2023 Office Space Rent & Sales
- $20.90 2023 Avg. Asking Rent
- 4.52% Y-o-Y Avg. Asking Rent Change
- 32.24% 2023 Office Vacancy Rate
Park Ridge office price per square foot in 2023 was $20.90 on average. This marked a +4.52% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 32.24% 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
Park Ridge, IL Office Asking Rents by Class
Office Spaces for Rent in Illinois
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| Office building | Address | SF | Completed |
|---|---|---|---|
| 1300 Higgins Rd - O'Hare Corporate Centre | 1300 West Higgins Road, 60068 | 95,600 | 1987 |
| The Pinnacle at Park Ridge | 1440 Renaissance Drive, 60068 | 58,000 | 1975 |
| 422 N Northwest Highway | 422 N Northwest Highway, 60068 | 23,415 | 1975 |
| 2454 East Dempster Street | 2454 East Dempster Street, 60016 | 75,596 | 1973 |
| 1460 Renaissance Drive | 1460 Renaissance Drive, 60068 | 213,996 | 1972 |
| Renaissance Office Park | 1550 North Northwest Hwy, 60068 | 213,996 | 1972 |
| Park Ridge Office Center | 1400 Renaissanace Dr., 60068 | 60,780 | 1970 |
| 1480 Renaissance Drive | 1480 Renaissance Drive, 60068 | 54,000 | 1970 |
| 350 South Northwest Hwy | 350 South Northwest Hwy, 60068 | 270,000 | 1950 |
Worth noting among recent office completions on the Park Ridge market is 1300 Higgins Rd - O'Hare Corporate Centre, which is currently the largest new office development in the city, at 95,600 square feet.
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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 Park Ridge 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.