Almost 1.5 million sf of sublease hit the market in the first quarter, helping account for 1.4 million sf of negative absorption in the first quarter.
Meanwhile, asking rents has jumped to $30.41 per sf, another high in Cushman & Wakefield's tracking of the Downtown market.
"In spite of this, though, increased tenant concessions, including higher tenant improvement allowances and rent abatements, have found their way into the market," says Cushman & Wakefield executive director Kent Ilhardt.
The largest increase in sublease space was seen in the Central Loop, the largest Downtown submarket. The 1.5 million sf of sublease space there is up 48% since the beginning of the year.
The most sublease space can be found in the West Loop, where 2.2 million sf is available.
Although it has the least amount of sublease space with less than 500,000 sf, River North has the highest vacancy rate at 17.7%, the highest Cushman & Wakefield has seen there in six years.
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