Downtown Chicago Q3 2026 Office Market Report

Class A market strengthens as Downtown rent growth accelerates

Downtown Chicago's office market continued to tighten in Q3 2026, supported by both a shrinking supply base and firmer demand. Availability declined to 29.2%, down 50 basis points (bps) from a year ago, while quarterly leasing volume rose to 2.7 million square feet (msf), up from 2.5 msf in Q3 2025. Asking rents climbed to a record $48.88 per square foot (psf), up 4.4% year over year, while Class A rents reached $57.86 psf, up 5.9%. Class A availability tightened even more sharply than the overall market, falling 180 bps to 22.2%, underscoring how demand and pricing power continue to concentrate in higher-quality buildings as leasing activity picks up more broadly.

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