Stream is excited to share A Look Back at Chicago 2024: 10K+ SF Transactions, a report highlighting key trends, market shifts, and major transactions that occurred in Chicago’s office market last year.
Why 10,000 square feet? This threshold aims to qualify significant, long-term office lease commitments, thus providing a more reliable barometer of the market’s strength.
Key Takeaways:
- Demand for large spaces: Leasing activity for office spaces over 10K square feet was strong, with 181 transactions totaling close to seven million square feet.
- West Loop led the way: The West Loop tallied 43.6 percent of transactions over 10K SF in 2024 – 79 leases.
- Sector-specific growth: The FIRE industries (Finance, Insurance, Real Estate) accounted for 21.7 percent of the deals on the year.
- Class A dominance: Transaction in the Class A portion of this review comprised 83.8 percent of leasing activity; furthermore 18.1 percent of deals occurred in “Trophy” spaces.
View the full report to explore the data driving Chicago’s CRE market, and contact our team today to learn more!