Lombard Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $27.07 2023 Avg. Asking Rent
  • 22.29% 2023 Office Vacancy Rate
  • $41M2023 Total Office Sales
  • $123.69Avg. Sale Price/SF

Lombard office price per square foot in 2023 was $27.07 on average. The local office market recorded an average vacancy rate of 22.29% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $41M. Lombard office space commanded an average sale price per square foot of $123.69.

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

Lombard, IL Office Asking Rents by Class

2023 Office Vacancy Rates in Lombard

Submarket Asking Rents Vacancy Rates
Eastern East-West Corridor $28.92 20.28%
Western East-West Corridor $23.11 21.08%
Itasca $21.95 24.53%
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 Lombard market was 22.29% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lombard was 20.28% in the Eastern East-West Corridor submarket, while the highest office vacancy in the market was 24.53%, recorded in Itasca.

Office Spaces for Rent in Illinois

Lombard Office Sale Price per SF

  • $123.692023 Avg. Price per SF
  • $41M2023 Office Sales Volume
  • 32023 Number of Transactions

Lombard, IL Sale Price per SF Trend

  • Lombard Avg. Sale Price per SF in 2023$123.69
  • Illinois Avg. Sale Price per SF in 2023$109.20
The sale price for office space in Lombard averaged $123.69 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

  • Lombard, IL Total Office Sales Volume in 2023 $41M
  • Lombard, IL Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Lombard office market in 2023, adding up to a yearly sales volume of $41M. Notably, the largest transaction on the market saw Woodlake Corporate Park change hands for $22,600,000 on 11/22/2023.
Data provided by Commercial Edge

Coworking Spaces in Illinois

Largest Office Properties Recently Completed in Lombard
Office building Address SF Completed
101 W 22nd St 101 W 22nd St, 60148 2,200 2004
2860 S Highland Ave 2860 S Highland Ave, 60148 138,559 2001
998 N. Lombard Rd. 998 N. Lombard Rd., 60148 10,000 1995
Butterfield Centre 720 E Butterfield, 60148 125,719 1991
Highland Pointe II 377 Butterfield Road, 60148 187,620 1986
Highland Pointe I 333 Butterfield Road, 60148 188,951 1985
One Imperial Place 1 East 22nd Street, 60148 175,000 1985
100 & 200 West 22nd Street 100 & 200 West 22nd Street, 60148 141,103 1985
Butterfield Centre 700 E Butterfield, 60148 211,528 1984
450 East 22nd Street 450 East 22nd Street, 60148 68,388 1984

Worth noting among recent office completions on the Lombard market is 101 W 22nd St, which is currently the largest new office development in the city, at 2,200 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 Lombard 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.