000 square feet (sq. ft.) totaled roughly 1.4 million sq. ft. in Q1 2026, compared to 1.7 million sq. ft. in Q1 2025.

 

  • The Central Business District (CBD) recorded 515,176 sq. ft. of negative net absorption in the first quarter of 2026, reflecting the market’s consistent optimization of occupier footprints. Large new vacancies driving this absorption include Citadel vacating 175,836 sq. ft. at 131 S Dearborn and The Boeing Company, which vacated 161,795 sq. ft. at 100 N Riverside Plaza.

 

  • The delivery of 919 W Fulton added 369,008 sq. ft. of office space in Q1. There are no further new development projects slated for delivery in 2026.

 

  • In Q1 2026 the direct office vacancy rate stood at 27.0%, a 40-basis point (bps) increase quarter-over-quarter and a 95 bps increase from the 2025 annual average.

 

  • Average direct asking rents remained stable at $45.41 per sq. ft. as landlords compete through concessions rather than rate reductions across the CBD.

 

  • Six office sales closed in the CBD in Q1 2026, led by the $132.5 million sale of 401 N Michigan Avenue, a 63.2% discount to its 2017 sale price of $360 million.