Downtown Chicago office vacancy ended 2023 at another record high – Crain’s*

The share of available office space in the central business district at the end of the year inched up to an all-time high of 23.8%, from 23.7% at the end of the third quarter, according to data from real estate services firm CBRE. This occupancy rate measures how much space is under lease, not actual usage from day-to-day.
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debtsor
2 years ago

The most obvious question is: How exactly does a recovery happen?

—existing companies, now downsizing, need to reverse course and lease larger space
—new firms need to move to Chicago and ink 5-10 year deals for currently vacant space
—commuters need to return downtown 4-5 days a week instead of the 1-2 days a week now
—downtown commuters needs to start eating meals and shopping again downtown instead of going to Oak Brook mall

I just don’t see any of this happening, anytime soon.

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