Figures

Chicago Suburban Office Figures Q3 2026

October 9, 2026 10 Minute Read

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  • Three deals over 50,000 sq. ft. were signed in Q3 2026, two in the O’Hare submarket. Leasing activity for deals over 10,000 sq. ft. totaled approximately 744,000 sq. ft. in Q3 2026, down 20.2% quarter-over-quarter (QoQ) from 931,417 sq. ft. in Q2 2026.

 

  • Net absorption totaled 165,253 sq. ft. in Q3 2026, down slightly from 188,634 sq. ft. in Q2 2026 but up from 71,922 sq. ft. recorded in Q3 2025. This is the second quarter of positive net absorption in the suburbs, driven by both Class A and Class B absorption across four submarkets.

 

  • Direct vacancy declined to 27.9% in Q3 2026, down 20 basis points from 28.1% in Q2 2026 and 10-basis points (bps) below the 28.0% rate recorded in Q3 2025. The improvement was supported by positive direct net absorption during the quarter, marking the second consecutive quarter of occupancy gains.

 

  • There are no buildings under construction and no deliveries in Q3 2026.

 

  • Five office sales closed in the suburbs during Q3 2026, with the largest transaction being the $151 million sale-leaseback of 1 Horizon Way from Amgen to Mesirow Financial.