Office for Lease in Chicago, IL

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Office
  • Location: Chicago, IL 60615
  • Size: 35,350 SF

Description

Located in the heart of Hyde Park, just steps from the University of Chicago, 5230 S. Blackstone Ave. offers 2,120 SF of versatile ground-floor space ideal for retail or office use. The space was previously built out as a dental office, featuring an efficient layout with private exam rooms/offices, reception area, and existing plumbing infrastructure. The space benefits from excellent visibility and strong foot traffic driven by University of Chicago students, faculty, staff, and neighborhood residents. Surrounded by a vibrant mix of restaurants, retail, and services, the location offers tenants immediate access to Hyde Park’s thriving community and customer base. This is a rare opportunity to secure a well-positioned space in one of Chicago’s most dynamic and historic neighborhoods. Key Features: 2,120 SF available Former dental office build-out (plumbing and infrastructure in place) Flexible for medical, office, or retail users Steps from the University of Chicago campus Surrounded by national and local retailers, dining, and services Strong neighborhood demographics and consistent foot traffic Located in the heart of Hyde Park, just steps from the University of Chicago, 5230 S. Blackstone Ave. offers 2,120 SF of versatile ground-floor space ideal for retail or office use. The property was previously built out as a dental office, featuring an efficient layout with private exam rooms/offices, reception area, and existing plumbing infrastructure. The space benefits from excellent visibility and strong foot traffic driven by University of Chicago students, faculty, staff, and neighborhood residents. Surrounded by a vibrant mix of restaurants, retail, and services, the location offers tenants immediate access to Hyde Park’s thriving community and customer base. This is a rare opportunity to secure a well-positioned space in one of Chicago’s most dynamic and historic neighborhoods. Key Features: 2,120 SF available Former dental office build-out (plumbing and infrastru

Market Context

This office in Chicago, IL is listed for lease across 35,350 SF. It has been on the market for 39 days. Compare it against other office listings for lease in Chicago, IL — <a href="/search/lease/office/illinois/chicago">view the full market</a>.

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: Consensus Q1 2026 market report.

Rising rents point to a competitive market where well-priced, well-located space leases quickly.

Office market FAQ

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

Unified Estimate

Very Low Confidence

$6.62/SF/mo – $8.95/SF/mo

Mid: $7.78/SF/mo

Total estimate for 35,350 SF: $275,023

Rate-first confidence-weighted blend with cost-of-business adjustment.

No local comparable sales were available, so this estimate is transferred from a comparable peer market — treat it as a rough indication only. Transferred from peer market jacksonville (similarity: 100%) with 16 comparable listings.

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