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.

Chicago Loop, Chicago
$36 - $38/Sqft/Year

Two First National Plaza

20 South Clark Street, Chicago Loop, Chicago, IL 60603
The modern steel and glass exterior and efficient interior make this building an attractive choice in the central loop.
Property
Office
Availability
12 Spaces / 53,865 Sqft
Near North Side Chicago, Chicago
$21.5/Sqft/Year

420 North Wabash Avenue

420 North Wabash Avenue, Near North Side Chicago, Chicago, IL 60611
This loft building was renovated in 1984 and offers easy access to subway transportation. There are 5 Office spaces available for rent.
Property
Office
Availability
5 Spaces / 28,706 Sqft
North Side Chicago, Chicago
$33 - $34/Sqft/Year

57 West Grand Avenue

57 West Grand Avenue, Near North Side Chicago, Chicago, IL 60610
This classic art deco building offers two new high speed elevators, a beautifully restored lobby and is located in the historic Courthouse District.
Property
Office
Availability
5 Spaces / 28,954 Sqft
Chicago Loop, Chicago
$22.5 - $28/Sqft/Year

55 West Monroe Street

55 West Monroe Street, Chicago Loop, Chicago, IL 60603
This steel and glass structure offers exceptional access to public transportation, as well as the financial district. $4.7 million redesign to lobby.
Property
Office
Availability
28 Spaces / 127,043 Sqft
Chicago Loop, Chicago
$27 - $30/Sqft/Year

200 South Wacker Drive

200 South Wacker Drive, Chicago Loop, Chicago, IL 60606
This striking steel and glass structure offers access to Lower Wacker Drive loading docks. An atrium, extended lobby, landscaped riverfront, marina and health club are a few of the amenities available.
Property
Office
Availability
15 Spaces / 119,283 Sqft
River North, Chicago
$27 - $47/Sqft/Year

Merchandise Mart

222 West Merchandise Mart Plaza, River North, Chicago, IL 60654
This landmark, art deco, multi use (office, showroom, retail) structure fills one entire block and offers direct access to ele- vated transporation as well as 24 hour taxi service.
Property
Office
Availability
8 Spaces / 931,622 Sqft
West Loop, Chicago
$24/Sqft/Year

Union Tower

550 West Van Buren Street, West Loop, Chicago, IL 60607
Efficient floorplates and mechanical systems easily accommodate high-bandwidth cabling. Wattage per square foot well exceeds industry standards. Has oversized and zoned HVAC capacity.
Property
Office
Availability
9 Spaces / 63,429 Sqft
Near North Side Chicago, Chicago
$17.5 - $21/Sqft/Year

1165 North Clark Street

1165 North Clark Street, Near North Side Chicago, Chicago, IL 60610
There are 4 Office spaces available for rent at 1165 North Clark Street, Chicago, IL, 60610, totaling 12,496 Sqft.
Property
Office
Availability
4 Spaces / 12,496 Sqft
River North, Chicago
$34/Sqft/Year

212 West Superior Street

212 West Superior Street, River North, Chicago, IL 60654
There are 4 Office spaces available for lease at 212 West Superior Street, Chicago, IL, 60654, totaling 16,837 Sqft.
Property
Office
Availability
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

Industrial Deliveries Growth in 2020
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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Office Submarkets in 2019
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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Retail News
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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