Unlike the CBD, leasing velocity in the suburbs has returned to pre-pandemic levels at a time when suburban tenants are returning to the office more frequently than their urban counterparts. In 2022, suburban Chicago office leasing velocity reached nearly 5 million square feet, a level not seen since 5.1 million square feet was leased in 2019. While available sublease space has more than doubled since the pandemic began (Figure 01), transaction activity overall has remained robust as tenants have moved up in quality to well-located and highly amenitized buildings in an effort to retain and attract top talent.