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Downtown Chicago slowdown persists; vaccine hopes have yet to spur leasing activity
At the close of 2020, the Chicago region contended both with prolonged gloom and burgeoning optimism. While COVID-19 cases surged entering the winter months, newly approved vaccines finally began reaching frontline workers and vulnerable populations, providing hope for an eventual return to a new version of normalcy. Still, remote work for most office-using employees appears likely to last until spring. Companies in downtown Chicago are either strategizing around their future office requirements or playing “wait-and-see” until 2021 or beyond. Overall leasing activity in 2020 was down considerably, falling 57.5% from 2019 by square feet (sf) transacted. The 5.5 million square feet (msf) leased this year marked the lowest annual tally on record for Downtown Chicago.