Downtown Chicago Office Sublease Inventory Hits Highest Mark Yet
Available sublease space in downtown Chicago reached another historic high in the second quarter, hitting nearly 8.1M SF as the business district continues to reckon with the fallout of hybrid and remote work.
Sublease availability doubled in the year following the coronavirus hitting U.S. shores in 2020 and has increased every year since, according to a new report from Transwestern. It has risen about 1.4M SF over 2022 levels so far this year.
In all, Transwestern said 414 sublease spaces are available, led by the West Loop, which accounts for 163 of them, or about 40%. Eighty-nine spaces, or 21%, are available in the Central Loop, while the submarkets of Fulton Market/River West and North Michigan Avenue rang in with the smallest shares of sublease availability at 6% and 5%, respectively.
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