Chicago, IL Office Overview
The Chicago city property real estate scene includes the Loop, South Loop, West Loop, Downtown, Ravenswood, River North and Hyde Park submarkets. With a metropolitan population of over 7.3 million people, the economy of Chicagoland is firing on all cylinders and the city sees strong office space demand from employers in the financial services, engineering, publishing and food processing industries.
As of mid-2017, the Greater Chicago metropolitan area market encompasses nearly 161 million square feet of office space, in properties larger than 50,000 square feet. As the most populous city in Illinois and the third largest in the U.S., the office market is thriving on the robust demand 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 workspace is Class A, while Class B space adds another 29% to the inventory.
The Loop, South Loop, O'Hare, and West Loop commercial real estate submarkets are some of the densest areas for Class A office product in the city, and are home to world-renowned trophy assets 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: 226,786,177 SF
By square footage range:
- 50k to 100k SF: 12,461,152 SF / 5.49% of total office
- 100k to 500k SF: 58,071,523 SF / 25.61% of total office
- 500k to 1M SF: 62,255,035 SF / 27.45% of total office
- > 1M SF: 93,998,467 SF / 41.45% of total office
By class:
- Class A+: 36,960,350 SF / 16.3% of total office
- Class A: 97,464,540 SF / 42.98% of total office
- Class B: 49,245,173 SF / 21.71% of total office
- Class C: 1,709,155 SF / 0.75% of total office
Top 10 Largest Office Buildings
in Chicago
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Willis Tower | 233 South Wacker Drive, 60606 | 4,250,000 | 1973 |
| Willis Tower | 233 South Wacker Drive, 60606 | 3,920,000 | 1973 |
| Merchandise Mart | 222 West Merchandise Mart Plaza, 60654 | 3,651,737 | 1929 |
| The Merchandise Mart | 222 Merchandise Mart Plaza, 60654 | 3,563,120 | 1930 |
| The Post Office | 433 West Van Buren Street, 60607 | 2,800,000 | 2019 |
| Aon Center | 200 East Randolph Street, 60601 | 2,687,933 | 1972 |
| Chase Tower | 10 South Dearborn Street, 60603 | 2,429,909 | 1969 |
| Old Main Post Office | 433 West Van Buren Street, 60607 | 2,293,766 | 2019 |
| 300 East Randolph Street | 300 East Randolph Street, 60601 | 2,218,838 | 1997 |
| 600 West Chicago | 600 West Chicago Avenue, 60610 | 1,650,000 | 2001 |
Largest Office Properties Recently Completed
in Chicago
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Fulton Labs at 400 North Aberdeen | 400 North Aberdeen Street, 60642 | 423,460 | 2021 |
| Humboldt Park LIT - Building A | 1334 North Kostner Avenue, 60651 | 175,000 | 2021 |
| 1315 North North Branch Street | 1315 North North Branch Street, 60642 | 137,824 | 2021 |
| Advocate Health Counseling and Pediatric Development Center | 901 West Wellington Avenue, 60657 | 51,969 | 2021 |
| 1100 West Fulton Street | 1100 West Fulton Street, 60607 | 44,635 | 2021 |
| Humboldt Park LIT - Building C | 1334 North Kostner Avenue, 60651 | 25,000 | 2021 |
| 110 North Wacker | 110 North Wacker Drive, 60606 | 1,501,272 | 2020 |
| 24 East Washington | 24 East Washington Street, 60602 | 740,000 | 2020 |
| 167 Green Street | 167 Green Street, 60661 | 642,883 | 2020 |
| Fulton Labs at West End on Fulton | 1375 West Fulton Market, 60654 | 301,260 | 2020 |
Chicago, IL Green Office Space
Of the Top 30 Green Office Markets in the U.S., Chicago ranks #1 for energy efficient 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 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 standards. As tenants, along with national and global investors seek out green certified assets for both their use and portfolios, the green office trend will continue to grow in the city.
The 2017 National Green Building Adoption Index looked at commercial 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 product in the area.
- Financial Services – companies such as the Federal Reserve Bank of Chicago, the Chicago Stock Exchange, and the Chicago Mercantile Exchange.
- Food Processing – Archer Daniels Midland, Armour and Company, and McDonalds are all headquartered in the city.
- Health Care – world-renowned businesses such as Baxter International, Abbott Laboratories, and the Healthcare Division of General Electric calling the city home.
- Corporate Headquarters – firms such as Boeing, Kraft Heinz, and Caterpillar Inc.
Frequently Asked Questions
How much does office space cost in Chicago, IL?
The average office rental rate in Chicago, IL is $26.86 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways. Check Chicago Office Market Trends for more stats.
What is the size of available office spaces in Chicago, IL?
The Chicago, IL office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 326,001 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Chicago, IL is 1 square feet, while the maximum rentable space on the market now is 652,000 square feet.
How do I get office space in Chicago, IL?
Start your search for office space in Chicago, IL by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Chicago, IL?
There are 1,074 office listings on the Chicago, IL market. See all available office spaces for rent.
Where to rent an office space in Chicago, IL?
Popular Chicago neighbourhoods with available office spaces include Central Chicago, West Side Chicago and Chicago Loop.
What other property types are available for lease in Chicago, IL?
In addition to traditional office spaces, commercial real estate listings on our platform also include coworking & shared office space options, retail spaces, industrial buildings, warehouses, distribution facilities, and more.
Chicago Demographics
Population
- Total Population2,709,534
- Male Population(48.6 %) 1,317,791
- Female Population(51.4 %) 1,391,743
- Median Age34.60
Income/Financial
- Average Household Income$90,708
- Median Household Income$58,247
- Median Income Under 25$32,333
- Median Income 25-44$71,965
- Median Income 45-64$63,081
- Median Income Over 65$33,637
News
Expert Insights: Chicago Real Estate Attorney John Goldstein Discusses Office Leasing in the Current Marketplace
May 05, 2021
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