Chicago Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Newmark, Cushman & Wakefield, Colliers, Transwestern, Lee Associates, CBRE, Savills Us
Quarterly office market indicators for Chicago, aggregated by PropZone from Newmark, Cushman & Wakefield, Colliers, Transwestern, Lee Associates, CBRE, Savills Us. As of Q1 2026, average asking rent was $45.15/SF with a 26.7% vacancy rate.
Projected current office pricing — Chicago
high confidenceProjected 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). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $45.15/SF | 26.7% | -1.9M SF | — | Newmark |
| Q1 2026 | — | 3.5% | 2K SF | — | Cushman & Wakefield |
| Q1 2026 | $7.65/SF | 3.0% | 334K SF | — | Colliers |
| Q1 2026 | $25.00/SF | 23.2% | 381K SF | — | Transwestern |
| Q1 2026 | $30.14/SF | 23.1% | 2.7M SF | — | Lee Associates |
| Q1 2026 | $45.41/SF | 27.0% | 2K SF | — | CBRE |
| Q1 2026 | $47.65/SF | — | — | — | Savills Us |
| Q4 2025 | $69.00/SF | — | — | — | Newmark |
| Q4 2025 | — | 26.6% | — | 369K SF | CBRE |
| Q3 2025 | — | — | -400K SF | — | Newmark |
| Q2 2025 | — | — | 400K SF | — | Newmark |
| Q4 2024 | — | — | -170K SF | — | Newmark |
| Q3 2023 | $60.34/SF | 4.6% | 2K SF | — | Cushman & Wakefield |
| Q3 2020 | $7.44/SF | 15.2% | 2K SF | — | Cushman & Wakefield |
| Q3 2020 | $25.44/SF | 12.6% | 75K SF | — | CBRE |
| Q3 2019 | $40.08/SF | 12.4% | 20.6M SF | — | Colliers |
| Q3 2019 | $27.85/SF | 18.7% | 349K SF | — | Cushman & Wakefield |
| Q2 2018 | $24.11/SF | 19.0% | -96K SF | — | Cushman & Wakefield |
| Q3 2017 | $32.00/SF | 25.6% | -6K SF | — | Cushman & Wakefield |
| Q2 2017 | $27.00/SF | 20.4% | 2K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Chicago?
- As of Q1 2026, the average asking rent for office space in Chicago was $45.15/SF, per Newmark.
- What is the office vacancy rate in Chicago?
- The office vacancy rate in Chicago was 26.7% as of Q1 2026 (Newmark).
- Where does PropZone's Chicago market data come from?
- This report aggregates quarterly office market data for Chicago from Newmark, Cushman & Wakefield, Colliers, Transwestern, Lee Associates, CBRE, Savills Us.
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