Real estate market fundamentals, known as lagging indicators, are finally realizing the negative impacts of the COVID-19 pandemic on the Chicago Central Business District (CBD) office market. Q4 2020 saw direct vacancy jump to a record high of 15.5%, based on CBRE data going back to 2007. Net absorption for Q4 fell to negative 9,227 SF, with 2020 annual absorption totaling 468,879 SF.