Northbrook Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $28.31 2024 Avg. Asking Rent
  • 3.54% Y-o-Y Avg. Asking Rent Change
  • 19.43% 2024 Office Vacancy Rate

Northbrook office price per square foot in 2024 was $28.31 on average. This marked a +3.54% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.43% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Illinois Class A & A+ Office Space$29.95
  • Illinois Class B Office Space$26.01
  • Illinois Class C Office Space$22.42

Northbrook, IL Office Asking Rents by Class

2024 Office Vacancy Rates in Northbrook

Submarket Asking Rents Vacancy Rates
North Shore - South $29.63 26.81%
North Shore - North $24.86 27.40%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Northbrook market was 19.43% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Northbrook was 26.81% in the North Shore - South submarket, while the highest office vacancy in the market was 27.40%, recorded in North Shore - North.

Office Spaces for Rent in Illinois

Coworking Spaces in Illinois

Largest Office Properties Recently Completed in Northbrook
Office building Address SF Completed
Move-In Ready Office Condominium in River Park Office Center 1438 Techny Rd, 60062 1,500 2008
Northbrook Executive Suites 1363 Shermer Road, 60062 31,500 2006
Corporate Center of Northbrook - 1033 Skokie Blvd 1033 Skokie Blvd, 60062 128,670 2001
Corporate Center of Northbrook - 1101 Skokie Blvd 1101 Skokie Blvd, 60062 127,670 2000
The Busey Bank Northbrook Branch 1707 Shermer Road, 60062 40,000 1995
111 Pfingsten Rd 111 Pfingsten Rd, 60062 127,316 1990
4201 Lake Cook Rd 4201 Lake Cook Rd, 60062 66,773 1989
Edens Corporate Center 630-650 Dundee Road , 60062 187,509 1988
Boulevard 40 40 Skokie Blvd, 60062 105,972 1987
60 Revere Drive 60 Revere Drive, 60062 122,219 1986

Worth noting among recent office completions on the Northbrook market is Move-In Ready Office Condominium in River Park Office Center, which is currently the largest new office development in the city, at 1,500 square feet.

Data provided by Yardi Research

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Northbrook 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 Yardi Research Data can guarantee that the information provided is complete.