Office for Lease in Chicago, IL

  • Price: Contact for price
  • Listing type: For lease
  • Asset type: Office
  • Location: Chicago, IL 60602
  • Size: 2,800 SF
  • Year built: 1916

Description

Position your business in the heart of Downtown Chicago with this 2,800 SF commercial condominium located on the 16th floor of the iconic Garland Building at 111 N. Wabash Avenue. Built in 1917, this architecturally significant property blends historic character with modern functionality, offering a professional environment ideal for medical, office, or research users. The flexible floor plan allows for a variety of configurations, whether you are seeking a medical suite, legal office, creative workspace, or financial services operation. The space benefits from central HVAC, wet sprinkler system, separate electrical meters, and access to central building services. Offered as a commercial condo, this opportunity provides long-term control of occupancy in one of Chicago’s most recognized business corridors. The B-2 zoning supports a wide range of office and commercial uses, making it well suited for owner-users or professional practices seeking a permanent Downtown presence. Building SF: 2800 | Year Built: 1916 | Listing Type: FOR LEASE

Market Context

This office in Chicago, IL is listed for lease across 2,800 SF. The building dates to 1916. It has been on the market for 38 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

$19.10/SF/mo – $25.84/SF/mo

Mid: $22.47/SF/mo

Total estimate for 2,800 SF: $62,916

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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