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

One11 West Illinois

111 w illinois st chicago, il, 60654, chicago, IL 60654

Price

Price on request

Description

Now available for lease, office One11 West Illinois located at 111 W Illinois St Chicago, Illinois 60654. Available square footage 18,230 - 24,104 SF.

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

Location

111 w illinois st chicago, il, 60654, chicago, IL 60654

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

$38.60/SF-$52.22/SF

Mid: $45.41/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.