Figures

Chicago Downtown Office Figures Q4 2025

January 12, 2026 10 Minute Read

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  • There were approximately 1.5 million SF of deals completed in Q4 2025. CBD year to date leasing volume decreased by 6% from the 7,533,071 SF volume witnessed in 2024, but is up 11% from the 2023 total volume.

 

  • The Central Business District (CBD) recorded nearly 117,000 SF of negative net absorption in the final quarter of 2025, down from the nearly 58,000 SF of negative absorption last quarter. Large moves attributing to this absorption are Foxtrot which vacated 25,426 SF at 167 N Green St in an office closure and RJ O’Brien which vacated 22,649 SF at 222 S Riverside Plaza.

 

  • 919 W Fulton remains to be the only under construction building in the CBD. The 369,008 SF Fulton Market creative office space is expected to deliver in Q1 2026. Transformative development projects will eventually help solve supply challenges at both ends of the market.

 

  • In Q4 2025 the overall office vacancy rate stood at 26.6%, a 10-basis point increase quarter-over-quarter and a 260-basis point increase from the 2024 average.

 

  • There were 7 sales in the CBD market for Q4. The largest sale of the quarter, 190 N LaSalle, was purchased by Namdar Realty Group for $55 million, a significant decrease from the $230 million it was previously traded for in 2019. 125 S Wacker was purchased by Menashe Properties for $51.5 million, previously selling for $145 million in 2017.