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

Office in Chicago, IL

200 west madison street, chicago, IL 60606

Price

Price on request

Price/Sq Ft

$26.00

Description

200 West Madison’s all-new amenities puts hospitality-inspired spaces and services just an elevator ride away. The full floor Amenity Center includes 10 private Conferencing Spaces, Lounge Areas, Game Room, Bar, Golf Simulator, and Fitness Center. The 24/7 concierge service with access through the building app, access to Starbucks through the lobby, subterranean parking garage and indoor, heating bike parking all aid in providing the best experience for tenant’s and their employees. The building boasts a unique sawtooth design and a luminous three-story glass atrium lobby and impressive sustainability credentials. It is the first building in Illinois, and second in the world, to have been certified LEED Gold using the new LEED Dynamic Plaque platform.

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

Location

200 west madison street, 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.