Elk Grove Village, IL - Office Market Overview
Elk Grove Village neighbors the Arlington Heights, Des Plaines, and Schaumburg commercial real estate markets. With a population of about 33,000 people, Elk Grove Village is part of the greater Chicago metro area, which is home to over 7.3 million residents. A deep blend of industrial, manufacturing, and data centers in the city help to create demand for a variety of office uses in Elk Grove Village.
As of mid-2017, the Elk Grove Village office market encompasses nearly 1.3 million square feet of existing office space in properties larger than 50,000 square feet. The city has easy access to the I-90, I-290, and the Elgin-O'Hare expressways, and is right next to O'Hare International Airport. Thousands of businesses are located in this small 5.4-square-mile city and help to create demand for commercial real estate in Elk Grove Village, IL.
Elk Grove Village, IL - Office Inventory Description
Elk Grove Village is home to the largest contiguous industrial park in the country, and the city contributes more than its share to the Chicagoland gross metropolitan product of nearly $480 billion annually. While the city is mainly industrial in nature, the demand for office space in Elk Grove Village is consistent. Nearly 70% of the office space in Elk Grove Village is Class B, while Class A or A+ office product brings another 30% of inventory to the market place.
Located along the I-290, the I-90, and the Illinois Route 390 Tollway, the largest office buildings in Elk Grove Village include the Alexian Brothers Medical Center - Biesterfield Road Medical Offices, the 25 Northwest Point office building, and the 1800 Nicholas Blvd building.
Elk Grove Village, IL Commercial Inventory Breakdown
Office Spaces
Total: 1,275,170 SF
By square footage range:
- 100k to 500k SF: 1,275,170 SF / 100% of total office
By class:
- Class A: 383,118 SF / 30.04% of total office
- Class B: 892,052 SF / 69.96% of total office
Top 10 Largest Office Buildings
in Elk Grove Village
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 100 Northwest Point Blvd | 100 Northwest Point Blvd, 60007 | 234,000 | 1983 |
| 25 Northwest Point | 25 NW Northwest Point Blvd, 60007 | 207,136 | 1989 |
| Alexian Brothers Medical Center - Biesterfield Road Medical Offices | 701 Biesterfield Road, 60007 | 189,718 | 1975 |
| 50 Northwest Point | 50 NW Northwest Point Blvd, 60007 | 176,848 | 2000 |
| Park at Northwest Point | 150 Northwest Point Blvd, 60007 | 176,844 | 2000 |
| MC Machinery Headquarters | 85 NW Point Blvd, 60007 | 175,982 | 2017 |
| 141 Northwest Point Blvd | 141 Northwest Point Blvd, 60007 | 114,642 | 1987 |
Most Recently-Built Office Buildings
in Elk Grove Village
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| MC Machinery Headquarters | 85 NW Point Blvd, 60007 | 175,982 | 2017 |
| 50 NW Point Blvd | 50 NW Point Blvd, 60007 | 176,848 | 2000 |
| Park at Northwest Point | 150 Northwest Point Blvd, 60007 | 176,844 | 2000 |
| 25 NW Point Blvd | 25 NW Point Blvd, 60007 | 207,136 | 1989 |
| 141 Northwest Point Blvd | 141 Northwest Point Blvd, 60007 | 114,642 | 1987 |
| 100 Northwest Point Blvd | 100 Northwest Point Blvd, 60007 | 234,000 | 1983 |
| Alexian Brothers Medical Center - Biesterfield Road Medical Offices | 701 Biesterfield Road, 60007 | 189,718 | 1975 |
Elk Grove Village, IL - Green Office Space
Across the country, tenants and professional real estate investors in the top U.S. markets are increasingly seeking out buildings with green office space. Over the last 12 years, the percentage of green certified office buildings, EPA Energy Star-rated, and LEED-certified office buildings has grown by about 33% across these top office markets. Conducted in 2017, the most recent National Green Building Adoption Index surveyed the top 30 office markets in the U.S. and discovered that the percentage of green office space across these top markets has grown from less than 5%, back in 2005, to about 38%, today. The City of Chicago proudly ranks #1 for adoption of energy-efficient green office buildings.
An excellent example of a LEED-certified office building near the Chicago suburb of Elk Grove Village is the Greenspoint Office Park - Greenspoint I. Located in the nearby Hoffman Estates commercial real estate market, this building was constructed in 1989 and contributes over 207,000 square feet of LEED Gold-certified office space to the Chicagoland area.
Elk Grove Village, IL's Top Office-Using Sectors
The Elk Grove Village commercial real estate market is driven by the top sectors of data processing, manufacturing & distribution, healthcare, and general corporate office users.
- Data Processing – Automatic Data Processing, Inc. and R.R. Donnelley & Sons Company are two of the largest white-collar office employers in Elk Grove Village.
- Manufacturing & Distribution – Illinois Tool Works, Symons, Pepsi Cola Distribution, and Metal Impact, LLC are a few of the larger manufacturing & distribution companies in Elk Grove Village.
- Healthcare – Alexian Brothers Medical Center is the largest employer in this top office-using sector of Elk Grove Village.
- Corporate Office – Topco, LA-CO Industries, and the American Academy of Pediatrics are all based in the city and help to drive the demand for commercial real estate in Elk Grove Village.
Elk Grove Village Demographics
Population
- Total Population33,333
- Male Population(48.6 %) 16,203
- Female Population(51.4 %) 17,130
- Median Age42.60
Income/Financial
- Average Household Income$82,012
- Median Household Income$68,527
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