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Tenants gave the market back more than half a million square feet in the second quarter, as vacancy rose to 22.4%.
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Read about the latest deals in Chicago this week.
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Absorption also increased as tenants regained confidence in the economy.
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Developers delivered 33M SF of speculative industrial product last year, only 29% of which was leased at the end of the first quarter.
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Asking rents have gone up, but Chicago landlords are forking over record concession packages, driving down net effective rents.
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Despite some more upbeat analysis, the life sciences real estate world still suffers from too much supply and not enough demand.
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Increasingly complicated supply chains and the rise of third-party solutions are leading more deals to die at the finish line, after a broker's done the work.
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The first quarter's 12.2M SF of office leases pushed office availability down to 17.7% from 20.1% a year ago.
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Leasing volume was at a three-year high in 2024, while the final quarter of the year saw positive absorption for the first time since the beginning of 2022.
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Empyrean Benefit Solutions Inc. is reducing its headquarters from 107K SF to about 42K SF while staying in West Houston.
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