Key Highlights:
- The pace of Class A vacancy increases slowed
Direct vacancy for the Class A portion of the CBD was 20.41 percent; remaining relatively unchanged from mid-year’s 20.37 percent. - Class A leasing gains
There was 1,785,561 square feet of Class A leasing activity, an 8.9 percent year-over-year increase from 2024’s third quarter. - West Loop leasing activity thrived
Four of the top five deals on the quarter signed in the West Loop; as well as seven of the top 10 deals. - Flight to quality endured
Class B move-outs accounted for 82.9 percent of the quarter’s direct net absorption figure (-292,435 square feet). - Capital markets continued to thaw
Four building sales were recorded in the third quarter, highlighted by the $27.65 million ($42.69 per square foot) sale of 2 N Riverside Plz in the West Loop.