Arlington Heights Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.85 2023 Avg. Asking Rent
  • 34.00% 2023 Office Vacancy Rate
  • $48M2023 Total Office Sales
  • $97.86Avg. Sale Price/SF

Arlington Heights office price per square foot in 2023 was $26.85 on average. The local office market recorded an average vacancy rate of 34.00% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $48M. Arlington Heights office space commanded an average sale price per square foot of $97.86.

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

  • Illinois Class A & A+ Office Space$33.01
  • Illinois Class B Office Space$25.97
  • Illinois Class C Office Space$28.31

Arlington Heights, IL Office Asking Rents by Class

2023 Office Vacancy Rates in Arlington Heights

Submarket Asking Rents Vacancy Rates
North Shore - South $29.26 21.45%
I-90 Golden Corridor $22.88 20.10%
Arlington Heights - Lake Zurich $22.59 20.07%
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 Arlington Heights market was 34.00% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Arlington Heights was 20.07% in the Arlington Heights - Lake Zurich submarket, while the highest office vacancy in the market was 21.45%, recorded in North Shore - South.

Office Spaces for Rent in Illinois

Arlington Heights Office Sale Price per SF

  • $97.862023 Avg. Price per SF
  • $48M2023 Office Sales Volume
  • 62023 Number of Transactions

Arlington Heights, IL Sale Price per SF Trend

  • Arlington Heights Avg. Sale Price per SF in 2023$97.86
  • Illinois Avg. Sale Price per SF in 2023$109.20
The sale price for office space in Arlington Heights averaged $97.86 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

  • Arlington Heights, IL Total Office Sales Volume in 2023 $48M
  • Arlington Heights, IL Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Arlington Heights office market in 2023, adding up to a yearly sales volume of $48M. Notably, the largest transaction on the market saw Northwest Crossings - 1421 West Shure Drive change hands for $27,600,000 on 8/14/2023.
Data provided by Commercial Edge

Coworking Spaces in Illinois

Largest Office Properties Recently Completed in Arlington Heights
Office building Address SF Completed
Arlington Heights MOB 1632 W Central Road, 60005 16,097 1997
3255-3295 N Arlington Heights Road 3255-3295 N Arlington Heights Road, 60004 19,524 1990
444 East Algonquin Road 444 East Algonquin Road, 60005 29,818 1988
3350 W. Salt Creek Lane 3350 W. Salt Creek Lane, 60005 38,687 1985
Medical/Dental Office Space 1600 N Arlington Heights Rd, 60004 6,968 1985
2101 South Arlington Heights Road 2101 South Arlington Heights Road, 60005 62,715 1984
Enterprise Office Center 3105 North Wilke Road, 60004 45,470 1984
617-657 East Golf Road 617-657 East Golf Road, 60005 15,697 1984
155 East Algonquin Road 155 East Algonquin Road, 60005 150,000 1982
Atrium II 3030 Salt Creek Lane, 60005 109,000 1982

Worth noting among recent office completions on the Arlington Heights market is Arlington Heights MOB, which is currently the largest new office development in the city, at 16,097 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 Arlington Heights 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.