Chicago’s office market finds its footing as sublet space shrinks

After years of uncertainty, Chicago’s office market is showing signs of stability. In the past 18 months, the amount of sublet space has steadily declined — falling to about 7.6 million square feet by the end of the third quarter of 2025. That’s a sharp turnaround from the peak in 2023, when companies were offloading space at record levels. Now, fewer businesses are listing surplus offices, suggesting a renewed sense of confidence in long-term space needs and a clearer picture of how hybrid work is reshaping demand.