Office Rental Market
- $20.22 2019 Avg. Asking Rent
- 25.93 % 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
- Elgin Class A Office Buildings$25.88
- Elgin Class B Office Buildings$19.35
- Elgin Class C Office Buildings$14.35
- IL Class A Office Buildings$35.57
- IL Class B Office Buildings$24.29
- IL Class C Office Buildings$18.50
Elgin, IL Office Asking Rents by Class
Office asking rents vary across the Elgin office market depending on several factors, one of which is property class. While rents for Class A office buildings in Elgin averaged $25.88 per square foot in 2019, Class B office properties garnered average rental rates of $19.35 per square foot. Rental rates for Class C office property in Elgin averaged $14.35 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.
OFFICE CONSTRUCTION IN Elgin, IL
- Elgin, IL Total Sqft completed in 2019 0
- Elgin, IL Total Sqft under construction in 2020 0
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Fisher Corporate Center | 1707 North Randall Road, 60123 | 436,000 | 1991 |
Westfield Business Park | 2500 Westfield Drive, 60123 | 431,216 | 1989 |
777 Big Timber Road | 777 Big Timber Road, 60123 | 127,280 | 1984 |
Medical Office Building at Advocate Sherman Hospital | 1435 North Randall Road, 60123 | 95,043 | 2009 |
1600 North Randall Road | 1600 North Randall Road, 60123 | 95,000 | 2009 |
Elgin Plaza | 920 Davis Road, 60123 | 92,500 | 1973 |
Presence Saint Joseph Hospital - Medical Office Buildings I & II | 87 North Airlite Street, 60123 | 90,297 | 1991 |
Elgin Oaks Business Center | 525 Tollgate Road, 60120 | 90,000 | 1980 |
Randall Point Executive Center - 2175 Point Blvd | 2175 Point Blvd, 60123 | 86,894 | 2006 |
Randall Point Executive Center - 2250 Point Blvd | 2250 Point Blvd, 60123 | 80,000 | 1999 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Randall Point Executive Center - 2135 Point Blvd | 2135 Point Blvd, 60123 | 25,000 | 2017 |
Medical Office Building at Advocate Sherman Hospital | 1435 North Randall Road, 60123 | 95,043 | 2009 |
1600 North Randall Road | 1600 North Randall Road, 60123 | 95,000 | 2009 |
Randall Point Executive Center - 2155 Point Blvd | 2155 Point Blvd, 60123 | 53,895 | 2008 |
Capital Corporate Center | 1752 Capital Street, 60124 | 26,692 | 2008 |
Bowes Commons | 2371 Bowes Road, 60123 | 39,688 | 2007 |
Randall Point Executive Center - 2175 Point Blvd | 2175 Point Blvd, 60123 | 86,894 | 2006 |
Randall Point Executive Center - 2125 Point Blvd | 2125 Point Blvd, 60123 | 52,700 | 2006 |
Courtyards on Randall | 1670 Capital Street, 60124 | 51,565 | 2006 |
Randall Meadows | 1750 North Randall Road, 60123 | 30,000 | 2006 |
Office Spaces for Rent in Illinois
See trends for nearby markets
The Elgin office market contains an inventory of 3,124,662 square feet of office space, in 64 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 Elgin 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.