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Commercial Real Estate in Chicago, IL - 1,010 Properties Available

  • Two Illinois Center - Chicago
    233 North Michigan Avenue, Chicago Loop, Chicago, IL 60601
    For Lease $21.5 - $25/Sqft/Yearly
    Property
    • Office
    Availability
    • 25 Spaces
    • 426,095 Sqft
  • 123 North Wacker Drive - Chicago
    123 North Wacker Drive, Chicago Loop, Chicago, IL 60606
    For Lease $26.5 - $33.5/Sqft/Yearly
    Property
    • Office
    Availability
    • 28 Spaces
    • 293,555 Sqft
  • The Fifth Third Center - Chicago
    222 South Riverside Plaza, West Loop, Chicago, IL 60606
    For Lease $26 - $36/Sqft/Yearly
    Property
    • Office
    Availability
    • 14 Spaces
    • 216,282 Sqft
  • Citadel Center - Chicago
    131 South Dearborn Street, Chicago Loop, Chicago, IL 60603
    For Lease $28.5/Sqft/Yearly
    Property
    • Office
    Availability
    • 7 Spaces
    • 195,398 Sqft
  • One Illinois Center - Chicago
    111 East Wacker Drive, Chicago Loop, Chicago, IL 60601
    For Lease $20 - $36/Sqft/Yearly
    Property
    • Office
    Availability
    • 14 Spaces
    • 172,722 Sqft
  • 200 South Wacker Drive - Chicago
    200 South Wacker Drive, Chicago Loop, Chicago, IL 60606
    For Lease $24 - $30.5/Sqft/Yearly
    Property
    • Office
    Availability
    • 14 Spaces
    • 148,559 Sqft
  • 500 West Monroe Street - Chicago
    500 West Monroe Street, West Loop, Chicago, IL 60661
    For Lease $26 - $28/Sqft/Yearly
    Property
    • Office
    Availability
    • 7 Spaces
    • 102,324 Sqft
  • 120 South Riverside Plaza - Chicago
    120 South Riverside Plaza, West Loop, Chicago, IL 60606
    For Lease $25/Sqft/Yearly
    Property
    • Office
    Availability
    • 5 Spaces
    • 94,560 Sqft
  • Hartford Plaza - Chicago
    100 South Wacker Drive, Chicago Loop, Chicago, IL 60606
    For Lease $24 - $27/Sqft/Yearly
    Property
    • Office
    Availability
    • 11 Spaces
    • 90,944 Sqft
  • 321 North Clark at Riverfront Plaza - Chicago
    321 North Clark Street, Near North Side Chicago, Chicago, IL 60610
    For Lease $29 - $32/Sqft/Yearly
    Property
    • Office
    Availability
    • 8 Spaces
    • 87,167 Sqft
  • Concourse Chicago - Chicago
    8601 West Bryn Mawr Avenue, O'Hare, Chicago, IL 60656
    For Lease $21/Sqft/Yearly
    Property
    • Office
    Availability
    • 25 Spaces
    • 73,739 Sqft
  • The Wrigley Building - Chicago
    400 North Michigan Avenue, Near North Side Chicago, Chicago, IL 60611
    For Lease $38/Sqft/Yearly
    Property
    • Office
    Availability
    • 13 Spaces
    • 69,520 Sqft
  • 191 North Wacker Drive - Chicago
    191 North Wacker Drive, Chicago Loop, Chicago, IL 60606
    For Lease $26.5 - $31/Sqft/Yearly
    Property
    • Office
    Availability
    • 7 Spaces
    • 68,415 Sqft
  • 100 North Western Avenue - Chicago
    100 North Western Avenue, Near West Side, Chicago, IL 60612
    For Lease $16.5/Sqft/Yearly
    Property
    • Office
    Availability
    • 2 Spaces
    • 64,335 Sqft
  • The Boyce Building - Chicago
    500 North Dearborn Street, Near North Side Chicago, Chicago, IL 60610
    For Lease $21/Sqft/Yearly
    Property
    • Office
    Availability
    • 13 Spaces
    • 56,827 Sqft
  • 100 North LaSalle Street - Chicago
    100 North LaSalle Street, Chicago Loop, Chicago, IL 60602
    For Lease $32/Sqft/Yearly
    Property
    • Office
    Availability
    • 17 Spaces
    • 48,772 Sqft
  • 401 North Michigan Avenue - Chicago
    401 North Michigan Avenue, Streeterville, Chicago, IL 60611
    For Lease $25 - $28/Sqft/Yearly
    Property
    • Office
    Availability
    • 4 Spaces
    • 46,183 Sqft
  • 300 North LaSalle Drive - Chicago
    300 North LaSalle Drive, River North, Chicago, IL 60610
    For Lease $39 - $45/Sqft/Yearly
    Property
    • Office
    Availability
    • 6 Spaces
    • 43,989 Sqft
  • The Jewelers Building - Chicago
    35 East Wacker Drive, Chicago Loop, Chicago, IL 60601
    For Lease $21/Sqft/Yearly
    Property
    • Office
    Availability
    • 2 Spaces
    • 42,664 Sqft
  • 225 West Wacker Drive - Chicago
    225 West Wacker Drive, Chicago Loop, Chicago, IL 60606
    For Lease $26/Sqft/Yearly
    Property
    • Office
    Availability
    • 4 Spaces
    • 41,207 Sqft
  • AMA Plaza - Chicago
    330 North Wabash Avenue, Near North Side Chicago, Chicago, IL 60611
    For Lease $24/Sqft/Yearly
    Property
    • Office
    Availability
    • 5 Spaces
    • 38,586 Sqft
  • 680 North Lake Shore Drive - Chicago
    680 North Lake Shore Drive, Streeterville, Chicago, IL 60611
    For Lease $25 - $45/Sqft/Yearly
    Property
    • Office
    Availability
    • 6 Spaces
    • 34,336 Sqft
  • Hannah Cylinder Building - Chicago
    1765 North Elston Avenue, Bucktown, Chicago, IL 60642
    For Lease $21/Sqft/Yearly
    Property
    • Office
    Availability
    • 3 Spaces
    • 33,165 Sqft
  • Midway Business Center - 5555-5561 South Archer Avenue - Chicago
    5561 South Archer Avenue, Garfield Ridge, Chicago, IL 60638
    For Lease $6.5/Sqft/Yearly
    Property
    • Industrial
    Availability
    • 1 Space
    • 31,142 Sqft
  • U.S. Cellular Plaza - 8420 West Bryn Mawr Avenue - Chicago
    8420 West Bryn Mawr Avenue, O'Hare, Chicago, IL 60631
    For Lease $23.75/Sqft/Yearly
    Property
    • Office
    Availability
    • 1 Space
    • 29,632 Sqft

