Itasca Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.10 2023 Avg. Asking Rent
  • -0.87% Y-o-Y Avg. Asking Rent Change
  • 27.81% 2023 Office Vacancy Rate
  • $30.8M2023 Total Office Sales
  • $93.92Avg. Sale Price/SF

Itasca office price per square foot in 2023 was $24.10 on average. This marked a -0.87% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.81% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $30.8M. Itasca office space commanded an average sale price per square foot of $93.92.

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

  • Itasca Class A & A+ Office Space$24.63
  • Itasca Class B Office Space$22.55
  • Illinois Class A & A+ Office Space$33.01
  • Illinois Class B Office Space$25.97
  • Illinois Class C Office Space$28.31

Itasca, IL Office Asking Rents by Class

Office Spaces for Rent in Illinois

Itasca Office Sale Price per SF

  • $93.922023 Avg. Price per SF
  • $30.8M2023 Office Sales Volume
  • 32023 Number of Transactions

Itasca, IL Sale Price per SF Trend

  • Itasca Avg. Sale Price per SF in 2023$93.92
  • Illinois Avg. Sale Price per SF in 2023$109.20
The sale price for office space in Itasca averaged $93.92 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

  • Itasca, IL Total Office Sales Volume in 2023 $30.8M
  • Itasca, IL Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Itasca office market in 2023, adding up to a yearly sales volume of $30.8M. Notably, the largest transaction on the market saw Hamilton Lakes Business Park - 1200 North Arlington Heights change hands for $14,266,000 on 11/17/2023.
Data provided by Commercial Edge

Coworking Spaces in Illinois

2023 Office Construction in Itasca, IL

Largest Office Properties Recently Completed in Itasca
Office building Address SF Completed
Hamilton Lakes Business Park - 150 Pierce Road 150 Pierce Road, 60143 184,549 2002
850 & 900 North Arlington Heights Road 850 North Arlington Heights Road, 60143 119,249 1994
850 North Arlington Heights Road 850 North Arlington Heights Road, 60143 37,229 1994
Two Pierce Place 2 Pierce Place, 60143 485,566 1991
Hamilton Lakes Business Park - 333 Pierce Road 333 Pierce Road, 60143 101,711 1990
Hamilton Lakes Business Park - 300 Park Blvd 300 Park Blvd, 60143 220,070 1987
Hamilton Lakes Business Park - 555 Pierce Road 555 Pierce Road, 60143 96,814 1987
Hamilton Lakes Business Park - 450 Devon Avenue 450 East Devon Avenue, 60143 76,087 1986
One Pierce Place 1 Pierce Place, 60143 525,422 1984
Itasca Medical Office 650 East Devon Ave suite 152, 60143 65,950 1984

Worth noting among recent office completions on the Itasca market is Hamilton Lakes Business Park - 150 Pierce Road, which is currently the largest new office development in the city, at 184,549 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 Itasca 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.