Chicago Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $31.89 2024 Avg. Asking Rent
  • -1.22% Y-o-Y Avg. Asking Rent Change
  • 14.68% 2024 Office Vacancy Rate
  • $600M2024 Total Office Sales
  • $86.88Avg. Sale Price/SF

Chicago office price per square foot in 2024 was $31.89 on average. This marked a -1.22% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.68% across all asset classes combined. The 30 transactions that closed here throughout 2024 amounted to a total sale volume of $600M. Chicago office space commanded an average sale price per square foot of $86.88.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Chicago Class A & A+ Office Space$31.17
  • Chicago Class B Office Space$32.46
  • Chicago Class C Office Space$28.75
  • Illinois Class A & A+ Office Space$29.95
  • Illinois Class B Office Space$26.01
  • Illinois Class C Office Space$22.42

Chicago, IL Office Asking Rents by Class

Average office rent in Chicago rested at $31.89 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Chicago averaged $31.17 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.46 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $28.75 per square foot, on average. Comparably, statewide Illinois average office rents by class in 2024 were: $29.95 per square foot for class A office space; $26.01 per square foot for class B office space; $22.42 per square foot for class C office space.

2024 Office Vacancy Rates in Chicago

Submarket Asking Rents Vacancy Rates
West Loop $34.60 16.73%
Northwest City $33.68 17.63%
South Chicago $32.98 17.35%
Chicago CBD $32.41 14.05%
Uptown $30.16 9.45%
O'Hare $29.03 25.80%
Northwest Chicago $25.10 39.64%
West Side $21.37 20.57%
Near South Side $18.61 12.73%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Chicago market was 14.68% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Chicago was 9.45% in the Uptown submarket, while the highest office vacancy in the market was 39.64%, recorded in Northwest Chicago.

Office Spaces for Rent in Illinois

Chicago Office Sale Price per SF

  • $86.882024 Avg. Price per SF
  • -22.67%Y-o-Y Avg. PpSF Change
  • $600M2024 Office Sales Volume
  • 302024 Number of Transactions

Chicago, IL Sale Price per SF Trend

  • Chicago Avg. Sale Price per SF in 2024$86.88
  • Illinois Avg. Sale Price per SF in 2024$82.81
Chicago office space cost in 2024 marked a -22.67% change compared to the previous year. The sale price for office space in Chicago averaged $86.88 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Illinois average office sale price during the same time period was $82.81 per square foot.

2024 Office Sales Volume

  • Chicago, IL Total Office Sales Volume in 2024 $600M
  • Chicago, IL Total Number of Office Sales Closed in 2024 30
A total of 30 deals closed on the Chicago office market in 2024, adding up to a yearly sales volume of $600M. Notably, the largest transaction on the market saw 333 West Wacker Drive change hands for $125,000,000 on 6/21/2024.

Largest Chicago Office Sales in 2024

Property name Address Date Price
333 West Wacker Drive 333 West Wacker Drive 6/21/2024 $125,000,000
Crain Communication Building 150 North Michigan Avenue 1/30/2024 $60,000,000
605 North Michigan Avenue 605 North Michigan Avenue 8/13/2024 $47,000,000
American Dental Association Building 211 East Chicago Avenue 6/6/2024 $39,800,000
400 South Jefferson Street 400 South Jefferson Street 4/2/2024 $38,500,000
Data provided by Commercial Edge

Coworking Spaces in Illinois

2024 Office Construction in Chicago, IL

  • Chicago, IL Total SF completed in 2024 733,914
  • Chicago, IL Total SF under construction in 2025 802,250

During 2024, 733,914 square feet of new office space were delivered across the market. At the close of 2024, the Chicago office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 733,914 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 802,250 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Chicago
Office building Address SF Completed
Bronzeville Advanced Outpatient Care Center 4800 South Cottage Grove Avenue, 60615 118,950 2025
Salesforce Tower 333 Wolf Point Plaza, 60654 1,200,000 2023
Office Retail For Lease Avondale Chicago 3101 North Milwaukee Avenue, 60618 9,400 2023
320 South Canal 320 South Canal Street, 60606 1,475,000 2022
800 South Wells 800 South Wells, 60607 93,000 2022
609 West Randolph Street 609 West Randolph Street, 60661 87,873 2022
Windmill Hill Office Park 170 & 250 S Preston Road, 60607 10,358 2022
800 West Fulton Market 800 West Fulton Market, 60607 480,490 2021
800 Fulton Market 800 West Fulton Street, 60607 466,500 2021
320 North Sangamon Street 320 North Sangamon Street, 60607 275,000 2021

Worth noting among recent office completions on the Chicago market is Bronzeville Advanced Outpatient Care Center, which is currently the largest new office development in the city, at 118,950 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Chicago commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.