Chicago, IL Economic Overview

Location Photo

The City of Chicago - also known as the Windy City, the Second City and the City of Big Shoulders - is located along the shores of Lake Michigan and is home to nearly 3 million people, making it the third largest city in the U.S. Add to this the 7 million people that live in the suburbs and you've got an entire MSA ('Chicagoland' to the locals) of about 10 million residents. Chicagoland is a major business hub for almost any business you can think of - transportation, finance, manufacturing, technology, telecommunications, health care, education and more - all contributing to the area's gross annual product of over $640 billion. The Chicago commercial real estate market’s key to success is its diversity.

The Chicago metropolitan business area is the third largest in the U.S. and is recognized as one of the world’s premier business destinations. The area's labor pool of nearly 4.5 million workers support its diverse economy. Chicago is a major world financial center and home to the Federal Reserve Bank of Chicago and Chase Bank’s commercial and retail banking headquarters. The city also houses 12 Fortune Global 500 companies, 17 Financial Times 500 companies, and a multitude of businesses in the retail, convention, medical, transportation, food processing, manufacturing, printing and publishing industries.

Chicago, IL Commercial Real Estate Market

Thanks to the city's multi-faceted transportation systems Chicago's business districts are varied and widespread. Also known as The Loop, the central business district (CBD) itself consists of five sub-districts: CBD Central Loop, CBD East Loop, CBD West Loop, CBD South Loop, CBD North Michigan Avenue and CBD River North. Outside of the city-proper there are the suburban Chicago business districts of the East-West Corridor, North Chicago, South Chicago, North Suburban, Northwest Suburban, South Suburban, O'Hare, West Cook County and–while technically not in Illinois but still considered part of the Chicagoland area–the suburban business districts of Kenosha and Indiana.

The Loop and suburban business districts combined encompass 450 million square feet of office space, 500 million square feet of retail space and 1.1 billion square feet of industrial space. Chicago is a major global distribution hub and is one of the major transportation hubs in the U.S. With its combination of expressways, regional and local mass transit systems, passenger and freight rail, multiple airports and the Port Authority, the city has become the third-largest intermodal port in the world, after Hong Kong and Singapore.

Notable businesses with a significant presence in the Chicagoland area include Boeing, Kraft Foods, McDonalds, Caterpillar, Abbott Laboratories, Baxter International, Archer Daniels Midland, General Electric, Walgreens and Ace Hardware.

Chicago, IL Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Chicago, IL Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Chicago, IL Commercial Inventory Breakdown

Office Spaces

Total: 196,325,144 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 10,526,190 SF / 5.36% of total office
  • 100k to 500k SF: 49,439,696 SF / 25.18% of total office
  • 500k to 1M SF: 57,424,301 SF / 29.25% of total office
  • > 1M SF: 78,934,957 SF / 40.21% of total office

By class:

  • Class A+: 34,356,199 SF / 17.5% of total office
  • Class A: 93,774,202 SF / 47.76% of total office
  • Class B: 47,977,668 SF / 24.44% of total office
  • Class C: 1,141,736 SF / 0.58% of total office

Industrial

Total: 92,343,198 SF

Data provided by Yardi Matrix, properties over 50k SF

By square footage range:

