Suburban Chicago office market sustains positive momentum amid renewed tenant activity
Suburban Chicago’s office market continued to improve in Q2 2025, with leasing activity totaling 1.5 million square feet (msf). Although below Q1’s strong pace, the market has now recorded three consecutive quarters of deal volume exceeding the long-term average. Activity was marked by tenants’ sustained preference for existing spaces, with 7 of the ten largest leases involving companies renewing at their current locations. Notably, Vantive signed the largest lease of the quarter, committing to 130,000 square feet (sf) at 510 Lake Cook Road in Deerfield. The firm was the beneficiary of an Illinois Economic Development for a Growing Economy (EDGE) tax credit as part of an incentive package to support its new U.S. headquarters.