Chicago Retail Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Matthews, Assets Ctfassets, Cushman & Wakefield, Swmpropertyadvisors
Quarterly retail market indicators for Chicago, aggregated by PropZone from Matthews, Assets Ctfassets, Cushman & Wakefield, Swmpropertyadvisors. As of Q1 2026, average asking rent was $22.27/SF with a 4.9% vacancy rate.
Projected current retail pricing — Chicago
low confidenceProjected asking rent
$22.27/SF/yr
Estimated sale value
$162–$205/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 8.2%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 65–82% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $22.27/SF | 4.9% | — | — | Matthews |
| Q1 2026 | — | 6.2% | 0K SF | — | Assets Ctfassets |
| Q1 2026 | — | 2.0% | 2K SF | — | Cushman & Wakefield |
| Q4 2025 | $22.30/SF | 4.8% | — | — | Matthews |
| Q4 2025 | $18.57/SF | — | 0K SF | — | Swmpropertyadvisors |
| Q2 2017 | $18.22/SF | 1.0% | -2K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for retail space in Chicago?
- As of Q1 2026, the average asking rent for retail space in Chicago was $22.27/SF, per Matthews.
- What is the retail vacancy rate in Chicago?
- The retail vacancy rate in Chicago was 4.9% as of Q1 2026 (Matthews).
- Where does PropZone's Chicago market data come from?
- This report aggregates quarterly retail market data for Chicago from Matthews, Assets Ctfassets, Cushman & Wakefield, Swmpropertyadvisors.
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