Chicago, IL Office Space for Rent
The Chicago office market has many aces up its sleeve. Being the largest top-tier market in the midwestern United States, Chicago real estate occupies a special place in the real estate investment industry. Its iconic river districts are home to iconic commercial office properties that have — more than once — drawn notable investment. What's more, Chicago is, unquestionably, the main economic engine of its vast and very well connected metropolitan area. By nurturing an inclusive, business-friendly environment, Second City maintains itself ripe with opportunity for any enterprise, be it small, growing, or already at considerable scale.
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Office space for rent in Chicago leases for an average of $28.46 per square foot per year. Currently, there are 2,537 vacancies listed locally, amounting to a total inventory of 28,404,764 square feet of Chicago market listings, across all asset classes. Spaces vary in size from 110 square feet to 652,000 square feet. Out of the total number of buildings with local listings, 96 are LEED-certified.
Two First National Plaza
Office
12 Spaces / 53,865 Sqft
420 North Wabash Avenue
Office
5 Spaces / 28,706 Sqft
57 West Grand Avenue
Office
5 Spaces / 28,954 Sqft
55 West Monroe Street
Office
28 Spaces / 127,043 Sqft
200 South Wacker Drive
Office
15 Spaces / 119,283 Sqft
Merchandise Mart
Office
8 Spaces / 931,622 Sqft
Union Tower
Office
9 Spaces / 63,429 Sqft
1165 North Clark Street
Office
4 Spaces / 12,496 Sqft
212 West Superior Street
Office
4 Spaces / 16,837 Sqft
Chicago Office Space Market Stats
Chicago is one of the country’s first investment powerhouses, as well as home to a few of the world’s first skyscrapers. Office properties in Chicago draw on that heritage to this day. Being the biggest local economy in the midwestern U.S., the Chicago market boasts unmatched connectivity by water, air, road, and rail. The city proper is home to highly desirable office and mixed-use real estate, including such highly valued submarkets as the West Loop and River North.
Office space for rent in Chicago totals 28,404,764 square feet across all building classes. A total of 2,537 spaces are listed locally, with rents starting at $6.00 per square foot per year, and averaging $28.46 per square foot per year across the listing inventory. Rental rates for class A office property average $28.13 per square foot per year, while trophy assets command an average of $31.26 per square foot per year.
Space in class B properties leases for an average of $28.25 per square foot per year, while class C office buildings get average rents of $27.52 per square foot per year. The Chicago listings inventory incorporates commercial spaces across 75 grade C properties, 382 class B buildings, 186 class A and 28 class A+ assets.
Commercial real estate news
From our blog
First National Realty Partners Acquires N.J. Office Building
April 30, 2020
Real estate investment firm First National Realty Partners recently announced the purchase of The Coastal Building in Red Bank, NJ. The property will add 29,178 square feet of Class A Jersey Shore office space to the company’s portfolio.
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Amazon Expands Presence in Baltimore-D.C. Commercial Corridor
April 24, 2020
Cushman-Wakefield completed the $91 million sale of Techwood Business Center in Hanover, Md., on behalf of the seller, RREEF Management LLC. Amazon was the buyer in the deal, adding the Baltimore business park to its expanding portfolio in the state of Maryland.
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Charlotte’s Hearst Tower Changes Hands in $446M Deal
April 14, 2020
Atlanta-based Cousins Properties has completed the sale of Hearst Tower. The Uptown Charlotte office property changed ownership to locally based Truist Financial Corporation. Commanding a gross price tag of $455.5 million, the building sold for roughly $470 per square foot.
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