Ben Azulay sits down with Bradford Allen’s Neil Bouhan, senior vice president, research, for this episode of Ten with Ben to unpack what’s shaping Chicago’s office market as 2026 begins. The conversation highlights encouraging year-end signals, including improving leasing momentum and how vacancy trends are evolving.
They also discuss how shifting tenant priorities are influencing leasing decisions across the market, offering a clear, data-backed look at what’s driving activity right now and what to watch in the year ahead.
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NEW YORK — Bradford Allen has completed a 31,494-square-foot lease at 805 Third Ave. for the South African Consulate, securing the penthouse of the Midtown office tower.
The transaction was executed by Bradford Allen’s Glenn Isaacson, executive vice president, New York, and Tony Builder and Ava Beganovic, senior associates, working alongside Marc Horowitz, executive vice president and national director of leasing at Cohen Brothers Realty Corporation. Michael Goldman of Cresa represented the tenant.
“805 Third Ave. continues to attract tenants looking for high-quality, move-in-ready space in a prime Midtown location,” Isaacson said. “The penthouse offering, paired with access to a private outdoor terrace, aligned well with the consulate’s needs.”
Cohen Brothers Realty Corporation is a New York-based owner, developer and operator with a long-standing presence across Manhattan, including a portfolio of office properties throughout Midtown.
“We’re pleased to welcome the South African Consulate to 805 Third Ave.,” said Horowitz. “The lease reflects our ongoing commitment to maintaining the building as a reliable, well-positioned option for a wide range of users.”
The consulate selected 805 Third Ave. for its efficient layout, limited build-out requirements and proximity to its existing Third Avenue location, allowing for a smooth transition with minimal disruption.
Located in Midtown East, 805 Third Ave. offers convenient access to regional transportation, nearby dining and key landmarks including Grand Central Terminal, the Chrysler Building and Central Park. For more information about the property, visit bradfordallen.com.
About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by Jeff Bernstein and Larry Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.
Bradford Allen is pleased to share with you our latest office market report.
The second half of the year in the suburban office market:
Vacancy was 26.0%, up almost imperceptibly from 25.7% at the end of 2024, suggesting the market may be nearing an inflection point.
Direct net absorption in the second half of 2025 was nearly negative 300,000 square feet, bringing annual net absorption to negative 179,000 square feet, a significant improvement from the negative 1.3 million square feet of absorption in 2024.
Investment sales activity slowed in the second half of the year, with the year closing out at $188 million of transactions completed in 2025—nearly half the volume seen the year prior. The average price per square foot in these transactions was just $49.
It’s not all bad news for buildings in the suburbs—overall, tenants continue to recognize the operational advantages and cost efficiencies of well-located suburban assets, which continue to drive leasing velocity in quality properties and spec suites.
Bradford Allen is pleased to share our latest office market reports.
This quarter in Chicago’s downtown office market:
Q4 2025 net absorption turned positive for the first time in nine quarters, recording 163,433 square feet of absorbed space, bringing the annual net absorption in the CBD to negative 2 million square feet and underscoring an uneven recovery despite improved quarterly performance.
Direct vacancy remains elevated, settling at 24.3% in the last quarter of the year, up a full percentage point from Q1 2025.
The average gross asking rates were steady at $41 per square foot.
Q4/25 activity highlighted a clear preference for move-in-ready spec suites, first-class amenities, and cutting-edge office technology—especially in locations with strong transit access. Nearly 40% of all completed transactions during 2025 were for move-in-ready spec suites.
Bradford Allen has secured a long-term, 18,657-square-foot office lease with Deloitte at Las Olas Centre, 350 and 450 E. Las Olas Blvd. in Fort Lauderdale, Fla.
Downtown FTL’s largest lease in 2025 signals confidence in Bradford Allen’s planned $25M renovation
FORT LAUDERDALE, Fla. (Jan. 12, 2026) — Bradford Allen, a national full-service real estate firm, today announced the successful completion of a new 18,657-square-foot office lease with Deloitte at Las Olas Centre, 350 and 450 E. Las Olas Blvd. in Fort Lauderdale, Fla., beginning in 2026 as part of a long-term deal. Bradford Allen provides asset and property management for the building.
The deal with Deloitte was negotiated and signed within the first 10 months of Bradford Allen’s acquisition of the property and closed in December. It represents the largest new lease executed in downtown Fort Lauderdale last year, per CoStar.
Bradford Allen purchased Las Olas Centre in February 2025 and is investing $25 million to upgrade the 470,810-square-foot office complex, the firm’s first acquisition in South Florida. Bradford Allen is currently constructing a full floor of move-in ready spec suites—with expected delivery by the end of February 2026—renovating the property’s lobbies and putting in technologically advanced conference rooms, a state-of-the-art fitness center and outdoor space to create the best-in-class offering in the market.
“Las Olas Centre occupies what’s agreed to be the most desirable location in downtown Fort Lauderdale and just needed renovations to return it to a Class A+ space,” said Larry Elbaum, co-founder of Bradford Allen. “Our substantial investment has reshaped how the market views this property, with upgrades that rival top-tier properties in the region. Offering that level of experience at a more compelling price point than Miami or West Palm has generated strong, sustained interest from brokers and tenants alike.”
Jon Blunk and Laurel Oswald of TCRE negotiated the deal on behalf of Bradford Allen.
Built in 1997, Las Olas Centre offers views of the ocean, river and city skyline, as well as first-floor retail and restaurant tenants including Starbucks. The complex also includes 1,344 parking spaces in a multi-story covered deck. Other tenants at the property include KPMG, Wells Fargo, HCA Health Services of Florida, Morgan Stanley and Gunster.
350 and 450 E. Las Olas Blvd. offers easy access to transportation, including Interstate 95, the Brightline train and several bus routes. In addition to parking, the office complex also has bike storage.
Bradford Allen owns properties in suburban Chicago; Greenwich, Conn.; Denver; Jacksonville, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.
About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by Jeff Bernstein and Larry Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.
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Editors:
For more information, please contact Matt Baker, [email protected], (312) 267-4512.
