Availability declines and fundamentals stabilize amid steadied occupier demand
The Suburban Chicago office market showed continued signs of stabilization in Q3 2025, with availability falling to 29.1%, marking its lowest point in two years. Asking rents edged upward, rising 4.2% year over year to $28.25 per square foot (psf), driven by rising occupancy costs and a tightening of high-quality options in top-tier locations. Leasing activity slowed to 1.1 million square feet (msf) during the quarter, down from the first half of the year, though volume remained roughly in line with Q3 2024 levels. Consistent with recent trends, the bulk of leasing this period involved companies that stayed in place, with eight of the ten largest leases recorded as renewals.