What is the typical cap rate for office in Chicago?

About 9.8% as of Q1 2026, per multiple brokerages.

Is the Chicago office market tightening or softening?

Vacancy is around 26.9%, with asking rents rising year over year (Q1 2026).

Office

151 North Franklin

151 n franklin st chicago, il, 60606, chicago, IL 60606

Price

Price on request

Description

Now Available for Sublease, located at 151 N Franklin St. 24,846-49,692 RSF Up to 49,692 RSF available immediately on two floors with a 5/31/2035 expiration; Floor to ceiling glass and 9’6” ceilings provide optimized sunlight and stunning views; Francois Frankie French bistro, Left Coast Café, Sundry Shop, fitness center, conference center, and bike room; Rooftop sky garden, second floor terrace and three-story covered plaza provide wide variety of “third space

Property description as provided by the listing source. PropZone adds independent market context, valuation estimates, and comparable listings.

Location

151 n franklin st chicago, il, 60606, chicago, IL 60606

Leaflet © OpenStreetMap contributors

Market Context

As of Q1 2026, the Chicago office market showed a 26.9% vacancy rate, average asking rents near $45.41/SF/yr, rents up 5.2% year over year, and cap rates around 9.8%. Source: multiple brokerages Q1 2026 market report.

Projected current pricing

high confidence

Projected asking rent

$45.41–$45.98/SF/yr

Estimated sale value

$169–$223/SF

Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 9.8%, asking rent trend-adjusted to today).

View the full Chicago Office market report →

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Compare it against other office listings for sale in Chicago, IL to benchmark pricing and space — view the full market.

Office market FAQ

What is the typical cap rate for office in Chicago?: About 9.8% as of Q1 2026, per multiple brokerages.
Is the Chicago office market tightening or softening?: Vacancy is around 26.9%, with asking rents rising year over year (Q1 2026).

Unified Estimate

Medium Confidence

$31.18/SF-$42.18/SF

Mid: $36.68/SF

Rate estimator only; cost-of-business estimate unavailable.

Sale Price History

2000 – 2026 · county sold comps + market trendsFIPS 17031

High Confidence

Avg Rent ($/SF/yr) (market data)
Vacancy %

Market asking rent (quarterly avg)Vacancy rate (right axis)

Investment Analysis

Beta Feature: Investment Analysis is currently in beta testing. Metrics are calculated based on available financial data and market comparables. Results are for informational purposes and should not be considered financial advice. Verify all assumptions and consult with a financial advisor before making investment decisions.