Buffalo Grove Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $19.40 2023 Avg. Asking Rent
  • -0.81% Y-o-Y Avg. Asking Rent Change
  • 28.83% 2023 Office Vacancy Rate

Buffalo Grove office price per square foot in 2023 was $19.40 on average. This marked a -0.81% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 28.83% 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

Buffalo Grove, IL Office Asking Rents by Class

2023 Office Vacancy Rates in Buffalo Grove

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 Buffalo Grove market was 28.83% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Buffalo Grove 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

2023 Office Construction in Buffalo Grove, IL

Largest Office Properties Recently Completed in Buffalo Grove
Office building Address SF Completed
1450 Busch Parkway 1450 Busch Pky, 60089 64,860 2005
Millbrook Business Center - 485 East Half Day Road 485 East Half Day Road, 60089 133,267 2001
Riverwalk II 2100 East Lake Cook Road, 60089 258,995 1998
Riverwalk II 2100 East Lake Cook Road, 60089 258,995 1998
600 North Buffalo Grove Road 600 North Buffalo Grove Road, 60089 72,603 1998
Arbor Creek Business Center 1250 Barclay Boulevard, 60089 30,340 1995
Riverwalk I 2150 East Lake Cook Road, 60089 253,363 1990
Chevy Chase Business Park East - 1400 East Lake Cook Road 1400 East Lake Cook Road, 60089 39,133 1990
Buffalo Grove Business Park - 750 Lake Cook Road 750 Lake Cook Road, 60089 95,025 1989
Buffalo Grove Business Park - 1100 Lake Cook Road 1100 Lake Cook Road, 60089 96,731 1988

Worth noting among recent office completions on the Buffalo Grove market is 1450 Busch Parkway, which is currently the largest new office development in the city, at 64,860 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 Buffalo Grove 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.