chicago cbd Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from Newmark
Quarterly office market indicators for chicago cbd, aggregated by CREhunt from Newmark. As of Q1 2026, average asking rent was $45.15/SF/yr and vacancy was 26.7%, per Newmark.
Projected current office pricing — chicago cbd
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for chicago cbd office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 Newmark asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent trend-adjusted to today). Assumes ~73% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 Newmark | $45.15/SF/yr | 26.7% | — | — | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each chicago cbd office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Central Loop | $44.30/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Central North/Tri-State | $28.05/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Central Northwest | $25.06/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| East Loop | $38.40/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Eastern East/West Corridor | $26.45/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Far North | $14.00/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Far Northwest | $22.57/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Far West Loop | $32.23/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Fulton Market District | $44.43/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Near North | $29.43/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North DuPage | $23.25/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North Michigan Avenue | $41.05/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| O’HARE | $32.54/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| River North | $47.16/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| SOUTHWEST | $23.27/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| West Loop | $45.73/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Western East/West Corridor | $24.01/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
Frequently asked questions
- What is the average asking rent for office space in chicago cbd?
- As of Q1 2026, the average asking rent for office space in chicago cbd was $45.15/SF/yr, per Newmark.
- What is the office vacancy rate in chicago cbd?
- The office vacancy rate in chicago cbd was 26.7% as of Q1 2026 (Newmark).
- Where does CREhunt's chicago cbd market data come from?
- This report aggregates quarterly office market data for chicago cbd from Newmark.