Chicago sublease availabilities down 20% from last year
As leasing activity in Chicago remains strong, available subleases are down 20% from the beginning of Q2 2018.
May 08, 2019
- As leasing activity in Chicago remains strong, available subleases are down 20% from the beginning of Q2 2018, accounting for 2% of the CBD’s inventory.
- Two industries that have the most sublease space listed are financial services firms and technology firms. Together they represent a total of 827,433 square feet available for sublease, their workspace needs shift.
- Tech firms frequently face the challenge of rapid growth and headcount volatility. The sublease market can be ideal for them to find new space or dispose of excess space. G2 Crowd recently subleased 66,000 SF from AECOM at 100 S Wacker, tripling their office footprint.
- On the other hand, as financial services firms focus on space efficiency and new ways of working, many have opportunities to reduce their overall square footage.
Source: JLL Research