Ending the year with a thud: Office market struggles continue in Chicago’s CBD – RE Journals

The direct office vacancy rate for Chicago's central business district (CBD) stood at 20.2% in the fourth quarter. That’s up from the rate of 18.6% in the fourth quarter of 2022 and is significantly higher than the 15.6% vacancy rate that the Chicago CBD office market has seen on average during the last five years. The office downsizing trend didn’t slow in the fourth quarter, either. A good example: Mesirow renewed 110,000 square feet at 353 N. Clark St. but gave back about 165,000 square feet.