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2022 Q1 Chicago Downtown Office Report

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Moving Forward - The Year of Evaluation

Two years removed from the initial global COVID outbreak, high vacancy continues in Chicago CBD office with leasing terms leaning tenant favorable. In the first quarter of 2022, total office vacancy jumped to 19.7% from 17.9% at year-end 2021. Some of this vacancy was due to the 2.2 million square feet new construction delivered this quarter, of which 1.3 million square feet (62%) was vacant and available at delivery. This 2022 delivery of new inventory adds to the new developments delivered in 2021 that are still collectively 35% vacant.


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2022 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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