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

Veteran's Square

Veteran's Square, Chicago, IL 60630

Price

Price on request

Description

Veteran's Square The building will be adding tenant amenities including: conference center, tenant lounge and currently has parking and secure bike storage.

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

Location

Veteran's Square, Chicago, IL 60630

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).