Figures

Chicago Suburban Office Figures Q2 2026

July 9, 2026 10 Minute Read

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  • Leasing activity for deals over 10,000 sq. ft. totaled approximately 856,442 sq. ft. in Q2 2026, increasing 6.0% quarter-over-quarter (QoQ).

 

  • Net absorption totaled 169,586 sq. ft. in Q2 2026, improving from negative 537,497 sq. ft. in Q1 2026 and negative 515,143 sq. ft. in Q2 2025. The quarter marked the highest net absorption since Q2 2023.

 

  • Direct vacancy declined slightly quarter-over-quarter to 28.2%, down from 28.4% in Q1 2026, though remaining elevated, with a 10-basis points (bps) year-over-year (YoY) increase. Since 2023, the market has recorded approximately 1.8 million sq. ft. of cumulative negative net absorption.

 

  • The construction pipeline remains inactive, with no space under construction and no deliveries recorded in Q2 2026.

 

  • Eight office sales closed in the suburbs in Q2 2026, with the largest transaction being the sale of 450 E 22nd St for $19.4 million.