Downers Grove Office Market Trends

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)
In 2019, the average asking rent for office space in Downers Grove was $26.38 per square foot, and the office vacancy rate across the market averaged 14.59 %. During 2019, developers added 0 square feet of new office space to the Downers Grove market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

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 %
Data provided by Commercial Edge
  • 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
10 Largest Office Buildings in Downers Grove
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
Largest Office Properties Recently Completed in Downers Grove
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
Data provided by Commercial Edge

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
Data provided by Commercial Edge

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.