The amount of available office sublease space in the Chicago Central Business District continues to fall, according to the latest research from Transwestern.
Transwestern reported that as of September, the Chicago CBD office sector had more than 5.13 million square feet of sublease available to lease.
That might seem like a high number. But this marks the seventh consecutive quarter in which office sublease space in the Chicago CBD fell. In September, the amount of this space available for leasing was down 37.8% from December of 2023. Back then, a record high of more than 8.26 million square feet of sublease space was available in the Chicago CBD office market.
According to Transwestern, the available sublease space in the Chicago CBD in September represents 3.3% of the market’s total inventory.
There have still been sizable office sublease transactions, though. In July, Wolverine Trading subleased 83,000 square feet from TrueBlue at 433 W. Van Buren St. This ranks as the largest sublease signed since the second quarter of 2024.
Other big office sublease transactions include Salesforce subletting one of its unoccupied floors to Newmark in a deal that covered 24,136 square feet at 333 W. Wolf Point Plaza. Gateway Foundation signed a 26,693-square-foot sublease for Antares Capital’s former space at 500 W. Monroe St.
