Layerwise offloading reduces the GPU memory footprint of large diffusion transformer (DiT) inference by prefetching upcoming layers from host memory, but its effectiveness hinges on hiding prefetch latency behind per-layer computation. This assumption breaks down when the per-GPU compute workload is small. Moreover, on PCIe-only nodes, prefetch and inter-GPU collective communications such as all-reduce and all-to-all contend on the shared PCIe path, exposing prefetch latency even when compute would otherwise hide it. We revisit layerwise offloading as a co-scheduling problem between prefetch and communication, guided by a first-order analytical model that predicts when prefetch can be hidden by computation. Building on this model, we design ChunkFlow, a communication-aware, chunk-granular offloading runtime that adaptively yields to collective communication and smoothly trades GPU memory for prefetch volume. On three representative diffusion transformers running on two H100 GPUs over PCIe with Ulysses sequence parallelism, ChunkFlow delivers up to 1.28x step-time speedup over SGLang's existing layerwise offloading, reduces peak GPU memory by up to 49% over the no-offload baseline at near-identical step time once the workload is large enough, and exposes a tunable memory-latency tradeoff that recovers near-zero step-time overhead in the small-workload regime.