Chicago office sales hit $887M through May as investor confidence returns

From “Chicago office sales hit $887 million in first 5 months of 2026 – Chicago Business Journal”

By Alex Zorn | July 2, 2026

Chicago office sales have picked up in a big way in 2026, showing that investor confidence has started to return to the Windy City. Local transactions from January through May of this year hit $887 million, totaling 11.8 million square feet, according to
NAI Hiffman. That’s $358 million more than the sales volume seen in the first five months of 2025.

This year’s sales volume reached its highest level since 2022, when $2 billion sold across 14.6 million square feet in the first five months — despite building prices falling far below their previous levels.

“Deals are happening again. The past few years they haven’t been able to align on pricing, but we’re seeing that logjam break a bit in 2026,” Denes Juhasz, director of research at NAI Hiffman, told the Chicago Business Journal.

Recent office sales include 250 S. Wacker Drive, 175 W. Jackson Blvd. and 161 N. Clark St., all of which sold below their previous prices. From 2023 to 2025, local office sales ranged between $526 million and $533million for the first five months of the year.

“You had a building close once a quarter in 2024. Once a month in 2025 and once a week in 2026,” said NAI Hiffman Executive Vice President Adam Johnson.

Johnson thinks not only that investor confidence is returning, but that there are simply more sellers right now. “Some banks and servicers have held on to these properties now for three to five years,” he said. “They’ve been able to write it down to the point that they can sell. Three years ago they couldn’t.”

With the number of buildings that have closed in recent months, Johnson said the market has found stability with office pricing. “If you look at the comps, there’s no longer a downward trajectory,” he said.

Juhasz thinks prices have fallen enough to attract a different mix of buyers with new capital coming in from out of state. “That makeup has changed quite a bit over the last few years,” he said.

For example, Oregon-based Menashe Properties secured its third Chicago office acquisition in as many years this month, adding 180 N. LaSalle St. to its portfolio at around a quarter of its previous price.