Chicago Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from Colliers, Lee & Associates, Newmark, Cresa, Transwestern, CBRE, Savills, Cushman & Wakefield
Quarterly office market indicators for Chicago, aggregated by CREhunt from Colliers, Lee & Associates, Newmark, Cresa, Transwestern, CBRE, Savills, Cushman & Wakefield. As of Q1 2026, average asking rent was $7.65/SF/yr and vacancy was 3.0%, per Colliers.
Projected current office pricing — Chicago
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 9.8%, 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 Colliers | $7.65/SF/yr | 3.0% | 334K SF | — | Colliers |
| Q1 2026 Lee & Associates | $30.14/SF/yr | 23.1% | — | — | Lee & Associates |
| Q1 2026 Newmark | $45.15/SF/yr | 26.7% | -1.9M SF | — | Newmark |
| Q1 2026 Cresa | $46.64/SF/yr | 27.5% | — | — | Cresa |
| Q1 2026 Transwestern | $43.35/SF/yr | 23.2% | -381K SF | — | Transwestern |
| Q1 2026 CBRE | $45.41/SF/yr | 27.0% | 2K SF | — | CBRE |
| Q1 2026 Savills | $47.65/SF/yr | 29.3% | — | — | Savills |
| Q4 2025 Savills | — | 29.5% | — | — | Savills |
| Q4 2025 Newmark | $69.00/SF/yr | — | — | — | Newmark |
| Q4 2025 CBRE | — | 26.6% | — | 369K SF | CBRE |
| Q3 2025 Newmark | $42.86/SF/yr | 26.1% | -400K SF | — | Newmark |
| Q2 2025 Newmark | $41.22/SF/yr | 25.7% | 400K SF | — | Newmark |
| Q2 2025 Cushman & Wakefield | $18.22/SF/yr | 1.0% | -2K SF | — | Cushman & Wakefield |
| Q4 2024 Newmark | $41.88/SF/yr | 23.9% | -170K SF | — | Newmark |
| Q3 2024 Newmark | $41.78/SF/yr | — | 200K SF | — | Newmark |
| Q3 2024 Cushman & Wakefield | $43.07/SF/yr | 25.6% | — | — | Cushman & Wakefield |
| Q2 2024 Newmark | $41.52/SF/yr | — | — | — | Newmark |
| Q2 2024 Cushman & Wakefield | $27.00/SF/yr | 20.4% | 2K SF | — | Cushman & Wakefield |
| Q1 2024 Cushman & Wakefield | $60.34/SF/yr | 4.6% | 2K SF | — | Cushman & Wakefield |
| Q1 2024 Newmark | $40.89/SF/yr | 29.8% | — | — | Newmark |
| Q4 2023 Newmark | $42.14/SF/yr | 21.7% | — | — | Newmark |
| Q3 2023 Newmark | $42.18/SF/yr | 25.7% | — | — | Newmark |
| Q3 2020 CBRE | $25.44/SF/yr | 12.6% | 75K SF | — | CBRE |
| Q2 2020 Cushman & Wakefield | $41.21/SF/yr | 15.2% | -220K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Chicago 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?
- As of Q1 2026, the average asking rent for office space in Chicago was $7.65/SF/yr, per Colliers.
- What is the office vacancy rate in Chicago?
- The office vacancy rate in Chicago was 3.0% as of Q1 2026 (Colliers).
- Where does CREhunt's Chicago market data come from?
- This report aggregates quarterly office market data for Chicago from Colliers, Lee & Associates, Newmark, Cresa, Transwestern, CBRE, Savills, Cushman & Wakefield.