Recession worries pile on Chicago’s office landlords after rise of working from home – Crain’s*

Rising interest rates and a slowdown in spending have pushed a growing number of companies to lay off employees or pause hiring, moves that have historically led businesses to reduce office space. Job cuts among big tech companies—which drove much of the pre-COVID leasing boom in Chicago—threaten to diminish local office demand, driving office vacancy beyond its current record high and potentially setting back the recovery of the city from the public health crisis.