Figures

Chicago Downtown Office Figures Q2 2026

July 9, 2026 10 Minute Read

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  • Leasing activity for deals over 10,000 sq. ft. totaled 1.5 million sq. ft. in Q2 2026, up from 1.4 million sq. ft. in Q1 2026.

 

  • Net absorption remained negative at 97,904 sq. ft., improving from negative 402,566sq. ft.in Q1 2026 and negative 437,058sq. ft.in Q2 2025. Year-to-date net absorption stood at negative 500,470sq. ft.

 

  • Direct vacancy increased slightly from 26.7% to 26.8% and remained above the 26.0% recorded one year earlier. Since 2023, the market has recorded approximately 2.2 million sq. ft. of cumulative negative net absorption.

 

  • The construction pipeline has cleared; there were no buildings under construction in Q2 2026, which continues to keep the supply at the top of the market tight.

 

  • Six office sales closed in the CBD in Q2 2026, highlighted by the sale of 500 W Monroe at an estimated 76% discount to its prior sale price, as office values continue to reset.