Chicago Downtown Office Figures Q3 2026

Three leases over 100,000 sq. ft. closed in Q3 2026 in the CBD, led by Morningstar’s commitment to 278,000 sq. ft. at the Google-anchored Thompson Center, which was the largest deal signed since 2024. Leasing activity for deals over 10,000 sq. ft. totaled 1.6 million sq. ft. in Q3 2026.

Net absorption totaled negative 20,939 sq. ft. in Q3 2026, improving from negative 95,775 sq. ft. in Q2 2026 and negative 44,696 sq. ft. in Q3 2025. River North Class A assets attributed 207,000 sq. ft. positive net absorption, and saw Winston and Strawn occupy 148,000 sq. ft. at 300 N La Salle.

Direct vacancy remained flat quarter-over-quarter (QoQ) at 26.6%, up from 10-basis points (bps) from 26.5% in Q2 2026, with an 80-basis points (bps) year-over-year (YoY) increase. The effects of flight to quality reflect in Trophy vacancy rates of 11.4%, the lowest vacancy rate since Q1 2023.

The construction pipeline remained dormant, with the Sidley-anchored proposed 725 W Randolph expected to break ground in 2027. There is currently no space under construction and no deliveries recorded in Q3 2026.

One office sale closed in the CBD during Q3 2026 where 55 W Monroe traded for $24.5M.