Deerfield Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.83 2023 Avg. Asking Rent
  • 2.03% Y-o-Y Avg. Asking Rent Change
  • 18.35% 2023 Office Vacancy Rate

Deerfield office price per square foot in 2023 was $28.83 on average. This marked a +2.03% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.35% across all asset classes combined.

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

Deerfield, IL Office Asking Rents by Class

2023 Office Vacancy Rates in Deerfield

Submarket Asking Rents Vacancy Rates
North Shore - South $29.26 21.45%
North Shore - North $21.33 25.81%
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 Deerfield market was 18.35% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Deerfield was 21.45% in the North Shore - South submarket, while the highest office vacancy in the market was 25.81%, recorded in North Shore - North.

Office Spaces for Rent in Illinois

Coworking Spaces in Illinois

Largest Office Properties Recently Completed in Deerfield
Office building Address SF Completed
Ten Parkway Boulevard North 10 Parkway N, 60015 49,194 2000
Bannockburn Corporate Center 3000 Lakeside Drive, 60015 209,225 1999
Deer Park Business Centre 750 Estate Drive, 60015 26,367 1999
4 Parkway North 4 Parkway North, 60015 176,185 1998
1650 Lake Cook Road 1650 Lake Cook Road, 60015 125,690 1998
1500 Lakeside Drive 1500 Lakeside Drive, 60015 41,426 1998
1000 Lakeside Drive 1000 Lakeside Drive, 60015 56,732 1996
1000 Lakeside Drive 1000 Lakeside Drive, 60015 56,732 1996
Corporate 500 Center 540 Lake Cook Road, 60015 182,500 1990
Corporate 500 Center 520 Lake Cook Road, 60015 182,500 1990

Worth noting among recent office completions on the Deerfield market is Ten Parkway Boulevard North, which is currently the largest new office development in the city, at 49,194 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 Deerfield 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.