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2020 Q1 Chicago Downtown Office Report

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Chicago’s Healthy Market Has Uncertain Future

Office market expected to soften in face of pandemic social changes.

Chicago’s CBD vacancy rate increased by 60 basis points to 12.9 percent in the first quarter of 2020. This is the second consecutive quarter of increases in CBD vacancy. Current overall vacancy now stands as the highest vacancy in 5 years.

Class A vacancy increased by 80 basis points from last quarter to 11.4 percent. Class A vacancy increased despite high demand in this asset class. This is in part due to several new developments adding to the inventory this quarter with vacant space available.

Office Report Chicago Downtown

2020 Q1 Chicago Downtown Office Report

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Sandy McDonald

Senior Director of Research

Chicago - Downtown

I am the senior director of research at Colliers | Chicago and lead the Office Advisory Group’s market research initiative. I am responsible for building and maintaining competitive market intelligence which includes the office properties database of property sales and leases, tenant information and comparable transactions.

I also manage daily operations including the collection and analysis of market and economic-related statistics, providing clients with customized reports and in-depth interpretation of underlying trends in the market. In addition, I compile proprietary quarterly office market statistics and reports for business development and client support purposes. I am considered an expert in the field and am frequently featured in industry newspapers and publications. 

I have 13 years’ experience in commercial real estate research. Prior to joining Colliers, I served as director of market research at Transwestern. Prior to Transwestern, I spent three years at DTZ (now Cushman & Wakefield) as the senior research analyst for Chicago. Prior to joining DTZ, I spent four years with Grubb & Ellis (now Newmark Knight Frank) in Chicago as an office research analyst and support for the industrial services team.

In addition to commercial real estate experience, I've had extensive experience in the mortgage industry as a mortgage sales executive with Option One Mortgage. I not only researched, marketed, brokered and sold mortgage products to clients but also managed a team of account managers, handling account issues and client resolutions. I also developed training, introduced new products to clients and streamlined procedures in company offices.

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