Chicago Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $34.16 2023 Avg. Asking Rent
  • 15.60% 2023 Office Vacancy Rate
  • $290.6M2023 Total Office Sales
  • $130.25Avg. Sale Price/SF

Chicago office price per square foot in 2023 was $34.16 on average. The local office market recorded an average vacancy rate of 15.60% across all asset classes combined. The 12 transactions that closed here throughout 2023 amounted to a total sale volume of $290.6M. Chicago office space commanded an average sale price per square foot of $130.25.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Chicago Class A & A+ Office Space$38.82
  • Chicago Class B Office Space$31.27
  • Chicago Class C Office Space$27.73
  • Illinois Class A & A+ Office Space$33.01
  • Illinois Class B Office Space$25.97
  • Illinois Class C Office Space$28.31

Chicago, IL Office Asking Rents by Class

Average office rent in Chicago rested at $34.16 per square foot in 2023. 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 $38.82 per square foot. Across all submarkets, class B office space recorded an average asking rent of $31.27 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.73 per square foot, on average. Comparably, statewide Illinois average office rents by class in 2023 were: $33.01 per square foot for class A office space; $25.97 per square foot for class B office space; $28.31 per square foot for class C office space.

2023 Office Vacancy Rates in Chicago

Submarket Asking Rents Vacancy Rates
West Loop $39.70 19.05%
Northwest City $36.54 17.62%
Chicago CBD $34.87 14.87%
South Chicago $31.12 10.15%
O'Hare $26.37 29.73%
Northwest Chicago $26.34 47.24%
Uptown $24.73 6.24%
West Side $22.18 20.11%
Near South Side $18.17 18.70%
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 15.60% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Chicago was 6.24% in the Uptown submarket, while the highest office vacancy in the market was 47.24%, recorded in Northwest Chicago.

Office Spaces for Rent in Illinois

Chicago Office Sale Price per SF

  • $130.252023 Avg. Price per SF
  • -41.99%Y-o-Y Avg. PpSF Change
  • $290.6M2023 Office Sales Volume
  • 122023 Number of Transactions

Chicago, IL Sale Price per SF Trend

  • Chicago Avg. Sale Price per SF in 2023$130.25
  • Illinois Avg. Sale Price per SF in 2023$109.20
Chicago office space cost in 2023 marked a -41.99% change compared to the previous year. The sale price for office space in Chicago averaged $130.25 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Illinois average office sale price during the same time period was $109.20 per square foot.

2023 Office Sales Volume

  • Chicago, IL Total Office Sales Volume in 2023 $290.6M
  • Chicago, IL Total Number of Office Sales Closed in 2023 12
A total of 12 deals closed on the Chicago office market in 2023, adding up to a yearly sales volume of $290.6M. Notably, the largest transaction on the market saw 300 South Wacker Drive change hands for $96,500,000 on 4/27/2023.

Largest Chicago Office Sales in 2023

Property name Address Date Price
300 South Wacker Drive 300 South Wacker Drive 4/27/2023 $96,500,000
Monroe Plaza - 230 West Monroe 230 West Monroe Street 9/22/2023 $45,000,000
1623 West Fulton Street 1623 West Fulton Street 5/2/2023 $32,500,000
International Tower 8550 West Bryn Mawr Avenue 9/15/2023 $29,000,000
Lakeshore Medical Center 4700 North Marine Drive 1/4/2023 $23,902,000
Data provided by Commercial Edge

Coworking Spaces in Illinois

2023 Office Construction in Chicago, IL

  • Chicago, IL Total SF completed in 2023 2,190,700
  • Chicago, IL Total SF under construction in 2024 1,081,416

During 2023, 2,190,700 square feet of new office space were delivered across the market. At the close of 2023, the Chicago office inventory included 6 buildings equal to or larger than 25,000 square feet, which comprised 2,190,700 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,081,416 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Chicago
Office building Address SF Completed
Willis Tower 233 South Wacker Drive, 60606 4,250,000 2024
Verso - 311 West Huron Street 311 West Huron Street, 60654 153,611 2024
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
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
448 North LaSalle Street 448 North LaSalle Street, 60654 174,599 2021

Worth noting among recent office completions on the Chicago market is Willis Tower, which is currently the largest new office development in the city, at 4,250,000 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.