The Chicago office market recorded the 10th highest volume of investment sales in the United States during the first quarter of 2025, according to the latest research from Colliers.
In its ranking of the top 10 U.S. office investment markets, Colliers reported that the Chicago market saw $380 million in office investment volume during the first quarter.
While that’s strong compared to many other U.S. office markets, that figure was down from the $400 million in office investment sales that the Chicago market recorded during the first quarter of 2024.
Chicago also ranked far below some of the top U.S. office markets during the first three months of this year.
Take Manhattan. Colliers said that this New York office market recorded $2.10 billion in office investment volume during the first quarter, leading the country. Boston came in second with $710 million in office investment volume during the quarter, followed by Los Angeles, $600 million; Fort Lauderdale, Florida, $570 million; and Washington D.C., $560 million.
Colliers did report that U.S. office leasing activity is showing the early signs of a recovery, though an uncertain economy and worries about tariffs could derail any positive momentum. According to Colliers, landlord concessions have peaked. In 63.2% of U.S. office markets, landlord concessions are projected to remain at current levels. Only 53.5% of U.S. office markets reported the same during the first quarter of last year.