  • 50k to 100k SF: 1,739,328 SF / 1.88% of total industrial
  • 100k to 500k SF: 60,948,539 SF / 66% of total industrial
  • 500k to 1M SF: 15,402,071 SF / 16.68% of total industrial
  • > 1M SF: 14,253,260 SF / 15.44% of total industrial

By class:

  • Class A: 14,854,532 SF / 16.09% of total industrial
  • Class B: 69,318,937 SF / 75.07% of total industrial
  • Class C: 4,390,704 SF / 4.75% of total industrial

Employment in Chicago, IL

Employment

Total employment in the Chicago MSA is nearly 4.5 million workers and is the third-largest labor pool in the U.S. Chicago's waterfront location along Lake Michigan, renowned public facilities such as Grant Park, the Lincoln Park Zoo, Navy Pier, championship sports teams such as the Chicago Cubs, the White Sox and the Chicago Bears, and countless theaters and clubs renowned for blues, jazz, ballet and symphony explain why the City of Chicago has no problem attracting an educated employment base that lives, works and plays here.

Major employment sectors in Chicago include:

  • Financial services The city is home to the Chicago Stock Exchange, the Chicago Board Options Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, and is headquarters for the Federal Reserve Bank of Chicago;
  • Health services Baxter International, Abbott Laboratories and GE Healthcare all have their headquarters in the MSA. The Chicago metropolitan area has several highly-ranked hospitals including Rush University Medical Center and the University of Illinois Medical Center at Chicago; and the country's premier academic medical centers of Northwestern Memorial Hospital and the University of Chicago Medical Center. Medical associations based in Chicago include the American Medical Association, American Dental Association, American College of Surgeons and the American Hospital Association;
  • Manufacturing, Transportation and Food Processing United Airlines, Boeing, Kraft Foods, McDonalds, Caterpillar Inc., ThyssenKrupp, Archer Daniels Midland and Armour and Company all call the Chicagoland area home;
  • Retail From its very beginning Chicago has been a nexus of retail development. Walgreens, Ace Hardware, ULTA Beauty and Crate & Barrel are all based in Chicago.

Chicagoland's diverse mixture of business combined with its world-renowned mass transit systems and reputation as a regional, national and international business hub help to ensure that the demand for commercial space in Chicago and residential housing grow year after year.

Education in Chicago, IL

The Chicago Public School system is made up of over 600 primary and secondary schools, and 11 selective admission magnet schools. Complementing the public system are faith-based and secular schools including the Latin School of Chicago, the Francis W. Parker School in Lincoln Park and the University of Chicago Laboratory Schools in Hyde Park.

For over 150 years, Chicago has been recognized worldwide as a leading center of post-secondary education. Notable universities include the University of Chicago, Loyola University, DePaul University, Northeastern Illinois University and the Illinois Institute of Art.

Commuting Time in Chicago, IL

Chicago is one of the metropolitan areas where a five-minute difference getting on the expressway can make a 30-minute commute turn into a 90-minute commute. Not only is there congestion from suburban commuters coming into the city and going back out at the end of the work day, but traffic will also back up commuting from one suburb to another. That's one reason why over 25% of the daily commuters in Chicagoland use some form of mass transit.

Chicago's Regional Transportation System oversees the operation of the three local mass transit systems:

  • The CTA (Chicago Transit Authority) manages public transportation within Chicago and a few of the adjoining suburbs, in addition to handling the rapid transit lines from Midway and O'Hare airports;
  • Metra is an 11-line commuter rail system that operates between Chicago and the suburbs and is the second-most used passenger rail system in the U.S;
  • Pace is a bus service operating among the 200 suburbs of Chicago with some service into the city as well.

Chicago Demographics

Population

  • Total Population2,722,586
  • Male Population(48.5 %) 1,321,621
  • Female Population(51.5 %) 1,400,965
  • Median Age34.10

Income/Financial

  • Average Household Income$81,061
  • Median Household Income$52,497
  • Median Income Under 25$28,636
  • Median Income 25-44$62,974
  • Median Income 45-64$57,343
  • Median Income Over 65$32,465

Residential Rents in Chicago, IL

When choosing the best place for a business, location research is very important – not only for the office, but also for the employees’ convenience.

The residential rental market in Chicago is all about location. This is a town that has something for everyone, from renovated duplex lofts in Printers Row to luxury condominiums along Michigan Avenue, to more traditional single, two-flat and three-flat rentals further away from the CBD. Monthly rents for a two-bedroom dwelling range anywhere from $1300 to over $3500, while suburban rents average closer to $1700 per month.

News

Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office sp...

The U.S. industrial real estate market had a solid year in 2018 and has continued to strengthen through the first quarter of 2019. Industrial rents are on an upward path, while the construction pipeline is robust and development is spurred on by the e-commerce sector. In terms of development, 20...

The 1K Fulton building is located in Chicago, perhaps unsurprisingly, at 1000 W. Fulton St. The property was originally built in 1923 as a cold storage facility for the Fulton market. After decades of use–and disuse–impressive stalagmites and stalactites formed on the ceilings and fl...

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