"When the COVID-19 pandemic began, Chicago’s Downtown office vacancy rate hovered around 13.8 percent, according to Crain’s Chicago Business. It reached 28 percent recently, a slight dip from the 28.6 percent record high it hit in the first quarter of 2026. The 25 projects underway Downtown will replace around 4 million square feet of vacant office space with over 3,900 units of housing. It’s a good start."