Blue Cross Blue Shield Illinois leasing downtown office space as Loop sees record vacancies

Blue Cross Blue Shield of Illinois' parent company Health Care Service Corp (HCSC) has listed

230,000 square feet of office space for lease at its East Loop headquarters, according to a report by Crain's.

The healthcare company currently owns the 54-story tower at 300 E Randolph St, which it has largely occupied since adding 24 floors in 2010, according to Crain's. The space listed for sale covers eight floors and will add to Chicago's record levels of vacant downtown office space. The percentage of vacant office space in Chicago's central business district recently surpassed a record 25%, according to data CBRE research obtained by Crain's.

Many companies have reevaluated the need for office space in the aftermath of the COVID-19 pandemic. Combined with skyrocketing interest rates, office vacancies have increased in cities across the country.