Elgin Office Market Trends

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)
In 2019, the average asking rent for office space in Elgin was $20.22 per square foot, and the office vacancy rate across the market averaged 25.93 %. During 2019, developers added 0 square feet of new office space to the Elgin 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

  • 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
10 Largest Office Buildings in Elgin
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
Largest Office Properties Recently Completed in Elgin
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
Data provided by Commercial Edge

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.