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

One South Dearborn

one south dearborn, chicago, IL 60603

Price

Price on request

Description

One South Dearborn offers an approachable trophy building where professional service, high attention to detail and state of the art technology are combined to create a truly enriching experience in the heart of The Loop. Designed for efficiency, the 26,500 square foot rectangular floor plates feature 2 column-free 42-foot spans. The amenities include private on-site Parking, a recently upgraded club-quality Wellness and Fitness Center programmed by Kinema Fitness, Tenant Lounge and Conference facility.

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

Location

one south dearborn, chicago, IL 60603

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).