Elgin Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Elgin is $22.50 per square foot, 5.61% lower compared to the previous year.
  • The average sale price for office space in Elgin is $51.59 per square foot, marking an increase of 48.30% compared to 2024.
  • The market’s vacancy rate stands at 30.61%, higher than the state average of Illinois, which is 24.54%.

2025 Office Space Rent & Sales

  • $22.50 2025 Avg. Asking Rent
  • -5.61% Y-o-Y Avg. Asking Rent Change
  • 30.61% 2025 Office Vacancy Rate
  • $31M2025 Total Office Sales
  • $51.59Avg. Sale Price/SF

What is the average asking rent price for office space in Elgin?

Average asking rents for office space here stand at $22.50 per square foot. The local office market recorded an average vacancy rate of 30.61% in 2025, unchanged from 30.61% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $31M across 6 sales. These transactions commanded an average sale price per square foot of $51.59.

Elgin, IL Office Asking Rents by Class

What is the average office rent per square foot by property class in IL?

  • Avg. Asking Rent Class A & A+$34.01
  • Avg. Asking Rent Class B$25.49
  • Avg. Asking Rent Class C$22.85

For comparison, the average rent for Class A and A+ office space in Illinois was $34.01 per square foot. The state-wide average for Class B space was $25.49 per square foot, and Class C office spaces averaged $22.85 per square foot.

Explore Top Office Markets in Illinois

2025 Office Sales Volume

  • $51.592025 Avg. Price per SF
  • 48.30%Y-o-Y Avg. PpSF Change
  • $31M2025 Office Sales Volume
  • 62025 Number of Transactions

What is the average sale price per square foot for office space in Elgin?

Average sale prices for office space in this market recorded a +48.30% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $51.59 per square foot. For comparison, the statewide Illinois average during the same time period stood at $63.61 per square foot, while the national average was $182.48 per square foot.

Elgin, IL Sale Price per SF Trend

  • Elgin Avg. Sale Price per SF in 2025$51.59
  • Illinois Avg. Sale Price per SF in 2025$63.61

What was the total office sales volume in Elgin in 2025?

The local office market recorded 6 deals in 2025, adding up to a yearly sales volume of $31M.

  • Elgin, IL Total Office Sales Volume in 2025 $31M
  • Elgin, IL Total Number of Office Sales Closed in 2025 6
Data provided by Yardi Research

What are the largest recent office completions in Elgin?

The largest recent office completion here is Randall Medical Pavilion at 99,903 square feet, completed in 2009. The next largest completions are 2250 Point Blvd and 2250 Point Blvd.

Office building Address SF Completed
Randall Medical Pavilion 1600 North Randall Road, 60123 99,903 2009
Medical Office 1750 N Randall Rd., 60123 30,000 2006
2130 Point Blvd Suite 500 2130 Point Blvd Suite 500, 60123 40,691 2005
Randall Point Executive Center - 2130 Point Blvd 2130 Point Blvd, 60123 39,564 2005
2230 Point Blvd., 2230 Point Blvd.,, 60123 36,473 2004
2150 Point Boulevard 2150 Point Boulevard, 60123 46,206 2003
2205 Point Blvd 2205 Point Blvd, 60123 60,000 2001
2250 Point Blvd 2250 Point Blvd, 60123 80,322 1999
2250 Point Blvd 2250 Point Blvd, 60123 80,000 1999
Century Oaks Professional Office Building 1425 N Mclean Blvd Ste 900, 60123 21,800 1980
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.