Chicago office sales still trail pre-pandemic levels, but recovery gains traction

Chicago office property sales totaled about $2.5 billion over the past 12 months, a 65% increase from a year earlier. While activity is rebounding from several years of unusually weak sales, the market is now running about 20% above the roughly $2 billion annual average recorded between 2021 and 2025. Sales remain well below the $5.3 billion annual average seen from 2015 to 2019, but the recent uptick suggests investor interest is starting to return. Nationwide, office sales increased 15% year over year to $62 billion.