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Chicago, IL Office Buildings and Office Spaces

420 Office Buildings & Office Spaces in Chicago, IL

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Chicago, IL Office Overview

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The Chicago city proper real estate scene includes the Loop, South Loop, O'Hare, and Hyde Park commercial real estate submarkets. With a metropolitan population of over 7.3 million people, the economy of Chicagoland is firing on all cylinders and the Chicago commercial real estate market consistently sees strong office space demand from white collar employers in the financial services, engineering, publishing and food processing industries.

As of mid-2017, the Greater Chicagoland office market encompasses nearly 161 million square feet of existing office space, in properties larger than 50,000 square feet. As the most populous city in Illinois and the third-largest city in the U.S., the office market in Chicago is thriving on the robust demand for office space from the various business sectors that call the area home.

Chicago, IL Office Inventory Description

Chicago is a major world financial center and has one of the largest central business districts in the entire country. With a gross metropolitan product of just under $480 billion annually, the demand for office employment is powerful. Over 70% of the office space in Chicago is Class A, while Class B space adds another 29% of Chicago office inventory to the market.

The Loop, South Loop, O'Hare, and West Loop commercial real estate submarkets are some of the densest areas for Class A office space in Chicago, and are home to world-renowned trophy office properties such as 155 N. Wacker Drive, 440 South LaSalle, Two North Riverside Plaza, and U.S. Cellular Plaza on Bryn Mawr Avenue.

Chicago, IL Commercial Inventory Breakdown

Office Spaces

Total: 191,066,799 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 7,710,693 SF / 4.04% of total office
  • 100k to 500k SF: 48,331,346 SF / 25.3% of total office
  • 500k to 1M SF: 62,657,964 SF / 32.79% of total office
  • > 1M SF: 72,366,796 SF / 37.88% of total office

By class:

  • Class A: 122,657,388 SF / 64.2% of total office
  • Class B: 47,090,612 SF / 24.65% of total office
  • Class C: 908,441 SF / 0.48% of total office

Top 10 Largest Office Buildings

in Chicago

Office building Address Sqft Year built
Willis Tower - Renovation 233 South Wacker Drive, 60606 3,850,000 2019
Willis Tower 233 South Wacker Drive, 60606 3,800,000 1973
The Merchandise Mart 222 Merchandise Mart Plaza, 60654 3,563,120 1930
Aon Center 200 East Randolph Street, 60601 2,687,933 1972
The Post Office 433 West Van Buren Street, 60607 2,500,000 2019
Chase Tower 10 South Dearborn Street, 60603 2,429,909 1969
CME Center - 10 & 30 South Wacker 30 South Wacker Drive, 60606 2,351,265 1983
300 East Randolph 300 East Randolph Street, 60601 2,218,838 1997
The Richard J. Daley Center 50 West Washington Street, 60602 1,593,714 1965
The Franklin - 227 West Monroe Street 227 West Monroe Street, 60606 1,583,900 1989

Most Recently-Built Office Buildings

in Chicago

Office building Address Sqft Year built
150 North Riverside 150 North Riverside Plaza, 60606 1,178,471 2017
River Point 444 West Lake Street, 60605 1,081,702 2017
Fulton West 1330 West Fulton Street, 60607 286,800 2017
2017 North Mendell Street 2017 North Mendell Street, 60614 60,718 2017
1929 South Halsted Street 1929 South Halsted Street, 60608 50,000 2017
The National 125 South Clark Street, 60603 527,000 2016
3700 South Kedzie Avenue - Expansion 3700 South Kedzie Avenue, 60632 28,000 2016
The Fields 4000 West Diversey Avenue, 60641 920,017 2015
1K Fulton 1000 West Fulton Street, 60607 531,190 2015
1033 West Van Buren Street 1033 West Van Buren Street, 60607 84,000 2015

Chicago, IL Green Office Space

Employment

Of the Top 30 Green Office Markets in the U.S., Chicago ranks #1 for energy efficient office buildings. While just over 6% of the office buildings larger than 50,000 square feet are LEED- certified, over 16% rank as Energy Star Certified and over 18% are recognized as green buildings.

The Merchandise Mart in Chicago is a stunning example of a LEED Gold-certified building: with over 3.5 million square feet of space, this Class A building was constructed in 1930 and has been updated to today's green energy office standards. As tenants, along with national and global investors seek out green certified office assets for both their use and portfolios, the green office trend will continue to grow in Chicago.

The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from under 5% in 2005 to 38% as of mid-2017. Chicago has placed 1st in this survey.

Chicago, IL's Top Office-Using Sectors

As a center for global business and finance, Chicago is considered one of the world's top financial centers, with the key industry sectors of financial services, food processing, and health care all creating a dynamic demand for Class A office space in the Chicagoland area.

  • Financial Services – Numerous banking, financial and insurance companies, such as the Federal Reserve Bank of Chicago, the Chicago Stock Exchange, and the Chicago Mercantile Exchange create a strong demand for Class A office space in Chicago.
  • Food Processing – Archer Daniels Midland, Armour and Company, and McDonalds are all headquartered in Chicago.
  • Health Care – The health care industry in Chicago makes a major contribution to the economy and provides significant demand for office space, with world-renowned businesses such as Baxter International, Abbott Laboratories, and the Healthcare Division of General Electric calling the city home.
  • Corporate Headquarters – The demand for white collar office space in Chicago also comes from companies such as Boeing, Kraft Heinz, and Caterpillar Inc., which are headquartered in the Chicagoland area.

Chicago Demographics

Population

  • Total Population2,717,534
  • Male Population(48.5 %) 1,318,494
  • Female Population(51.5 %) 1,399,040
  • Median Age33.70

Income/Financial

  • Average Household Income$74,003
  • Median Household Income$48,522
  • Median Income Under 25$25,664
  • Median Income 25-44$57,801
  • Median Income 45-64$51,808
  • Median Income Over 65$30,347