Palatine Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.44 2023 Avg. Asking Rent
  • 39.54% 2023 Office Vacancy Rate

Palatine office price per square foot in 2023 was $21.44 on average. The local office market recorded an average vacancy rate of 39.54% across all asset classes combined.

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

Palatine, IL Office Asking Rents by Class

2023 Office Vacancy Rates in Palatine

Submarket Asking Rents Vacancy Rates
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 Palatine market was 39.54% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Palatine was 20.07% in the Arlington Heights - Lake Zurich submarket, while the highest office vacancy in the market was 20.10%, recorded in I-90 Golden Corridor.

Office Spaces for Rent in Illinois

Coworking Spaces in Illinois

Largest Office Properties Recently Completed in Palatine
Office building Address SF Completed
110 North Brockway Street 110 North Brockway Street, 60067 40,000 2004
Gateway Center 220 North Smith Street, 60067 101,827 2002
4949 Euclid Ave 4949 Euclid Ave, 60067 11,440 1992
1990 E. Algonquin Road 1990 E. Algonquin Road, 60173 25,484 1986
2000-2060 East Algonquin Road 2000-2060 East Algonquin Road, 60173 100,500 1981
800 East Northwest Hwy 800 East Northwest Hwy, 60074 136,603 1973
800 East Northwest Hwy 800 East Northwest Hwy, 60074 136,603 1973
600 N First Bank Drive 600 N First Bank Drive, 60067 17,304 1960

Worth noting among recent office completions on the Palatine market is 110 North Brockway Street, which is currently the largest new office development in the city, at 40,000 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 Palatine 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.