Office Rental Market
- $26.38 2019 Avg. Asking Rent
- 14.59 % 2019 Avg. Vacancy Rate
- 0 2019 Office Completions (Sqft)
- 0 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Downers Grove Class A Office Buildings$27.14
- Downers Grove Class B Office Buildings$22.55
- Downers Grove Class C Office Buildings$22.34
- IL Class A Office Buildings$35.57
- IL Class B Office Buildings$24.29
- IL Class C Office Buildings$18.50
Downers Grove, IL Office Asking Rents by Class
Office asking rents vary across the Downers Grove office market depending on several factors, one of which is property class. While rents for Class A office buildings in Downers Grove averaged $27.14 per square foot in 2019, Class B office properties garnered average rental rates of $22.55 per square foot. Rental rates for Class C office property in Downers Grove averaged $22.34 per square foot. On a statewide level, Class B office space rents averaged $24.29 per square foot, while rents for Class A office space across Illinois averaged $35.57 per square foot. On average, Class C office properties in Illinois commanded rents of $18.50 per square foot.
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Eastern East-West Corridor | $27.36 | 14.83 % |
Western East-West Corridor | $21.13 | 13.50 % |
- The lowest office vacancy rate in 2019 in Downers Grove was 13.50 % in the Western East-West Corridor submarket, where asking rents averaged $21.13.
- The highest office vacancy rate in 2019 in Downers Grove was 14.83 % in the Eastern East-West Corridor submarket, where asking rents averaged $27.36.
OFFICE CONSTRUCTION IN Downers Grove, IL
- Downers Grove, IL Total Sqft completed in 2019 0
- Downers Grove, IL Total Sqft under construction in 2020 0
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Esplanade II | 3500 Lacey, 60515 | 584,000 | 1992 |
Esplanade I | 2001 Butterfield Road, 60515 | 540,000 | 1990 |
Esplanade at Locust Point I - 2001 Butterfield Road | 2001 Butterfield Road, 60515 | 536,332 | 1990 |
Esplanade at Locust Point IV | 1901 Butterfield Road, 60515 | 278,285 | 1999 |
Highland Landmark II | 3025 Highland Pkwy, 60515 | 277,814 | 1998 |
Highland Landmark III | 3010 Highland Parkway, 60515 | 276,766 | 2000 |
Highland Landmark I | 3075 Highland Pkwy, 60515 | 276,461 | 1997 |
Highland Landmark IV | 3050 Highland Parkway, 60515 | 251,275 | 2002 |
Highland Landmark V | 3005 Highland Pkwy, 60515 | 251,235 | 2008 |
Executive Towers II | 1411 Opus Place, 60515 | 232,488 | 1984 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Midwestern University Multispecialty Medical Clinic | 3450 Lacey Road, 60515 | 193,000 | 2013 |
Highland Landmark V | 3005 Highland Pkwy, 60515 | 251,235 | 2008 |
Advocate Good Samaritan South Campus | 6840 Main Street, 60516 | 36,000 | 2008 |
Woodcreek 3000 | 3000 Woodcreek Drive, 60515 | 33,501 | 2008 |
Esplanade at Locust Point V | 3250 Lacey Road, 60515 | 163,624 | 2002 |
Corridors III | 2650 Warrenville Road, 60515 | 221,940 | 2001 |
Esplanade at Locust Point IV | 1901 Butterfield Road, 60515 | 278,285 | 1999 |
Corridors II | 2655 Warrenville Road, 60515 | 149,896 | 1999 |
Highland Landmark II | 3025 Highland Pkwy, 60515 | 277,814 | 1998 |
Corridors I | 2651 Warrenville Road, 60515 | 154,896 | 1998 |
Office Spaces for Rent in Illinois
DOWNERS GROVE OFFICE SALES TRENDS
- $185.242019 Avg. Price per Sqft
- 602.46 %Y-o-Y Avg. PpSF Change
- $150.5M2019 Office Sales Volume
- 52019 Number of Transactions
In 2019, office sales in Downers Grove averaged $185.24 per square foot. This marked a 602.46 % increase in office price per square foot, compared to the previous year. A total of 5 office sales closed on the Downers Grove office market in 2019, amounting to a total sales volume of $150.5M.
Average Office Sale Price per Sqft
Downers Grove, IL Sales Trends
- Downers Grove Price per Sqft$185.24
- Illinois Price per Sqft$181.46
Office Sales - Trend and Volume
- Downers Grove, IL Total Office Sales Volume in 2019 $150.5M
- Downers Grove, IL Total Number of Office Sales Closed in 2019 5
Largest Downers Grove Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Esplanade at Locust Point II | 3500 Lacey Road | 11/27/2019 | $128,500,000 |
Woodland Corporate Center | 1323 Butterfield Road | 7/25/2019 | $10,260,000 |
Woodland Court | 3030 Finley Road | 11/14/2019 | $7,627,000 |
Greenbriar Medical Office Building | 6800 South Main Street | 9/19/2019 | $2,130,000 |
2801 Finley Road | 2801 Finley Road | 10/10/2019 | $2,000,000 |
See trends for nearby markets
The Downers Grove office market contains an inventory of 6,682,016 square feet of office space, in 56 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Downers Grove commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.