Market Highlights

• Overall vacancy stands at 36.6%, representing a 210- basis-points (bps) decrease from last quarter’s 38.7%. Despite this quarterly decline, vacancy has increased by 460 bps year over year.
• Development remains dormant in Chicago, though the market is awaiting future phases at Trammell Crow’s Fulton Park Campus, which is proposed to deliver additional life sciences space in Fulton Market.
• Venture capital funding recorded its second-highest fundraising year, totaling over $1.0 billion, trailing behind 2022’s record of $1.2 billion. On a year over year basis, funding increased by 73.2% from 2024’s total.

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