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.