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aker Tilly is nearing a deal to relocate its US headquarters to Chicago's Fulton Market District, downsizing from its current 50,000-square-foot space at Michigan Plaza. The accounting and advisory firm has signed a lease for over 25,000 square feet at 800 West Fulton Street, a 19-story building developed by Thor Equities.

    The move reflects the post-pandemic trend of professional services firms adopting smaller offices to accommodate hybrid work arrangements. Downtown Chicago's office market is experiencing declining vacancy rates, driven in part by corporate downsizing. The shift has led to an influx of white-collar tenants into Fulton Market, which was once dominated by creative and tech companies.

    The lease would be a significant win for Thor Equities, which has been seeking to fill one of the last remaining office spaces at 800 West Fulton. However, it would be a blow for landlord Patrick Hotung, whose Michigan Plaza building is now 72% leased. The move also comes as Baker Tilly prepares to merge with Seattle-based Moss Adams, creating the sixth-largest advisory and accounting firm in the US.